Europe cybersecurity market is anticipated to grow at an overall compound annual growth rate (CAGR) of 11.3% and will be worth USD 47.17 billion by 2023.
With increased internet penetration, cyberattacks are becoming more powerful, allowing hackers greater access to new technology. One such example is the production a malware called 'Flame'.
Across the different geographical regions, Europe held the second largest market share in the global cybersecurity market in 2016, generating 28.2% of the global revenue. One of the reasons is that the European Commission has taken up various initiatives in the field of cybersecurity in order to make the European Union a strong player in combatting cyberattacks, to increase the region's cybersecurity capabilities and cooperation.
By countries, the Europe cybersecurity market is divided into EU5 and the Rest of EU5. EU5 is expected to hold more than half of the market. This is mainly backed by countries likes United Kingdom, Germany, and France that are making significant cybersecurity investments. It is also reported that cyberattacks in EU5 countries have expanded by five times from 2013 to 2017. To overcome the situation, countries need more robust and effective cyber solutions, and need to create effective regulations regarding cyberattacks.
By solution, Europe cybersecurity solution is classified into identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management. Countries in EU5 like the U.K. and Germany dominate the UTM market in Europe, followed by Italy, which witnessed the highest growth rate. This is because organizations find deploying UTM easier and more effective.
Key Growth Factors
- The prime factor that is driving the European cyber security market are government regulations, increase in cyberattacks, and the popularity of Bring Your Own Device (BYOD).
- The European Union's General Data Protection Regulation are designed to ensure privacy that includes encrypting personal data, governing over the management and use and protection of data.
- The lack of information, understanding, and time are the key factors that hinder organizations from adopting cybersecurity.
- BAE System
- Cisco System
- Northrop Grumman
Key Topics Covered
Chapter 1: Executive Summary
Chapter 2: Europe Cybersecurity Market
Chapter 3: Europe Cybersecurity Market - by Industries
Chapter 4: Europe Cybersecurity Market - by Solution
Chapter 5: Europe Cybersecurity Market - by Countries
Chapter 6: Company Profiles
Chapter 7: Conclusion
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