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IT Security

German Cybersecurity Market to Top EUR 10 Billion

German digital industry association Bitkom predicts that the sector will grow by a further 13 percent in 2024 and set a new record.

Bitkom made its forecast concerning the cybersecurity industry, currently valued at EUR 9.2 billion, at the it-sa trade fair in Nuremberg. Growth this year was also 13 percent. It’s being driven by enhanced threats of cybercrime directed against businesses around the world.

“It’s a positive signal that companies are increasing their expenditures for IT security,” said Bitkom executive board member Udo Littke. “In recent years German companies have suffered annual damages of EUR 206 billion due to sabotage, espionage and data theft. EUR 148 billion of that is because of cyberattacks. Attackers are becoming more and more professional and increasingly work together, with the borders between organized crime and hostile state entities becoming blurred.”

The largest share of German expenditures in the sector – EUR 4.3 billion – goes toward IT security. That market grew by 18 percent in the past year. EUR 4 billion was spent on services and EUR 900 million on hardware.

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