Canada Cybersecurity Market Introduction and Overview
According to SPER Market Research, the Canada Cybersecurity Market is estimated to reach USD 33.48 billion by 2033 with a CAGR of 11.28%.
The report includes an in-depth analysis of the Canada Cybersecurity Market, including market size and trends, product mix, distribution channels, and supplier analysis. Cybersecurity is a technique for defending programs, networks, and systems from online threats. Hackers typically use cyberattacks to alter, access, or delete private data, demand money from customers, or interfere with regular business operations. The industry for cyber security is predicted to develop in the upcoming years due to the growing use of enterprise security solutions in the manufacturing, banking, financial services, and insurance (BFSI), and healthcare sectors. The scope of the study report encompasses component solutions and services provided by IBM Corporation, Microsoft Corporation, Palo Alto Network, Inc., Broadcom, Inc., and other companies.
- Microsoft Corporation stated in May 2022 that it is expanding its cybersecurity capabilities under the Microsoft Security Experts service category, which combines human-led services with expert-trained technologies. Microsoft Defender Experts for Hunting and Microsoft Defender Experts for XDR are two of the new managed services.
- January 2022: Proofpoint Inc. strengthened its cloud-based people-centric security solutions by acquiring Dathena to bring AI-based data classification to its Information and Cloud Security platform. With the widespread adoption of hybrid working policies, the updated solutions will help the organization prevent data losses.
Market Opportunities and Challenges
Opportunities: The Canadian government has taken the lead in strengthening the nation's cybersecurity capabilities. A number of steps have been taken to support cybersecurity growth and improve the economy. This includes financial commitments, updated regulations aimed at facilitating digital transformation for both new and established enterprises, and further actions forming Canada's cybersecurity ecosystem. Additionally, the growth of cloud facilities in the nation is bolstering the market for cloud security overall and contributing to the overall development of the cloud ecosystem. For example, Google Cloud launched a new cloud region in Toronto, Canada, in September 2021. High service expectations are a result of the growing need for Software-as-a-Service (SaaS) businesses that use cloud infrastructure and strict cloud security requirements. The need for cybersecurity in the nation is strong as a result of these conditions.
Challenges: However, Canada's cybersecurity industry suffers from a shortage of qualified workers. For example, the ISC2 2021 Cybersecurity Workforce Study shows that there were 123,969 cybersecurity professionals in Canada, compared to 1,142,462 in the United States and 300,087 in the United Kingdom. This demonstrates the dearth of skilled workers and the consequent strong demand for additional specialists to sustain the market.
Market Competitive Landscape
There is fierce competition among the leading firms in Canada's highly fragmented cybersecurity sector. Businesses are being prompted to prepare strategies and expand their current service offerings by the rise in cyberattacks. To address the shortage of qualified cybersecurity workers, businesses and organizations are banding together to offer practical and specialized training to upskill talent and employees. In an effort to offer better cybersecurity solutions, the sector also sees collaborations and acquisitions.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Offering, By Deployment, By End User
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| Regions covered | Eastern Region, Western Region, Southern Region, Northern Region
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| Companies Covered | Check Point Software Technologies Ltd., Cisco Systems Inc, Cyber Unit Inc, ELEKS Holding OU., F12.Net, Groupe Access, IBM Corporation, Microsoft Corporation, ProofPoint, Inc, Sophos Ltd., XBASE Technologies Corporation, Others.
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COVID-19 Impact on Canada Cybersecurity Market
The COVID-19 epidemic made it difficult for legislators and companies to adjust to the abrupt shift in the economy and business practices. As to cbc.ca, the Newfoundland and Labrador Center for Health Information attributed the three-year delay in their cybersecurity framework readiness to the pandemic in June 2022. All sizes of small enterprises moved to the internet, opening them up to attacks from cyberspace. This expedited market expansion and demand as well.
Key Target Audience:
- Government Agencies
- Financial Institutions
- Healthcare Organizations
- Energy and Utility Companies
- Retail and E-commerce Businesses
- Manufacturing and Industrial Sector
- Educational Institutions
- Telecommunication Companies
- Small and Medium Enterprises (SMEs)
- Legal and Compliance Firms
- Information Technology (IT) Service Providers
- Non-profit Organizations
- Transportation and Logistics Companies
- Cybersecurity Solution Providers
- Consulting and Advisory Firms
Our in-depth analysis of the Canada Cybersecurity Market includes the following segments:
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By Offering:
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Security Type
Services
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By Deployment:
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Cloud
On-premise
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By End User:
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BFSI
Healthcare
Manufacturing
Government & Defence
IT and Telecommunication
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Key Topics Covered in the Report:
- Canada Cybersecurity Market Size (FY’2024-FY’2033)
- Overview of Canada Cybersecurity Market
- Segmentation of Canada Cybersecurity Market By Offering (Security Type, Services)
- Segmentation of Canada Cybersecurity Market By Deployment (Cloud, On-premise)
- Segmentation of Canada Cybersecurity Market By End User (BFSI, Healthcare, Manufacturing, Government & Defence, IT and Telecommunication, Others)
- Expansion Analysis of Canada Cybersecurity Market
- Problems and Obstacles in Canada Cybersecurity Market
- Competitive Landscape in the Canada Cybersecurity Market
- Impact of COVID-19 and Demonetization on Canada Cybersecurity Market
- Details on Current Investment in Canada Cybersecurity Market
- Competitive Analysis of Canada Cybersecurity Market
- Prominent Players in the Canada Cybersecurity Market
- SWOT Analysis of Canada Cybersecurity Market
- Canada Cybersecurity Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Canada Cybersecurity Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Canada Cybersecurity Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Canada Cybersecurity Market
7. Canada Cybersecurity Market, By Offering (USD Million)
7.1. Canada Cybersecurity Market Value Share and Forecast, By Offering, 2024-2033
7.2. Security Type
7.2.1. Cloud Security
7.2.2. Data Security
7.2.3. Identity Access Management\
7.2.4. Network Security
7.2.5. Consumer Security
7.2.6. Infrastructure Protection
7.2.7. Others
7.3. Services
8. Canada Cybersecurity Market, By Deployment (USD Million)
8.1. Canada Cybersecurity Market Value Share and Forecast, By Deployment, 2024-2033
8.2. Cloud
8.3. On-premise
9. Canada Cybersecurity Market, By End User (USD Million)
9.1. Canada Cybersecurity Market Value Share and Forecast, By End User, 2024-2033
9.2. BFSI
9.3. Healthcare
9.4. Manufacturing
9.5. Government & Defence
9.6. IT and Telecommunication
9.7. Others
10. Canada Cybersecurity Market Forecast, 2020-2033 (USD Million)
10.1. Canada Cybersecurity Market Size and Market Share
11. Canada Cybersecurity Market, By Offering, 2020-2033 (USD Million)
11.1. Canada Cybersecurity Market Size and Market Share By Offering (2020-2026)
11.2. Canada Cybersecurity Market Size and Market Share By Offering (2027-2033)
12. Canada Cybersecurity Market, By Deployment, 2020-2033 (USD Million)
12.1. Canada Cybersecurity Market Size and Market Share By Deployment (2020-2026)
12.2. Canada Cybersecurity Market Size and Market Share By Deployment (2027-2033)
13. Canada Cybersecurity Market, By End User, 2020-2033 (USD Million)
13.1. Canada Cybersecurity Market Size and Market Share By End User (2020-2026)
13.2. Canada Cybersecurity Market Size and Market Share By End User (2027-2033)
14. Canada Cybersecurity Market, By Region, 2020-2033 (USD Million)
14.1. Canada Cybersecurity Market Size and Market Share By Region (2020-2026)
14.2. Canada Cybersecurity Market Size and Market Share By Region (2027-2033)
14.3. Eastern Region
14.4. Western Region
14.5. Northern Region
14.6. Southern Region
15. Company Profile
15.1. Check Point Software Technologies Ltd.
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Cisco Systems Inc
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Cyber Unit Inc
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. ELEKS Holding OU.
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. F12.Net
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Groupe Access
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. IBM Corporation
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Microsoft Corporation
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. ProofPoint, Inc
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Sophos Ltd.
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. XBASE Technologies Corporation
15.11.1. Company details
15.11.2. Financial outlook
15.11.3. Product summary
15.11.4. Recent developments
15.12. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
