Cybersecurity is also known as information technology which effectively protects the computer systems from any type of damage or theft to their software, electronic data, hardware, and several others. The sector of security in Europe has grown more effectively because of increasing reliance on computer systems, wireless networks, and the internet. Moreover, with the significant growth in internet penetration, cyber attacks are becoming more powerful, supporting hacker’s greater access to new and innovated technology. The key players of this market are doing effective developments in the technology of cybersecurity for safeguarding the personal information of the client which become beneficial for acquiring a huge market share in Europe. Whereas, with the effective developments in the technology of this and attractive applications the market of cybersecurity in Europe will grow more enormously during the forecasted period.
According to the report analysis, ‘Europe Cybersecurity Market (2018-2023)’ states that there are several key players which are recently functioning in this market for attaining the handsome amount of share by doing significant developments in the technology of cybersecurity and accomplishing the growing demand of protection from fraud of users includes BAE System, Cisco System, Symantec Corporation, Fortinet, Northrop Grumman, Raytheon, and several others. Moreover, the cybersecurity market in Europe is expected to rise at an overall compound annual growth rate (CAGR) of 11.3 % and will be worth of USD 47.17 Billion by 2023. Not only has this, but the key players of this market in Europe are also playing an important role by doing investigation and analysis for knowing the upcoming trends and competitive strength of competitors for dominating the highest market share in Europe.
Among the several geographical regions, in 2016, Europe detained the second largest market share in the global cyber security market, producing 28.2% of the global revenue. One of the major causes is that the European Commission has occupied up numerous initiatives in the sector of cybersecurity in order to produce the European Union a strong player in contending cyberattacks, to upsurge the region’s cybersecurity competences and cooperation. Moreover, on the basis of countries, the cybersecurity market in Europe is segmented into EU5 and the Rest of EU5. Whereas, the EU5 is anticipated to account for more than half of the market. This is primarily supported by countries likes the United Kingdom, Germany, and France that are constructing significant cybersecurity investments. It is also described that cyber attacks in EU5 countries have prolonged by five times from 2013 to 2017. To overwhelm the condition, countries necessity more robust and effective cyber solutions, and want to generate operative regulations related to the danger cyberattacks. The European Union’s General Data Protection Regulation is planned to safeguard privacy that comprises encrypting personal data, governing over the administration and use and defense of data. In addition, the major feature that is motivating the European cyber security market is government regulations, the upsurge in cyber attacks, and the reputation of Bring Your Own Device (BYOD). Hence, in the coming years, it is expected that the market of cybersecurity in Europe will rise more significantly over the recent few years with the effective amount of investment by the new investors or newcomers.
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Ankur Gupta, Head Marketing & Communications