Europe Cybersecurity Market is estimated to be over USD 25 billion in 2018 and is expected to register a lucrative growth between 2019 and 2025 with a CAGR of over 13%.
Cybersecurity Market, By Organization Type
Get more details on this report - Request Free Sample PDF
The profound market growth is attributed to the increasing public-private partnerships for enhancing cybersecurity infrastructure in the region. The European Union (EU) has established stringent cybersecurity laws & regulations, pressurizing enterprises to adopt cybersecurity solutions through partnerships with public agencies. These partnerships are expected to raise awareness regarding the importance of cybersecurity for business continuity and safety. With a sustained increase in the number of cyberattacks on enterprises, such partnerships will significantly assist in the mitigation of cyber risks and reduce financial losses.
The Identity Authentication and Access Management (IAAM) segment is expected to exhibit a lucrative market growth over the forecast period with a CAGR of over 15%. The growth is attributed to the rising importance of identity authentication solutions for mitigating identity theft and access fraud. IAAM solutions, such as biometrics and cognitive recognition, ensure proper access to critical IT infrastructure for authenticated users, reducing the risks of physical intrusion. The role-based access control assists enterprises in assigning network access based on the employee designation and role.
The government segment is projected to account for a significant market share of over 25% in the Europe cybersecurity market by 2025, due to the large-scale financial impact of cyber-attacks on critical government data. Cyber-attacks have a profound impact on public agencies, making it difficult for them to process and collect taxes & revenues. Such incidents lead to a negative market image from taxpayers, causing an erosion of trust and investor support. These incidents can severely affect government budgets, compelling government agencies to adopt cybersecurity solutions.
The UK held over 20% of the total market share in 2018 due to the large-scale adoption of security solutions in the country, especially by large enterprises. According to the 2017 report published by the National Cyber Security Centre (NCSC), the average financial impact for the UK businesses amounted to over USD 3,955 per cyber-attack incident. This has urged businesses to deploy cybersecurity solutions to safeguard themselves from financial abuse. Hefty investments from the UK government for strengthening cybersecurity framework in the country will also accelerate market growth. For instance, in 2017, the UK government invested over USD 2.42 billion for its National Cyber Security Strategy 2016-2021, which is expected to fuel the adoption of cybersecurity solutions in the country.
Cybersecurity vendors in the region are investing heavily in R&D for new product developments and entering into collaborations to strengthen their product portfolio. For instance, in November 2018, the UK-based cybersecurity provider Sophos Ltd. partnered with AWS to increase the visibility to applications and data security solutions. Sophos’s integration with AWS helped it to leverage a number of AWS services including Auto Scaling, EC2, CloudWatch, CloudFormation, and S3, with added revenues of USD 0.54 per hour of services. Some of the leading companies operating in the North America cybersecurity market include McAfee LLC., Proofpoint Inc., CyberArk Software Ltd., Check Point Software, Sophos Group Plc., RSA Security, LLC., BAE Systems, Cisco Systems, Inc., Symantec Corporation, F-Secure Corporation, Splunk, Inc, Hewlett-Packard, Ltd F5networks, Inc., Microsoft Corporation, FireEye, Inc., Fortinet, Inc., IBM Corporation, Intel Corporation, Oracle Corporation, Palo Alto Networks, Inc., Rapid7, and Trend Micro, Inc.