Ransomware Attacks Surge 40% in Europe, Fueling USD 157.7 Billion Cybersecurity Market Expansion by 2033

Market Overview

The Europe cybersecurity market was valued at USD 75.4 Billion in 2024 and is projected to grow to USD 157.7 Billion by 2033, posting a CAGR of 8.5% during the forecast period 2025-2033. The market growth is driven by increasing cyber threats, stringent regulatory frameworks, and widespread digital transformation across industries. Investments by both governments and private sectors in cybersecurity infrastructure are further propelling the market.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Europe Cybersecurity Market Key Takeaways

• The Europe cybersecurity market size was valued at USD 75.4 Billion in 2024.
• The market is expected to reach USD 157.7 Billion by 2033.
• The forecast period is from 2025 to 2033 with a CAGR of 8.5%.
• Increasing cyberattacks such as phishing, ransomware, and data breaches are key growth drivers.
• The move towards remote and hybrid work models broadens attack surfaces, increasing demand for endpoint protection and secure VPNs.
• Growing adoption of cloud computing and IoT devices expands the market for cloud security and IoT security solutions.
• Rising awareness about cybersecurity among businesses and individuals fuels investments in training and awareness campaigns.

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Market Growth Factors

The growing cyberattacks and constant threats to infrastructure, sensitive data, and intellectual property have fuelled the growth of the Europe cybersecurity market. The rise in cyberattacks and data breaches through energy systems, transportation and supply chain networks, and water supply systems has increased the importance for better security standards. The European government and the private sector invested heavily in cybersecurity for protection of systems against new threats and vulnerabilities.

At the same time, remote work and hybrid work caused the attack surface to expand. Users access systems and infrastructure from less secure environments. This has increased demand for endpoint protection, secure VPNs and identity management. Public education and media coverage of cybersecurity risks have also encouraged many organizations to provide employees training and other resources to help minimize human error in the workplace.

The adoption of cloud computing platforms in enterprise business and the risks of data leakage, insider theft and loss has led organizations to adopt cloud application security solutions, including access management, encryption and monitoring tools. The rapid proliferation of Internet of Things (IoT) devices across industries such as healthcare, smart cities and manufacturing is also a factor. As a result, there have been secure firmware updates, device authentication, and real-time monitoring among other things, all of which are designed for IoT security.

Market Segmentation

Analysis by Component:

• Solutions: Identity and Access Management (IAM) solutions manage authorized access, infrastructure security protects networks from breaches, and governance, risk, and compliance solutions help meet regulatory requirements. Unified vulnerability management services provide comprehensive flaw assessments, while data security and privacy solutions focus on encryption and data protection.
• Services: Professional services cover consulting, implementation, and evaluation, supporting tailored security frameworks. Managed services offer continuous monitoring, threat detection, and incident management via security operations centers, benefiting organizations with limited internal expertise.

Analysis by Deployment Type:

• Cloud-based: Preferred for flexibility, scalability, and cost-effectiveness, widely used for secure access service edge (SASE), cloud access security brokers (CASBs), and endpoint detection and response (EDR), especially by SMEs.
• On-premises: Chosen for control over data and infrastructure, favored in defense, healthcare, and banking for compliance and risk mitigation, involving dedicated hardware and custom security solutions.

Analysis by User Type:

• Large Enterprises: Have extensive IT infrastructure and sensitive data, investing in advanced threat intelligence, endpoint security, and regulatory compliance. Many use managed security services and internal security operation centers.
• Small and Medium Enterprises (SMEs): Increasingly adopting cloud-based and managed security solutions, motivated by regulatory requirements and awareness programs, focusing on endpoint protection, identity management, and training.

Analysis by Industry Vertical:

• IT and Telecom: Largest contributor due to network and data sensitivity, adopting firewalls, intrusion detection, and endpoint protection.
• Retail: Faces challenges from payment fraud and phishing, investing in secure payment systems and encryption.
• BFSI: Targeted for sensitive data, investing in fraud detection, secure online banking, AI-driven threat detection, blockchain, and multi-factor authentication.
• Healthcare: Vulnerable due to patient data and IoT devices, investing in encryption and secure data storage.
• Defense/Government: Focuses on national security and critical infrastructure protection, investing in advanced threat intelligence and secure communication.
• Manufacturing: Exposure due to Industry 4.0, securing operational technology and supply chains.
• Energy: Protects utilities and power grids from cyberattacks).
• Others: Includes education, transportation, and media sectors with tailored cybersecurity strategies.

Regional Insights

Germany holds a significant share in the European cybersecurity market owing to its digitized economy and manufacturing base. The government drives infrastructure protection measures and encourages advanced cybersecurity solutions, especially in automotive security. France's market growth benefits from government investments and a strong innovation ecosystem. The UK leads in financial services security and cybersecurity R&D with AI adoption. Italy is expanding its national framework amid digital transformation. Spain focuses on infrastructure protection and skill development. Other countries like the Netherlands, Sweden, and Poland contribute through digital innovation and specialized solutions, diversifying the market across Europe.

Recent Developments & News

In November 2024, CrowdStrike Holdings, Inc. expanded its presence by collaborating with Ignition Technology, launching its Falcon platform in Ireland, and introducing AI Red Team Services. June 2024 saw Vienna Insurance Group (VIG) initiate a Cyber Defence Center backed by the EU to counter cyber risks. Mastercard opened its European Cyber Resilience Centre in May 2024 in Belgium to enhance defense and response. January 2024 marked the European Commission’s launch of the EU Cybersecurity Certification Scheme (EUCC) for ICT products. Google announced a $10 million cybersecurity training initiative in Europe in November 2023, facilitated by its Safety Engineering Center in Málaga.

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Key Players

• CrowdStrike Holdings, Inc.
• Ignition Technology
• Vienna Insurance Group (VIG)
• Mastercard
• Google
• Vodafone UK
• CybSafe

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