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Russia's cybersecurity market may grow by 10-15% in 2024

"This year the market growth will be much more conservative," Rostelecom Vice President and CEO of Solar Group Igor Lyapunov said

VLADIVOSTOK, September 6. /TASS/. Despite forecasts, the growth of the cybersecurity market in 2024 will be conservative, Rostelecom Vice President and CEO of Solar Group Igor Lyapunov said in an interview with TASS at the Eastern Economic Forum (EEF-2024). He estimated the growth at 10-15%, but an even greater slowdown is expected in the future.

"If we talk about the market, it is very multidirectional. At the end of 2023, there were forecasts that the market would grow by 30%, by 20%. But now, looking at what is happening in the first half of 2024, I have a strong feeling that this year the market growth will be much more conservative, perhaps within 10-15% year-on-year. Next year it may slow down even more," he said.

The Eastern Economic Forum (EEF) is underway on the campus of the Far Eastern Federal University in Vladivostok on September 3-6, 2024. The main theme of the EEF in 2024 is "Far East 2030. Combining strengths to create new potential."

The EEF is one of the largest international conferences in Russia. It has been held in the Primorsky Region’s Russky Island in Vladivostok since 2015. The Forum is the initiative of Russian President Vladimir Putin, who decreed that the event be held annually.

The forum's objectives and goals include promoting the accelerated growth of Russia’s Far East region; assessing its potential for exports; expanding international cooperation in the Asia-Pacific Region; showcasing the investment appeal of the region, its steadily progressing territories, and the Vladivostok free port.

The Roscongress Foundation has served as the Forum’s organizer since 2016. TASS is the general information partner of the EEF.

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