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

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

The Sweden Cybersecurity Market is anticipated to grow with a CAGR of 6.5 % during the forecast period (2022 - 2027). The most crucial applications in the IT environment are cyber security solutions since they guard against unauthorized access and improper behavior and safeguard data, computers, programs, and networks. The rapid development of new technologies and trends has led to an increase in cybercrime in recent years. Cybercriminals can use any small security weakness to access sensitive data belonging to customers or companies, which they then sell on the black market or in foreign nations.

Key Highlights

• The establishment of a National Cybersecurity Center, headed by the Swedish Civil Contingencies Agency (MSB), Swedish National Defense Radio Establishment (FRA), Swedish Armed Forces, and Swedish Security Service (SPO), was announced by the Swedish government in December 2020. The Swedish Post and Telecom Agency (PTS), the Swedish Criminal Investigation Service (RKP), the Swedish Defense Materiel Administration (FMV), the Swedish Certification Body for IT Security (CSEC), and the Military Intelligence and Security Service will all help them. The center will be fully developed by 2023.
• Cyber security firms are developing AI-powered security solutions to assist businesses in automating their IT security. By enabling automated threat detection and mitigation, these solutions let IT professionals spend less time and effort detecting malicious behaviors. These technologies provide real-time monitoring, new threat detection, and autonomous response. This lowers the cost of security incident response by enabling the security teams to study the breach information that has been filtered and to identify and address cyberattacks more quickly.
• Today's digital revolution heavily depends on gadget connectivity for data exchange and self-control. A high-performance network is needed to do this successfully, and 5G (or possibly 6G) technology is well suited for the task. Given how dependent a smart city is on telecommunications and how everything is connected, many governments have declared 5G networks essential to the country's infrastructure. Their security is becoming a matter of national security. In other words, "security by design" is necessary for a safe 5G network since it addresses security issues early.
• Most of these threats have intensified because of the opportunities during the COVID-19 outbreak. The fact that some small and medium-sized businesses adopt a "Bring Your Device" (BYOD) strategy (as opposed to a "Corporate Owned Personally Enabled" (COPE) strategy) and permit employees to access corporate data using their devices (phones, tablets, or laptops) may be one of the causes of the rise in cyberattacks. The same level of cybersecurity is not provided when working from home as in an office setting. Users are more vulnerable to cyberattacks while accessing corporate files and data on a personal computer or laptop (even with the security of an MDM system). For instance, employees might not use antivirus or anti-malware.
• Over the past few years, the security systems have focused on making it difficult for attackers to reach critical data. Some would say that even this has not happened. As a result, the ordinary user is increasingly wary of the security of the Internet. Solutions that may have worked a few years ago are irrelevant now. Organizations need several resources to identify and recover from cyberattacks and be highly prepared. In many cases, the organization might need to shut down its operations for days to recover from a breach or attack. With poor planning and inadequate infrastructure, the time to recover from an incident may be considerably high.

Key Market TrendsCloud Segment is one of the Factor Driving the Market

• The adoption of on-demand security services is driven by the growing recognition among businesses of the significance of saving money and resources by transferring their data to the cloud rather than creating and maintaining new data storage.
• Cloud platforms and ecosystems are expected to accelerate the pace and scope of digital innovation over the coming years due to their numerous advantages. As IT provision has shifted from on-premise to outside the company's boundaries, security has been a crucial factor at every stage of the cloud adoption cycle. SMEs prefer cloud deployment because it frees them up to concentrate on their core skills rather than investing their limited cybersecurity funds in security infrastructure.
• Security is a crucial component of the cloud architecture since using public cloud services expands the organization's trust boundary outside of it. Implementing cybersecurity procedures by businesses has been considerably streamlined by the rising use of cloud-based solutions. As cloud services like Google Drive, Dropbox, and Microsoft Azure become more widely used and essential to business operations, businesses must cope with security risks, including losing control over critical data. As a result, on-demand cybersecurity solutions are being more frequently implemented.
• Additionally, the increased adoption of cloud-based email security services is driving the adoption of services integrated with other security platforms, such as IPS and NGFW. This trend is demotivating enterprises to spend on on-premise and dedicated email or web security solutions. Cloud-based solutions also benefit from lower capital expenditure requirements, thus, making the business much more compelling. Deploying cloud-based services can significantly reduce the Capex requirement as the companies need not invest in hardware components.
• Cloud solutions also enable better prediction of the cost of an application, and companies don't need to incur as much upfront cost to incorporate the technology. Also, hardware and IT support savings make cloud-based solutions much more affordable.

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.
• Every sector in the manufacturing industry, including the automotive, logistics, the 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.
• These industries are potentially exposed to the risk of cyber attacks, as the root cause is the dependency on connectivity. The industry value chain relies on complex, often interconnected digital assets and constant data exchange to carry out any operation effectively. Cyberattacks actively target the sector, yet the maturity of cyber defense responses is lagging compared to other highly targeted sectors, such as healthcare and banking.
• Many manufacturing companies see increased cyber-related incidents associated with the control systems utilized to manage industrial operations. These systems could range from programmable logic controllers and embedded systems to distributed control systems and industrial IoT devices.
• Collectively, such control systems make up the operational technologies (OT) that allow facilities to operate. While connectivity's advantages include increased productivity levels, faster identification and remediation of quality defects, and better collaboration across functional areas, they can multiply the smart factory's potential vulnerabilities.

Competitive Landscape

The Sweden cybersecurity market is moderately consolidated, with the presence of a few major companies. The companies continuously invest in strategic partnerships and product developments to gain more market share. Some of the recent developments in the market are:

• March 2022 - Acronis announced another significant investment in the Nordics, opening a new Acronis Cloud Data Center in Stockholm, Sweden. The new sustainable cloud data center gives all service providers access to a full range of cyber protection solutions to build new services while delivering faster access, constant data availability, and data sovereignty to their clients.
• April 2022 - Truesec launched IoT Cybersecurity Domain in Sweden. Truesec offers businesses a customized range of services and guidance to enable them to develop secure and long-lasting IoT. Truesec works with companies of all sizes in any sector, whether they are just getting started with IoT or have a fully operating worldwide IoT implementation.

Additional Benefits:

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

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