The Center for Strategic Research has published a recent study on the Russian cybersecurity market. The study shows that the market continues to grow, despite the decline in 2022, which was significantly milder than predicted. The cybersecurity market is expected to grow by about 24% CAGR between 2022 and 2027, reaching 559 billion rubles by 2027. Russian vendors will account for 95% of the market.
Alexander Khonin, Head of Consulting and Audit at Angara Security, notes that the growth of the cybersecurity market in Russia is quite expected and is due to events taking place in the world.
"As noted in the forecast, the story with the departure of foreign vendors primarily affected the situation. They occupied a significant part of the market and limited the growth of domestic vendors. It is difficult to develop your own products with such competition, when there is a risk of them not being in demand. But the situation has changed radically, and now there are all the prerequisites for rapid growth," Alexander noted.
"There is also a second factor. Against the backdrop of what is happening, information security issues have become more acute than ever. Practice shows that the number of cyberattacks has increased many times over the past year, and if earlier this was a terrible 'fairy tale' for many, now many companies have faced real information security incidents that lead to the shutdown of basic business processes. And this has forced many to reconsider their approaches to information security, to reconsider their lines of defense. This has also become a driver for the market," Alexander concluded.
The network security segment is the largest in the cybersecurity market, but leadership is still held by foreign vendors. However, the study predicts an active struggle for leadership in this segment. The volume of the cybersecurity services market in 2027 will amount to 145.3 billion rubles against 49.8 billion rubles in 2022. Russian vendors will account for 138 billion rubles.
The study predicts rapid growth of the cybersecurity market in the next 5 years with a gradual decrease in growth rates, but maintaining growth dynamics significantly higher than the global average.
