How the European cyber security
market is positioned?
The Cyber Security Market in Europe is currently at its growth
stage. The cyber security market has been categorized into two sub-categories
which includes security and solutions. In terms of revenue, Europe cyber
security market size was witnessed to increase from USD ~ billion in the year
2013 to USD ~ billion in 2018P, therefore showcasing a CAGR of ~% over the
review period 2013-2018P. Rising cyber crimes in Central and Eastern parts of
Europe along with developments in complex and multi layered attacks used by the
attackers and increasing internet penetration rate has been complimenting the
size of this industry. The sophisticated threat scenario coupled with the
growth in Retail and ICT Sector in Europe will lead to an increase in the cyber
crimes resulting in a significant growth in the demand for Cyber Security and
Solutions. The market also witnessed an incline towards digitization, leading
to adoption of technologies such as AI and Machine learning capabilities, which
in turn will shift the focus of organizations towards protecting the sanctity
of data. Expanding services portfolio of major players and aggressive marketing
strategies have helped the revenue to grow at a CAGR of ~% during the review
period. Competition within the European cyber security market was observed to
be fragmented with the
presence of multiple domestic players as well as Start-ups along with major
players such as CISCO, AVAST, Kaspersky, Symantec, Check point and various
others. The domestic market of cyber security in Europe is leading the market
share by holding ~ percentage of revenue while imported services holds ~
percent. There is fierce competition in the market as the players look forward
to earn the trust and loyalty of the customer.
Europe Cyber Security Market
Segmentations
By
Imported & Domestic Services and Solution
The
Domestic services and solutions in Europe cyber security market has clearly
established themselves as the market leader by capturing a massive revenue
share of ~% in the year 2018 owing to entry of a large no Start-ups and
Domestic players, along with International cyber security companies in Europe
such as Check Point, CISCO, Symantec Corporation, Kaspersky and others who have
established their operations in Europe itself. They were followed by the
imported services and solutions with respective revenue shares of ~% in the
European cyber security market in 2018.
By
Type of Solutions
The Firewall Solutions established
themselves as the market leader by capturing a massive revenue share of ~% in
2018, providing a multiple layer protection throughout the consumer Systems.
The companies holding the highest share in terms of highest firewall sold in Europe
includes Cisco, Fortinet and Several others.
By
End Users
The Banking & Finance End user
segment within Europe was observed to dominate the country’s cyber security
market by capturing a massive revenue share of ~ percent, in the year 2018
owing to the high vulnerability of the banking sector to the cyber threats
given the nature of data that they hold which is highly confidential.
Government Sector along with IT and Telecom sector also holds a high share due
to the risks associated with their operations and the affect cyber attacks can
create on them. Energy sector, retail sector and Healthcare network also
contribute majorly towards the Cyber security market as they share their
networks with various entities, hence making them vulnerable to attacks.
By Type
of Security
Network security segment within Europe was
observed to dominate the country’s cyber security market by capturing a massive
revenue share of ~% in the year 2018 owing to the increased demand for the
solutions such as Firewall, UTM. End-Point and Mobile security segments
collectively captured the ~ percent revenue share in the Europe cyber security
market in the year 2018 due to high demand from organizations to safeguard
their operations and increase in BYOD culture.
Major Challenges In European Cyber
Security Market
The main challenge in cyber security is
the complexity it adds to the daily operations of an organization or on an
individual level. These difficulties faced by organizations are driving the
demand for more sophisticated solutions which are not easy to obtain. Along
with the complexities faced by the organizations, the solutions offered by
vendors may not be compatible with an organization's existing setup, as they
may be outdated or not compatible with new age solutions, an average large
enterprise may use more than 70 different tools from variety of vendors, which
leads to confusion and problems in deployment at various points of time. Another
major problem which Europe faces is the lack of Educational path towards STEM
subjects, which in turn doesn’t provide qualified and experienced workforce,
leading to hindrance in the growth of cyber security in Europe.
The fragmented competition coming from
better funded Israeli and US players, adds to the complexities, faced by the
players, operating in Europe. Additional cost of deployment is a major concern
for SMEs and seeing as large numbers of SMEs work in Europe, it is difficult to
tap the market usually.
Competitive Landscape In Europe Cyber
Security Market
Competition within
the Europe cyber security market is fragmented with the presence of both
international as well as domestic players coupled with Start-ups providing services and solutions in the country.
Some of major companies such as CISCO, Check Point software Technologies,
Symantec Corporation were witnessed to lead in terms of market share, followed
by IBM, BAE Systems, Kaspersky, Fortinet, CMC Corporation and others. Europe,
cyber security companies are gaining momentum in the country due to the
increase in the awareness about the cyber crimes in the country and initiatives
taken by government. Incline towards digitization and development in new age
technologies has leaded to increase in exposure towards cyber crimes. Cyber
security companies are adopting a certain combination of strong distribution
network and innovative mid-price models along with added features to provide a
value-add to the end user. These companies are offering multiple value added
services such as advisory Services, implementation services, managed Services,
onsite technical services, remote operational services, and many more.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
