France Cybersecurity - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The France Cybersecurity Market size is estimated at USD 8.18 billion in 2024, and is expected to reach USD 13.97 billion by 2029, growing at a CAGR of 11.29% during the forecast period (2024-2029).

Key Highlights

• The cybersecurity market's growth is primarily fueled by the escalating sophistication and frequency of cyberattacks. Over the past decade, cybercrimes and scams have surged, inflicting significant financial losses on enterprises.
• This growth is further propelled by the rising adoption of the Internet of Things (IoT), the 'Bring Your Own Device' (BYOD) trend, and a surge in malware and phishing attacks. Additionally, a heightened demand for cloud-based security solutions is bolstering market expansion. However, this growth faces challenges from budget constraints and the intricate nature of device security. Conversely, the increasing prevalence of mobile platforms, the demand for robust authentication methods, and shifts in the traditional antivirus sector promise lucrative opportunities for market growth.
• Businesses leveraging cloud technologies, such as software-defined perimeters, can bolster their security infrastructure. The global cyber security market's expansion is further catalyzed by several governments worldwide, which are enacting legislation and specific recommendations to enhance cloud platform security. Notably, cybercriminals are increasingly targeting small and medium-sized enterprises, exploiting vulnerabilities in their security frameworks. Traditional security measures like appliance firewalls struggle to safeguard cloud applications against modern cyber threats, including malware, ransomware, and phishing.
• Organizations are increasingly relying on a diverse range of professionals to protect their systems, employees, and data. However, as cyber threats surge, organizations face a growing challenge in finding skilled professionals to combat these risks.
• A persistent global cybersecurity workforce shortage poses a significant challenge for businesses across industries. The evolving landscape underscores the need for cybersecurity professionals with a mix of technical and non-technical skills tailored to the diverse demands of today's roles.
• The shift to remote work, accentuated by the rise in work-from-home (WFH) policies, redirected the focus of information security from enterprise to cloud and virtualized infrastructures. With employees relying on home Wi-Fi and VPN connections, misconfigurations and a more relaxed approach to remote work heighten the risk of data leaks and theft. Furthermore, the surge in bandwidth consumption exposes many organizations to heightened risks of DDoS attacks.

France Cyber Security Market Trends

Network Security is Expected to Witness Major Growth

• There was a cyber attack on Altran Technologies, an engineering consultancy firm based in France, which resulted in the shutting down of its IT network and applications, leading to operations in some European countries, including France.
• In order to protect itself from such attacks, the country invested in its IT infrastructure, particularly for cybersecurity. This spending is projected to increase over the forecast period, which may lead to a demand for cybersecurity solutions.
• There is a rapid increase in the use of 5G technology. 5G implies more bandwidth usage, reliability, and latency while providing devices with the ability to run at maximum speed through improved network solutions. Consequently, areas such as AI, ML, and the Industrial Internet of Things have gained significant traction with 5G.
• As 5G technology is rapidly becoming integral to business applications and presenting new data security risks, more data are expected to be transmitted through the network. Furthermore, the number of internet users is expected to grow rapidly. For users and 5G service providers, cyber attackers are an issue. The global market for network security is, therefore, expected to be stimulated by the growing uptake of 5G services.

The Retail Sector is Expected to Gain Maximum Traction

• Consumer habits and behaviors changed in the context of the digital revolution, greatly strengthening the relative power of a consumer. The perception of a customer toward a purchase is changing due to the ability to quickly access an increasingly wide offering of products and solutions through various devices, such as PCs, smartphones, and tablets.
• On the other hand, brick-and-mortar stores are using technological innovation to enable new ways of business with an omnichannel approach. A retailer combines and integrates different channels (retail stores, websites, mobile applications, etc.) to support the interaction between a company and consumer in the pre-sale, purchasing, and post-sale stages.
• Due to the COVID-19 pandemic, consumers confined to their homes had to go online to access essential goods, forcing them to adopt digital consumer habits and educate themselves to become digital consumers. This allowed them to enjoy the benefits that digital products offer. People were skeptical of e-commerce in the past, and owing to security concerns, they were compelled to switch to online purchases during the pandemic.
• To become the default choice of users in this region, banks and retailers need to provide their clients with a full range of experiences on the Internet and mobile for both web and mobile payments, such as mobile payments, online retailing, P2P, or cross-border transactions.
• With the rise of online identities, there is a rising risk of identity theft and associated fraud. Mobile operators in the region recognize the need to work closely with governments and the wider industry to address these issues. Several local and international firms have taken several initiatives in the country to promote security and trust regarding mobile phone usage for e-commerce transactions, including Mobile Connect, which has a fast, secure login system that enables individuals to access their online accounts with one click. It provides different levels of security, from low-level website access to highly secure bank-grade authentication.

France Cyber Security Industry Overview

The cybersecurity market is semi-consolidated, with the presence of a few major companies. Companies are continuously investing in strategic partnerships and product developments to gain more market share.

• May 2024: Fortinet announced a new next-generation firewall (NGFW) appliance with the industry-leading security and networking performance needed to serve as the backbone of the modern campus. These features enable organizations to efficiently support and secure the growing volume of data-rich traffic and cloud-based applications within campus environments.
• October 2023: IBM launched a new evolution of its managed detection and response services with the introduction of advanced technologies, such as artificial intelligence and automatic escalation or closure of up to 85% of alerts, which help speed up client security response times. The Threat Detection and Response ServicesTM provides 24x7 monitoring, investigation, and automated remediation of security alerts from all the relevant technologies in a client's hybrid cloud environment, including existing security tools.

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• The market estimate (ME) sheet in Excel format
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