Europe Cyber Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The Europe cyber security market reached around USD 82.66 Billion in 2024. The market is projected to grow at a CAGR of 8.10% between 2025 and 2034 to reach nearly USD 180.12 Billion by 2034.

Europe Cyber Security Market Growth

Various programmes and initiatives are currently in progress to enhance cybersecurity in the region. For instance, the Digital Europe Programme, scheduled for 2021-2027, is a significant initiative. It aims to allocate €1.9 billion towards strengthening cybersecurity capabilities and promoting the widespread adoption of cybersecurity tools and infrastructure throughout the EU for public entities, businesses, and individuals.

Additionally, a proposal has been put forth for the establishment of an EU-wide Joint Cyber Unit. The Commission's announcement of the Recommendation for the creation of the Joint Cyber Unit on 23 June 2021 marks a crucial advancement in finalising the European cybersecurity crisis management framework. This initiative, a tangible outcome of the EU Cybersecurity Strategy and the EU Security Union Strategy, is expected to play a key role in fostering a secure digital economy and society. The Joint Cyber Unit is designed to serve as a platform for ensuring a coordinated EU response to major cyber incidents and crises, as well as providing support in the recovery process following such attacks.

The banking demographic in Europe is on the rise, with more than 75% of the population possessing access to a bank account as of 2019. Reportedly, approximately 409.46 million residents in Europe were integrated into the banking system by that year. The banking sector is facing a growing number of cyber threats, with different types of attacks presenting substantial risks to financial institutions. The rising sophistication and frequency of cyber threats underscore the importance of implementing strong cybersecurity measures within the banking sector. Financial institutions are dedicating resources to adopting advanced security technologies, providing employee training, and developing incident response strategies to safeguard against these ever-evolving threats.

Key Trends and Development

Evolving threat landscape; growing adoption of cloud computing; rising number of targeted threats; and the proliferation of quantum computing are favouring the Europe cyber security market expansion.

June 2024

Telenor established a new company, Telenor Cyberdefence, to meet the increasing demand for cyber security solutions among Nordic businesses. The new company aims to offer businesses a Security Operations Centre (SOC) for 24/7 prevention, monitoring, response, and detection of cyber threats and incidents.

May 2024

The United Kingdom government introduced two comprehensive codes of practice aimed at boosting cyber security in AI software and models, marking the country’s commitment to cyber innovation and resilience.

September 2023

Wipro Limited launched its Cyber Defense Center (CDC) in Dusseldorf, Germany, to offer round-the-clock incident response, cybersecurity monitoring, and remediation support to its clients.

November 2022

State-owned Research Institutes of Sweden, RISE, launched Europe’s most advanced cyber security initiative for vehicle testing. The RISE Cyber Test Lab for Automotive aims to address the growing cyber threats concerning connected vehicles.

Evolving Threat Landscape

Europe is experiencing an evolving threat landscape amid the trend of remote work, digital transformation, and rising mobile adoption. This is boosting the demand for cyber security solutions to safeguard data against theft and loss.

Growing Adoption of Cloud Solutions

The growing adoption of cloud solutions among businesses is surging incidences of cyber threats such as data breaches, malware attacks, DDoS attacks, account hijacking, and unauthorised access, among others. With the rising shift towards cloud computing among businesses, the adoption of cyber security tools and solutions that can monitor cloud environments is increasing.

Rising Number of Targeted Threats Against Critical Infrastructure

There is an increasing number of targeted threats against critical infrastructure such as transportation, energy, telecommunications, and public sectors due to their complexity, the reliance on legacy operational technology systems, and their critical nature.

The Proliferation of Quantum Computing

The proliferation of quantum computing that can easily break through data encryption at an alarming speed is expected to drive the demand for advanced cyber security tools and solutions that leverage technologies like artificial intelligence and machine learning to actively identify and mitigate potential risks.

Europe Cyber Security Market Trends

In Europe, over 10 terabytes of data are stolen per month, with ransomware, phishing, and DDoS attacks ranked among the biggest threats. Growing geopolitical tensions in the region are also reshaping the cyber threat landscape and leading to the emergence of more cybercriminals, hacktivists, and state-sponsored groups. Hence, the increasing complexity of the cyber landscape is surging the demand for advanced cyber security tools and solutions.

A survey conducted by Norstat showed that 1 in 5 businesses reported having experienced cyberattacks in Norway in 2023. The exponential growth of data and increasing digital transformation are expected to further increase the frequency of cyberattacks, driving the demand for robust cybersecurity solutions.

Europe Cyber Security Industry Segmentation

Europe Cyber Security Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Europe Cyber Security Market Report and Forecast 2025-2034 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering:

• Solutions

  

Identity and Access Management

  

Antivirus/Antimalware

  

Encryption and Tokenisation

  

Compliance and Policy Management

  

Firewall

  

Others

• Services

Market Breakup by Deployment Mode:

• On-Premises
• Cloud

Market Breakup by Organisation Size:

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security:

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical:

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Country:

• United Kingdom
• Germany
• France
• Italy
• Others

Europe Cyber Security Market Share

Based on the industry vertical, the market is segmented into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. The BFSI sector is projected to grow at a CAGR of 9.3% during the forecast period of 2025-2034. Cybersecurity within the BFSI sector is essential for safeguarding sensitive financial information, thwarting fraudulent activities, ensuring adherence to regulatory standards, protecting customer data, and preserving operational integrity by countering cyber threats and vulnerabilities present in banking infrastructures.

Leading Companies in the Europe Cyber Security Market

Major players are focusing on technological advancements and regulatory compliances to gain a competitive edge in the market.

• IBM Corporation
• Cisco Systems Inc.
• Broadcom Inc.
• Oracle Corporation
• Intel Corp.
• Dell Inc.
• Fortinet Inc.
• McAfee LLC
• Trend Micro Inc.
• Palo Alto Networks Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.