The Ukrainian cybersecurity market has expanded.

The volume of the Ukrainian cybersecurity market has quadrupled over the past eight years, reaching $138 million in 2024. This information comes from the press service of the European Business Association, citing a study by IT Ukraine DataDriven Research & Consulting.

At the global level, the cybersecurity market is projected to be valued at $186 billion in 2024, with Ukraine's share being less than 1%. However, forecasts suggest that by 2029, the volume of the Ukrainian market will grow by 50%, reaching $209 million.

The main segment of the market in Ukraine is network security, while the fastest growth is seen in cloud security, data protection, and endpoint security sectors.

Key factors driving the growth of the cybersecurity market in Ukraine:

• Implementation of digital solutions in business and government sectors.
• Ongoing Russian cyberattacks that heighten the need for protection.
• Increased financial and reputational damage from cyberattacks.
• Growing use of artificial intelligence for process automation.
• International projects and technical assistance programs that support industry development.

The full-scale invasion by Russia has led to a dramatic increase in the number of cyberattacks, creating a high demand for innovative cybersecurity solutions. Russian hacker groups regularly target government institutions, defense industry facilities, telecommunications, the financial sector, and Ukraine's energy sector.

Ukraine not only successfully counters these threats but also shapes global trends in cybersecurity. Through active research and development (R&D) efforts, the country demonstrates a high level of expertise in cybersecurity, outpacing many nations.