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

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

The Norway Cyber Security Market is expected to register a CAGR of 11.5% during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Norway. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.

Key Highlights

• Norway is one of the world's leading digital nations. Over the next few years, technology will bring about significant changes. Robotics, sensor technology, 3D printing, big data, and artificial intelligence are all examples of technological developments that have the potential to change society. As digitization increases, the nation's data security needs to be increased.
• Norway's government 2022 has planned to spend NOK 10 million to increase digital resilience in society through the development of digital tools for enterprises to assess the security of their systems, a single digital security portal for authorities to be used by citizens, businesses, and municipalities, and information campaigns to raise awareness among citizens and companies.
• Norwegian companies are increasingly outsourcing operational and systems development tasks to suppliers in other countries and continents, resulting in many security and emergency challenges. Local operating conditions and other national regulations and practices may differ from Norwegian ICT security requirements or privacy and personal information regulations. The lack of transparency makes it difficult for Norwegian authorities to conduct inspections and control activities.
• The rising usage of new service platforms, such as online and cloud computing, results in less transparent solutions, making it more difficult for users to assess risk and vulnerability and document their security.
• The COVID-19 epidemic has emphasized the necessity for increased digital security. People have increased their internet access to maintain personal and professional work. On the other hand, hackers have taken advantage of the situation, focusing on e-commerce, e-payment businesses, and the healthcare system.

Key Market TrendsIncreasing Demand for Digitalization and Scalable IT Infrastructure drive the Norway Cybersecurity Market

• The increasing dependency on technology and digital infrastructure bring new risks and vulnerabilities. At the same time, it provides Norway with a tremendous strategic opportunity for developing cybersecurity competencies and solutions.
• Difi, Norway's Program for Digital Procurement, intends to expedite and improve public procurement by completely digitizing the procurement process. It will continue through 2024, with direct implementation costs estimated at NOK 91 million.
• The government intends to implement a new digitalization plan for the public sector. This digitization plan builds on the White Paper Digital Agenda for Norway. It will guide public administrations to accept change, exchange and reuse information more effectively, and enable user discussion.
• In Norway, eGovernment is part of a larger ICT/Information Society agenda that focuses on providing services to citizens while also developing the necessary back-office. Proper ICT use is critical to ensuring Norway's continuing economic growth and high employment. The policy's goal is to offer the public an increasing number of electronic services through the strategic use of ICT. Users benefit from the improved quality, availability, and flexibility of digital self-service solutions.
• According to a survey by Eurostat, since 2020, the proportion of rural homes with internet connectivity in Norway has climbed by 7 percent to 2021, and the balance of suburban houses with internet connectivity grew by 2 percent in 2021. Having 99 percent, the proportion of suburban households with internet connection reached its highest level throughout the study period.

Cloud Services Driving the Norway Cybersecurity Market

• The increased understanding of the advantages of saving money and resources by transferring data to the cloud rather than establishing and maintaining new data storage is driving the demand for cloud-based solutions and consequent development in the use of on-demand security services.
• Due to these benefits, major corporations and SMEs in Norway are increasingly embracing cloud-based solutions. Cloud platforms and ecosystems are expected to serve as the driver for an increase in the speed and scope of digital innovation in the future years.
• Cloud services provide virtually unlimited capacity for data processing and storage. Cloud resources are only allocated to customer organizations when they are required. This ensures that businesses do not have to worry about running out of capacity if, for instance, a public service they provide is used more than expected. This is especially advantageous for businesses with services that are susceptible to overflow during peak periods, frequently without being able to predict their occurrence.
• Over many years, Norwegian governmental and commercial organizations have outsourced services. This enables companies to concentrate on their core competencies while outsourcing, for instance, IT services to a third party. Cloud computing has emerged as a major outsourcing option in recent years. More infrastructure and software services are being provided in the cloud. This also applies to services directed at the public sector.
• According to a study by the Norwegian Association of Local and Regional Authorities, the main drivers for municipalities adopting cloud computing were financial, a desire to focus on service development, scalability and flexibility, and making municipal services more accessible to citizens.

Competitive Landscape

The Norway Cybersecurity Market is moderately fragmented, owing to the presence of several global players. Many key players compete in the market under intense competition to cater to the client companies' security needs. The companies collaborate with other service providers to offer innovative cybersecurity solutions, exchanging technologies that strengthen existing services and launch new services for different end-users.

• June 2022 - Kongsberg and Thales have made a strategic collaboration. Under this agreement, the companies will cooperate in developing cooperation within the global naval, land, aerospace, space, and cyber market segments and within the European Defence Fund program structure.

Additional Benefits:

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

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