Ukrainian cybersecurity market overview

The Ukrainian cybersecurity market has quadrupled over the past eight years, reaching $138 million in 2024 📈 This is evidenced by the findings of a study conducted by DataDriven Research & Consulting, initiated by the Cybersecurity Subcommittee of European Business Association and ITU CyberTech Committee of the IT Ukraine Association, with support from Aspen Institute Kyiv, which implements the "Cybersecurity Dialogue" Program, and the USAID Cybersecurity Activity Project.

🕵🏼‍♀️ According to forecasts, the market will grow by another 50% over the next five years to reach $209 million. The fastest-growing areas are cloud security, data protection, and endpoint protection, reflecting the increasing demand for new technologies and solutions in Ukraine. The key segment of the Ukrainian cybersecurity market is network security. Additionally, the study analyses key trends, segments, and innovative solutions in the industry against the backdrop of russia's full-scale cyber warfare. Russia's large-scale war has triggered a surge in cyberattacks on Ukraine, increasing demand for automated solutions and innovative technologies.

Globally, the importance of cybersecurity is rising alongside technological progress. The countries facing the highest number of cyberattacks in the world include 🇺🇸the United States, 🇺🇦Ukraine, 🇰🇷South Korea and 🇨🇳China. The most common types of cyberattacks are DDoS, ransomware and phishing. In Ukraine, persistent cyberattacks from russian hacker groups frequently target government institutions, the defence industry, telecommunications, financial institutions and energy sectors.

The global cybersecurity market is expected to reach $186 billion by the end of 2024. While Ukraine's share is currently less than 1%, the country is a trendsetter in the market, outperforming others in cyber expertise due to its work in the R&D segment. The main drivers of the cybersecurity market in Ukraine include:

1️⃣ the adoption of digital solutions in business and the public sector;

2️⃣ constant russian cyberattacks;

3️⃣ increasing financial and reputational damage from cyberattacks;

4️⃣ growing use of artificial intelligence;

5️⃣ market stimulation through international technical assistance projects and programs.

The overview of the cybersecurity market in Ukraine will serve as a useful tool for businesses, governmental institutions, international organisations and global tech support projects in making decisions aimed at strengthening the cybersecurity market in Ukraine. The study was conducted using a comprehensive approach, including secondary data analysis, expert interviews, market stakeholder surveys, confidential analytics and open data.

📥 Download the study: https://lnkd.in/e-UEtRXa