Denmark Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Denmark Cybersecurity Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Denmark cybersecurity market is expected to register a CAGR of 6.9% during the forecast period of 2022-2027. The Denmark cybersecurity market is primarily driven by the upswing in cyberattacks happening in various end-user industries. Further, with the growing digitalization, cyberattackers are inventing new ways to conduct cyberattacks; such factors are expected to boost the demand for cybersecurity solutions in the country.

Key Highlights

• Cybersecurity is primarily concerned with preventing unauthorized access to computers, networks, programs, and data. The importance of cybersecurity has recently grown as organizations, governments, and individuals collect, store, and send huge volumes of confidential information and data across networks.
• With the growing digitization across the end-user sectors in the country, cyberattacks also increased over the past few years. With new destructive practices in cyberspace, further cyberattacks can be carried out relatively easily, at low cost, and with a quite low risk for the attacker. This has led to increased demand for cybersecurity solutions to prevent these cyberattacks across end-user industries in this region.
• Companies in Denmark are accelerating data migration to the cloud, crafting new digital systems, and increasing the number of endpoints within their network architecture. Their developing dependence on third-party suppliers and service providers has presented attackers with new avenues into supply chains.
• To overcome these attacks, the country is making significant strides to strengthen the country's cybersecurity space. In September 2021, a new scheme was introduced in Denmark. D-seal (Digital Security) is the world's first labeling scheme that combines IT security and responsible data use in a single label. The D-seal objective is to increase digital trust for customers and consumers while driving digital accountability in businesses. To earn the D-seal, an organization must meet numerous IT security, data protection, and ethics criteria and pass a yearly audit.
• The governments of Sweden, Norway, and Finland are working together to implement 5G networks ahead of Europe. Denmark has also recently released its action plan to roll out 5G to facilitate and accelerate companies' digitization, especially for IoT automated production and intelligent transportation.
• Denmark's Government increased its cyber and information security efforts via the 2018-2023 Defense Agreement to invest DKK 1.4 billion in cyber and information security over the next few years to include better protection against cyberattacks by expanding the Centre for Cyber Security's sensor network for authorities and businesses.
• Denmark is one of the most prominent digitally advanced countries. This means that IT criminals have several opportunities to try to access or block the data of both citizens and businesses. The number of targeted ransomware assaults has indeed increased significantly.
• The market studied is dominated by major players, such as IBM Corporation, Cisco Systems Inc, Dell Technologies Inc., and many more, with a strong client base. These players are constantly providing increased and enhanced offerings. The market poses high barriers to the entry of new players. However, several new entrants have gained traction in the market.
• The COVID-19 pandemic positively impacted the market studied. Due to lockdown measures, most businesses were forced to interact digitally with their customers. A significant influx of customer data has increased the number of incidents and gateways for data breaches.

Key Market TrendsDigitalization Drives the Market Growth

• According to the Centre for Cybersecurity's assessment for 2021, the COVID-19 pandemic has resulted in a dramatic growth in the digitization of many firms' workplaces. This has also produced a number of issues, as many employees do not perceive their workplace at home to be as exposed. However, it may be considerably more vulnerable; consequently, it is critical to safeguard remote access.
• Additionally, the arrival of 5G in Denmark would result in more new attack surfaces for hackers. Although 5G promises improved mobile security, its complexity results in new interfaces in the telecommunications infrastructure. A decentralized network structure, edge, cloud computing, and software that replaces physical hardware are all required for 5 G's high performance, but they also expand the attack surface.
• The many sensors, products, and appliances anticipated to be connected to the internet (i.e., the internet of things, IoT) also open up more and newer surfaces, raising security concerns.
• The spirit of Industry 4.0 is deeply rooted in the Industrial Internet of Things in Denmark. This technology promises to connect machines, products, processes, and systems in real time. More sensors and computing power will be incorporated into devices. This aids in decentralizing analytics and decision-making, allowing for real-time reactions. On the other hand, open and integrated networks are vulnerable to malicious attacks. As a result, to protect industrial systems and manufacturing lines, firms will need to prioritize cyber security.
• The launch of Amazon in Denmark will gradually enhance B2C e-commerce in the following years. Further, there are multiple guides aimed at helping independent sellers break into the online market. There are both B2B and B2C service providers with paid services assisting private companies in their pursuit of setting up online and expanding their business in e-commerce.
• In 2021, the European Commission announced the strategy for the digital transformation of Europe by 2030. It focuses on making at least 80% of adults have digital skills, all EU households have gigabit connectivity, all populated areas are covered by 5G, and more than 90% of SMEs should reach at least a basic level of digital intensity. Such initiatives will likely drive Europe's customer data platform market's growth.
• In October 2021, Telenor chose NEC Corporation and Cisco to develop 5G xHaul transport networks in Norway and Denmark. NEC and Cisco signed a Global System Integrator Agreement (GSIA) in April 2021 to expand their collaboration to accelerate the global implementation of breakthrough 5G IP transport network technologies. This project is a flagship endeavor in which the two firms leverage the GSIA and combine to provide customers with cutting-edge networks.

Manufacturing is One of the Factor for Market Growth

• As the manufacturing sector progresses toward a digital transformation, it has become vulnerable to cyber-attacks with the advent of Industry 4.0. Thus, the industry needs companies to realign their security systems.
• The benefits of advanced online systems make manufacturing organizations more vulnerable to cyber dangers.
• Every sector in the manufacturing industry, including automotive, logistics, various engineering disciplines, power systems, the consumer goods industry, and chemicals, has adopted digital technologies to increase overall operational efficiency and reduce production costs. M2M communication and networking have been on the rise due to the industries working toward data collection and are using it for analytics to avoid downtime and keep the manufacturing industry operational round the clock.
• The Danish government unveiled a new digital cyber and information security policy that will be implemented from 2022 to 2024. The new plan focuses on public sector authorities, corporations, and the general public to ensure a stronger, more secure digital Denmark that is better prepared for cyber threats.
• The strategic objectives include: Robust protection of functions essential for society, increased level of competence and management anchoring, strengthening of public/private sector companies, and active participation in the international fight against the cyber threat.

Competitive Landscape

The competitive landscape of the Denmark cybersecurity market is highly competitive and remains fragmented, with several global and regional players operating in the market. The evolving needs of the end-user segments are driving the market vendors to offer innovative products. In addition, growing opportunities in the market are attracting new players and investments in the market.

• May 2021 - Acronis, a cyber security company, has announced the opening of a new Acronis Cloud Data Center in Aarhus, Denmark. The latest data center provides service provider partners with access to a comprehensive set of cyber security technologies on which to build new services, all while providing clients with faster access, consistent data availability, and data sovereignty.

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• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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