The Europe Cybersecurity market size is growing rapidly since the past few years because of the sudden rise in the number of cyberattacks in the region. This is the reason for rise in the number of Public Private Partnerships (PPP) as well to improve the overall infrastructure. The European Union (EU) has played a vital role in strengthening this industry as it has introduced strict rules and regulations. These have compelled companies to adhere to cybersecurity laws and maintain transparent operations.
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Higher awareness among businesses is there about the importance and benefits of having a strong cybersecurity infrastructure. Some of its benefits are higher data security, increased transparency in operations and increased public confidence.
According to market reports, cybersecurity market in Europe is projected to reach and will cross a whopping $65 billion by 2025.
Some of the trends that are vital to the growth of cybersecurity market in Europe are:
Strong government initiatives in Europe:
Europe is facing a sudden increase in the number of cyber-attacks in the past few years because of lack of proper infrastructure in place. This has prompted several countries across the region to devise various initiatives to increase awareness about data safety and security among various business owners.
They are even pouring in heavy investments to strengthen the overall cybersecurity infrastructure to prevent data phishing and illegal hacking activities. For example, the EU Commission, in July 2016, launched a Public-Private Partnership program with an investment of $2 billion being done on cybersecurity. All these factors will positively influence the growth of cybersecurity market in the region.
Scope of IAAM solutions in Europe cybersecurity market:
Identity Authentication and Access Management (IAAM) segment is expected to show steady growth in the coming years, according to market experts. The reason for this is identity theft cases and access frauds are on the rise in Europe which has led several companies to increasingly adopt solutions to prevent these attacks.
IAAM solutions like cognitive recognition and biometrics help in giving access to confidential data only to authorized users. Giving access to critical company information on the basis of the designation and role of the employee is helping in improving the data security of a company as well.
Large enterprises see increased demand for cybersecurity:
There are various segments that cybersecurity market caters to in terms of organization type like large enterprises, SMEs and government. Out of these, the large enterprise segment will grow steadily at a rate of 10% up to 2025. This is because they are the primary target for illegal hackers and phishers as they possess large amounts of critical information and have made heavy financial investments in this as well.
Any kind of attack on general public information can severely damage the company’s public image and the customers’ confidence. It can even cost the company some of its biggest investors.
Banking industry to foster cybersecurity developments:
On the basis of industry, the banking industry is anticipated to stimulate the growth of cybersecurity market in Europe. A major reason for this is that banks store tons of critical personal and financial information regarding their customers.
With the arrival of the digital era, banks are going digital as well which poses additional risks to critical information databases. This is the reason why banking facilities are adopting strong cybersecurity solutions to protect their data from malicious attacks and to safeguard their market image as well.
For example, the Financial Conduct Authority (FCA) in the UK that monitors and regulates the banking industry, made it compulsory in June 2017 for all the banks to adopt strong cybersecurity measures.
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Some of the major companies providing cybersecurity solutions in Europe are McAfee LLC, Proofpoint Inc., Sophos Group Plc, Cisco Systems and many others.
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Asia Pacific Cybersecurity Market Size By Product Type (Identity, Authentication and Access Management (IAAM) [Access Management, Identify Access Management], Infrastructure Protection [Endpoint Protection, Email/Web Gateway, Security Information and Event Management (SIEM), Vulnerability Management, Cloud Security, Data Loss Prevention (DLP)], Network Security [Internet Service Provider Equipment, Virtual Private Network (VPN), Unified Threat Management (UTM), Firewall], Security Services [Implementation, Managed Security Services, Consultancy & Training, Hardware Support]), By Organization (SME, Government, Large Enterprises), By Industry (Banking, Government, Manufacturing, Transportation, IT & Telecom, Insurance, Securities), Industry Analysis Report, Regional Outlook (ANZ, China, India, Japan, South Korea, Philippines, Thailand, Singapore, Malaysia), Growth Potential, Competitive Market Share & Forecast, 2020 – 2026
Table of Contents (ToC) of the report:
Chapter 1. Methodology & Scope
- Market scope & definitions
- Research methodology
Chapter 2. Executive Summary
Chapter 3. Industry Insights
- Industry segmentation
- Industry ecosystem analysis
- Industry impact forces
- Growth drivers
- Growth restraints
- Regulatory overview
- Porter’s analysis
- PESTEL analysis
- Competitive landscape, 2019
Browse complete Table of Contents (ToC) of this research report @ https://www.graphicalresearch.com/table-of-content/1246/europe-cybersecurity-market
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