The report
titled “Europe
Cyber Security Industry Outlook to 2023 – By Solutions (Firewall, Intrusion
detection system, Antivirus, Identity and Access Management, Encryption, Data
Loss Prevention, UTM, Disaster Recovery and Others (IoT Devices), By Industry
Verticals (Banking & Finance, Government, IT & Telecom, Retail,
Healthcare, Energy & Power, Private User and Others), By Security Deployed
(Network Security, Application Security, End-Point Security, Mobile Security,
Content Security and Cloud Security)” provides a comprehensive analysis
of cyber security services and solutions in Europe. The report focuses on
overall market size for cyber security services and solutions in Europe, market
segmentation by Type of Solution (Firewall, Intrusion detection system,
Antivirus, Identity and Access Management, Encryption, Data Loss Prevention,
UTM, Disaster Recovery and IoT Devices), By Type of Security (Network Security,
Application Security, End-Point Security, Mobile & Wireless Security,
Content Security and Cloud Security), By End Users (Banking & Finance,
Government, IT & Telecom, Retail, Healthcare, Energy & Power, Private
User and Others) and By Imported and Domestic Services and Products.. The
report also covers the overall comparative landscape, major cyber attacks,
snapshot of cyber security market in EU countries, trends and growth drivers,
issues and challenge, decision making parameters, technologies used in the cyber
security market, SWOT analysis and Government regulations in the market. The
report concludes with future projections and analyst recommendations
highlighting the major opportunities and cautions for the Europe cyber security
industry.
Market overview and size
The cyber security market of Europe is presently in its growth
stage. The market displays a strong competitive scenario where international
players which hold majority of the stake are constantly trying to increase their
existing market share in the industry. The entry of Domestic players and
Start-ups in previous 5 years has lead to a shift in the import oriented market
to rely heavily on the In-House products and services. The market is also very
receptive to newness, innovations and next generation solutions. Increased use
of mobile phones and internet are the major growth drivers of this market.
Network security is the most widely used technology in the market and holds a
major share of market. Rising awareness amongst European Union and Government
of different countries in EU along with SME’s and mid-caps has helped the
industry to gain momentum. Majority of companies in Europe are SME’s which are
going through digital transformation supported by funds from the EU. The cyber
security market is growing parallel to digitization of companies in entire
Europe.
Market Segmentation
Type of
Security (Firewall, Intrusion Detection System, Antivirus, Antimalware,
Identity and Access Management, Encryption, Data Loss Prevention, Unified
Threat Management, Disaster Recovery)
The tremendous rise in internet user base to 460 million in 2018,
which amounts to almost 90% of the total population in Europe, has gradually
broadened the scope for cyber attacks and therefore investments in firewall
have amplified in the recent years. Government regulation and compliance has
been a key driver in organizations deploying IAM solutions in Europe.
Encryption accounted for a small share in the market in 2018.
Type of End
User (Banking & Finance, Government, IT & Telecom, Energy & Power,
Healthcare, Retail, Private Use and Others)
The next major segment of the cyber security market is on the
basis of end user. Banking and finance sector are the major users of cyber
security in this segment, as the information stored with the banking and
finance sector is highly sensitive and needs to be kept secure with
contemporary solutions. Healthcare, IT and Telecom and the Energy sector have
been looking for more sophisticated solutions in the market due to shared
network systems across Europe. As IoT continues to grow across Europe, the
government has also started to focus on cyber security.
Type of Security (Network
Security, Application Security, End-Point Security, Mobile Security, Content
Security and Cloud Security)
In 2018, Endpoint security clocked the highest market share in the
wake of rising impetus on compliance and growing popularity of mobile security
and cloud computing. It was followed by spending on Network security which
amounted to second largest share. The rising government regulations is
anticipated to raise the security spend on cyber security in the coming years. Application
security is one of the key security trends in the European market. Wireless and
cloud security are the two most growing areas presently. The market for cloud
security though, will see a rapid expansion as organizations start realizing
the cost effectiveness of cloud computing and start adopting it.
Competition
Landscape
The market has its share of challenges that will cause impediments
in its otherwise steady climb. There is scarcity of cyber security
professionals in the country. The companies which are trying to mark their
presence in the European cyber security market will face a severe shortage of
talent and the Services provided by the organizations may suffer as there is a
serious lack of experienced professionals in this industry. The competition of
cyber security market in Europe is fragmented due to large number of players in
the market. People have the option to choose from the large number of players
in the market. The wide choice provides a lot of competition in the market and
fosters growth and development. Symantec, Kasper Sky and IBM are the major
players in the sector. Symantec’s major revenue comes from provision of
endpoint security and data security solutions. Kasper Sky is also a leading
provider of enterprise endpoint security. IBM leads the Identity and Access
Management (IAM) market and also provides solutions pertaining to cloud
security. IBM possessed the maximum market share in 2018 followed by Symantec
and Trend Micro, Cisco, Trend Micro and Check Point were the other major players
operating in the market.
All the players in the market compete on the basis of services
provided by them, after sales service, price of the security provided and also
the combinations of services provided. However, there are a few exceptions
coming out of countries like Israel. SentinelOne & Cybereason are examples
of companies which are coming up with some good productized technologies for
end point security (EPP or EDR); and are having an impact on the US as well as
the global market. Five years ago the focus was primarily on Network security,
while currently the focus of the industry is majorly on end point protection
technology. Earlier products of companies like FireEye, Cylance, Carbon Black
and Crowd Strike used to dominate the market however now companies like
Cybereason and SentinelOne are popular in the market.
Future
Outlook
The future of European Cyber Security market looks promising as
certain major factors like Increase in Mobile as well as Internet usage and new
development in end users and the various laws and directives which are
introduced provides good growth opportunities. The Cyber security market is
expected to grow at a single digit 5 year CAGR of around 9% till 2023 backed by
a significant development in the cyber threat landscape due to emerging threats
and higher rewards for the attackers. Europe is prone to cyber attacks and the
government now aims to protect the citizens’ data. It has passed various laws
and legislations to improve the cyber security and reduce the cyber threats
like GDPR Regulations and the NIS Directive which aims at standardizing the
market and providing cyber security to everyone. There is also a “Buy Europe” mentality which is
driving growth in some of the upcoming startups from countries like Poland,
Netherlands & Sweden. Some startups are also copying the products developed
in US or other countries and are putting them into a local business framework. The
average cost of a breach was founded out to be EUR 2.68 million (USD 3.6
million) and it was found that having an incident response team , either
in-house, via a third party or a combination of both can shave off $19.30 per
record if a breach happens. This will again lead to more robust software and
breach protection solutions. It is majorly concerned with the ability to move
data across borders and as bilateral relations become better, protection from
malware and malicious attacks would be a major concern.
Key Segments Covered
Cyber Security Market
By Imported & Domestic Security
Solutions
By Solutions
Firewall
Intrusion Detection System (IDS/IPS)
Antivirus/Antimalware
Identity and Access Management (IAM)
Encryption
Unified Threat Management (UTM)
Data Loss Prevention (DLP)
Disaster Recovery
IoT devices
By Industry Verticals
Banking & Finance
Government
IT & Telecom
Retail
Healthcare
Energy & Power
Private Use
Others
By Security Deployed
Network Security
Application Security
End- Point Security
Mobile & Wireless Security
Content Security
Cloud Security
Key Target Audience
Banks and Financial Institutions
Government Organizations
Retail Companies
Hospitals and Clinics
Airports
Cloud Computing Services Companies
IT- Companies
Home Users
Time Period Captured in the Report:
Historical Period - 2013-2018
Forecast Period – 2018-2023
Major Companies
Covered:
Darktrace
Cisco
Check Point Software Technologies Ltd
Symantec Corporation
Trend Micro
Avast
Kaspersky
Fortinet
CMC Corporation
Other
Players
BAE Systems
CyRadar
IBM Corporation
Trend Micro
Oracle
Wanders
Sophos
Sentry Bay
Fire Eye
Key Topics Covered in the Report
Major Cyber Attacks in Europe
Snapshot of Cyber Security Market in
European Countries
Trends and Growth Drivers in Europe
Cyber Security Market
Europe Cyber Security Market
Introduction to Europe Cyber Security
Market
Business Model Analysis of Europe Cyber
Security Market
Europe Cyber Security Market Size,
2013-2018
Europe Cyber Security Market
Segmentation, 2013-2018
Competition Landscape in the Europe
Cyber Security Market
Europe Cyber Security Market Future
Outlook and Projections, 2018-2023E
Issues and Challenges in Europe Cyber
Security Market
Decision Making Parameters in Hiring a
Cyber Security Company in Europe
Pain Points faced by the end users after
purchasing a security Solution in Europe
Technologies used in the Cyber Security
Market
SWOT Analysis of Europe Cyber Security
Market
Government Regulations in the Europe
Cyber Security Market
Company Profiles of Major Players in
Europe Cyber Security Market
Analyst Recommendations
For more information on the research
report, refer to below link:
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