Network and cloud security: key growth segments of the Ukrainian cybersecurity market
9 January 04:00
The volume of the Ukrainian cybersecurity market has quadrupled over the past eight years and amounted to $138 million in 2024. This was reported by the press service of the European Business Association, "Komersant Ukrainian" reports
The global cybersecurity market is estimated at $186 billion in 2024, with Ukraine accounting for less than 1%. However, according to forecasts, the market will reach $209 million by 2029.
The key segment of the Ukrainian cybersecurity market is network security. Cloud security, data protection, and endpoint security are showing the fastest growth.
The main drivers of the market in Ukraine are:
- implementation of digital solutions in business and the public sector
- constant Russian cyberattacks
- growing financial and reputational damage from cyberattacks
- growing use of artificial intelligence
- and market stimulation by international technical assistance projects and programs.
Russia’s full-scale invasion provoked a sharp increase in cyberattacks in Ukraine, which caused a strong demand for innovative and automated cybersecurity solutions. The Ukrainian market has become a field of constant attacks by Russian hacker groups, which most often target government agencies, defense industry facilities, telecommunications, the financial sector, and the energy sector.
Ukraine is not only countering these threats but also shaping global trends in cyber defense. The authors of the study note that due to its active work in this area, our country is ahead of other countries in cybersecurity expertise.
