The Ukrainian cybersecurity market has quadrupled in the past eight years.

The Ukrainian cybersecurity market has quadrupled in size over the past eight years and is projected to reach $138 million in 2024. It is anticipated that over the next five years, the market will grow by an additional 50%, reaching $209 million. 

This was reported by the press service of the European Business Association, citing a study by the IT Ukraine DataDriven Research & Consulting Association.

The key segment of the Ukrainian cybersecurity market is network security. The fastest growth is being seen in cloud security, data protection, and endpoint protection. This reflects the increasing demand for new technologies and solutions in Ukraine.

The global cybersecurity market is expected to reach $186 billion by the end of 2024. Currently, Ukraine's share is less than 1%. At the same time, our country is a trendsetter in the cybersecurity market, outpacing others in the development of innovations. 

“While the global cybersecurity market is currently dominated by the security services segment, which holds a 53% share in 2024, the Ukrainian market is primarily focused on cyber solutions with a 57% share. Ukraine’s leadership is driven by wartime factors – the war has increased the number and complexity of cyberattacks on Ukraine, leading to the rapid implementation of automated systems that require less human intervention and the need for immediate and unexpected solutions,” the study states.

Ukraine is currently among the countries experiencing the highest number of cyberattacks in the world. The “list” also includes the USA, South Korea, and China. The most common types of cyberattacks are DDoS, ransomware, and phishing. 

In 2023, Ukraine recorded 2,544 cyber incidents, which is a 16% increase compared to 2022. Russian hackers are increasingly targeting Ukrainian government institutions, the defense industry, telecommunications, financial institutions, and the energy sector. 

In addition to the constant cyberattacks from Russia, the main driving forces of the market in Ukraine are:

• the implementation of digital solutions in business and the public sector;
• the rise in financial and reputational damage from cyberattacks;
• increased use of artificial intelligence;
• market stimulation through international technical assistance projects and programs.

Background. Previously, Mind reported that on December 19, Russians launched a cyberattack on Ukrainian state registries. The first registries resumed operations on December 30.