Canada Cyber Security Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Canada Cyber Security Market Growth

Despite being ranked 13th in terms of cybersecurity strategy efficiency, Canada continues to experience a rise in security breaches each year. The personal information of approximately 2.5 million Canadian clients of the beauty company Yves Rocher was inadvertently made accessible on an unsecured database in September 2019. Additionally, in April 2022, Panasonic, the Japanese technology company, formally announced that its Canadian operations had been targeted by a cyberattack in February, impacting various internal systems, processes, and networks. In May 2022, IKEA acknowledged an internal security breach where customers' personal information was found in a generic search conducted by an employee.

The Canadian government is taking steps to address these issues by introducing new legislation like PIPEDA (Personal Information Protection and Electronic Documents Act) and making amendments to existing regulations to govern the handling of customer and business data by companies.

Canadian financial institutions oversee approximately $4.6 trillion in assets, with banks controlling 70% of this total. The top six banks alone account for 90% of all banking assets, making the sector highly susceptible to cyber threats and data breaches. The widespread use of digital banking, mobile apps, and online transactions has widened the scope for potential cyberattacks, as more customers engage with these digital platforms, creating numerous vulnerabilities for malicious actors to exploit.

Key Trends and Developments

Increasing cyber security concerns; a rising number of cyberattacks in the telecom and technology sector; favourable government initiatives; and technological advancements are aiding the Canada cyber security market expansion

July 2024

Bell acquired Stratejm and CloudKettle Inc., adding Salesforce and Professional and Managed Services expertise in cybersecurity to its existing capacities. Through the acquisition, the company aims to deliver advanced cybersecurity solutions and ensure that clients receive the highest levels of services and protection.

May 2024

The Canadian government introduced the first Enterprise Cyber Security Strategy, outlining a proactive approach to effectively and swiftly address vulnerabilities across the digital estate of the government.

May 2024

Kyndryl announced that it established a Security Operations Center (SOC) in Barrie, Ontario, to provide protection and support for the entire lifecycle of cyber threats using integrated automated systems, machine learning, and artificial intelligence.

April 2024

Scarlet Security & Risk Group (SSRG), a Calgary-based company, announced its decision to provide cyber risk and artificial intelligence solutions across Canada. Through this, the company intends to mitigate clients’ risk to emerging threats, protect them from evolving cyber risks, and provide them with the intelligence and tools required to safely navigate the digital landscape.

Increasing Cyber Security Concerns

The awareness regarding cyberattacks amid the rising incidences of data breaches is significantly increasing. Moreover, security is one of the top challenges for businesses in the country, surging investments in effective cyber security measures.

Rising Number of Cyberattacks in the Telecom and Technology Sector

Growing security concerns and the rising number of cyberattacks in the telecom and technology sector are driving the demand for cyber security solutions to safeguard against data theft and loss, protect sensitive data, ensure the functioning of critical infrastructure, and comply with stringent security regulations.

Introduction of Favourable Government Initiatives

The Canadian government is introducing favourable government initiatives to prevent and respond to cyber security threats and enhance cyber resilience, aiding the market growth.

Increasing Demand for Cyber Security Solutions Powered by AI and ML

With technologies like machine learning and artificial intelligence, cybersecurity tools can analyse patterns, prevent threats, and respond to active attacks in real time. Such technologies can also make cyber security more proactive, affordable, simple, and effective.

Canada Cyber Security Market Trends

In May 2024, the Ontario government introduced legislation, The Strengthening Cyber Security and Building Trust in the Public Sector Act, 2024. The legislation, if passed, will provide new tools to respond to cybercrimes and safeguard critical infrastructure such as healthcare and education. The legislation also aims to support public organisations to rapidly respond to cyber threats and minimise service disruptions, safeguard the data of youth and children, and modernise privacy protections.

Technological advancements and innovations are expected to revolutionise the cyber security landscape in Canada. Advanced technologies can identify anomalies, patterns, and potential threats with enhanced efficiency and accuracy to enable proactive threat detection and prevention in real-time.

Canada Cyber Security Industry Segmentation

Canada Cyber Security Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Offering

• Solutions
  • Identity and Access Management
  • Antivirus/Antimalware
  • Encryption and Tokenisation
  • Compliance and Policy Management
  • Firewall
  • Others
• Services

Market Breakup by Deployment Mode

• On-Premises
• Cloud

Market Breakup by Organisation Size

• Large Enterprises
• Small and Medium Enterprise (SMEs)

Market Breakup by Security

• Network Security
• Cloud Security
• End Point and IOT Security
• Application Security

Market Breakup by Industry Vertical

• BFSI
• Government
• Healthcare and Life Sciences
• Aerospace and Defence
• Manufacturing
• Others

Market Breakup by Region

• British Columbia
• Alberta
• The Prairies
• Central Canada
• Atlantic Canada

Canada Cyber Security Market Share

Based on the industry vertical, the market is segmented into BFSI, government, healthcare and life sciences, aerospace and defence, and manufacturing, among others. The BFSI sector is projected to grow at a CAGR of 10.2% during the forecast period of 2024-2032. Cybersecurity within the BFSI sector plays a crucial role in protecting sensitive financial information, mitigating fraud risks, ensuring adherence to regulatory standards, safeguarding customer data, and preserving the integrity of systems by countering cyber threats and vulnerabilities.

Leading Companies in the Canada Cyber Security Market

Major players are focusing on the adoption of artificial intelligence and machine learning to gain a competitive edge in the market.

• IBM Corporation
• Cisco Systems Inc.
• Microsoft Corp.
• Oracle Corporation
• Proofpoint, Inc.
• Dell Inc.
• F5 Inc.
• Cyberark Software Ltd.
• Trend Micro Inc.
• Palo Alto Networks Inc.
• Others

The comprehensive report looks into the macro and micro aspects of the market. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.