Cybersecurity solutions are witnessing high adoption among end-users in Europe due to the rising need for a strong data security infrastructure. The regional cybersecurity market share is predicted to grow at a substantial rate as the number of cyberattacks are steadily increasing every year.
According to an article by IT Governance, Europe reported 51,248,331 data record breaches in October 2021. The COVID-19 epidemic was also responsible for increasing cybersecurity issues and data breaches as many organizations were making changes in their network connection infrastructure to create a remote working culture for their employees.
This situation left their virtual data security systems highly vulnerable to unethical hacking, data phishing, and other forms of cyberattacks. For example, Switzerland-based National Cyber Security Centre (NCSC), recorded more than 350 cyberattacks every week in April 2020, which was much higher than the normal range of 100-150.
Cybersecurity services gain importance in manufacturing:
The manufacturing sector is predicted to capture a considerable share of Europe cybersecurity market by 2025. Since Europe is one of the leaders in technology, several innovations are being introduced in the region’s manufacturing sector. The concept of Industry 4.0 is gaining momentum in many countries as factory owners are adopting advanced technologies, such as data analytics and IoT to improve the performance of their manufacturing operations.
And it is not just the European IT & telecom and BFSI sectors that are bearing the brunt of data security breaches. The manufacturing sector too is falling prey to several cyberattacks every year. Manufacturers are adopting cloud technologies on a large scale to enhance their business efficiency and performance.
However, the growing dependence on advanced technologies has made production plants more prone to being a victim of cybercrimes. The producers also store their customers’ confidential financial information on virtual systems, which may prompt them to invest heavily in robust cybersecurity solutions.
IAAM system highly demanded by end-users:
Europe cybersecurity industry size from Identity Authentication and Access Management (IAAM) system is estimated to observe a strong CAGR through 2025. One of the major reasons behind this is the numerous benefits offered by the IAAM system. These include mitigation of insider threats, elimination of weak passwords, improved security, ease in sharing confidential information to the authorized personnel, user-friendly, and reduced operating and infrastructure costs, among others. IAAM solutions can also form an important part of compliance as it can help companies in protecting their data records in accordance with the pre-determined security standards, which will boost their demand.
Large enterprises may extensively install cybersecurity systems:
Large enterprises will augment the installation of sound cybersecurity systems in their day-to-day operations as they store large volumes of data on a variety of cloud-based platforms. The data usually contains confidential information about their customers’ financial records and business-related documents.
Since many large-scale organizations heavily rely on smart technologies to store and process their data files, it increases the risk of cybercrimes, which will surely drive the demand for reliable cybersecurity services.
Germany cybersecurity market forecast improves:
Germany cybersecurity industry outlook is likely to show significant improvement in the coming years as the government is enforcing stringent rules and regulations to strengthen the cybersecurity infrastructure. It also adopted the Cyber Security Strategy in 2021. Since Germany is a leader in technology and innovation, there are continuous discoveries taking place and many companies are implementing them on a large scale. However, it makes them more vulnerable to data security breaches. Therefore, these efforts taken by the government will boost the adoption of cybersecurity services in the country.
While the field of cybersecurity holds great potential and has showcased consistent improvement over the years, it is gaining renewed importance from several small and large-scale sectors in Europe due to the hike in cybercrimes during the COVID-19 period. Although the threat of cyberattacks cannot be permanently eliminated, companies across the region are finding long-term solutions to mitigate various business-related risks and losses.
Reputed organizations across Europe, such as McAfee LLC., Sophos Group Plc., Check Point Software, BAE Systems, Cisco Systems, Inc., Hewlett-Packard Ltd., IBM Corporation, Oracle Corporation, and Intel Corporation, among several others, are developing innovative and reliable cybersecurity solutions for their clients.
They are also entering into mergers & acquisitions and partnership agreements with other companies to extend their product & service portfolios and strengthen their market presence. For example, in November 2021, IBM Security announced its plans to acquire the Netherlands-based threat detection and response startup ReaQta for an undisclosed sum. This acquisition will help IBM in increasing its extended detection and response capabilities with the help of ReaQta’s expertise.