Europe Cyber Security Market Report 2023: Sector to Reach $103.51 Billion by 2028

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Apr 12, 2023, 20:00 ET

DUBLIN, April 12, 2023 /PRNewswire/ -- The "Europe Cyber Security Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis" report has been added to ResearchAndMarkets.com's offering.

Europe Cyber Security Market will reach US$ 103.51 Billion in 2028, according to the publisher.

Europe has a complex and dynamic cyber security landscape, as it is home to some of the world's leading technology companies and is a central hub for international trade and finance.

Hence, Europe faces various cyber threats, including state-sponsored cyberattacks, cybercrime, and hacktivism. These threats can target multiple industries, including financial services, healthcare, and critical infrastructure.

In 2021, according to Eurostat, the expanding penetration of internet users, 95% of young people (aged 16-29 years) in the European region, and the adoption of cloud-based services and Advanced Persistent Threats (APTs) presented an extensive chance for cyber vendors in the European cyber security market size.

Furthermore, with the internet becoming more accessible, faster, and cost-effective than ever, the use of connected devices, P.C.s, and wearables has also increased significantly. However, this increase in connectivity has also led to a rise in cyber security threats such as data breaches, malware, and phishing.

The EU prioritizes citizens' privacy and security through laws like GDPR and NIS Directive, holding companies accountable for data breaches. The ECSO and Cybersecurity Competence Centre coordinate efforts to improve cybersecurity through collaboration between industry, academia, and government. Emerging technologies like AI, quantum computing, and IoT will significantly impact future cybersecurity in Europe, bringing opportunities for innovation, economic growth, and addressing new risks.

Europe Cyber Security Market shall register a healthy growth rate of 13% from 2022 to 2028

The rise in cyber threats has driven demand for cybersecurity solutions and services across industries. Digital transformation has also led to increased use of technologies, creating new cybersecurity risks. As companies continue to digitize operations, the need for robust cybersecurity solutions will grow.

Investing in cybersecurity solutions provides economic benefits such as safeguarding assets, enhancing customer trust, and maintaining competitiveness. Europe's skilled workforce has contributed to the region's growing cybersecurity market. The availability of qualified professionals makes it easier for companies to implement and manage cybersecurity solutions, driving further market growth. As a result, the Europe Cyber Security Market was valued at US$ 49.72 Billion.

Usage of IOT devices will grow among European countries

By segment, the Europe cyber security market is divided into IOT devices, PCS, Mobiles/Networks, Connected T.V.s, Wearables, and Connected cars. The European cyber security market for the Internet of Things (IoT) and connected devices are rising. Germany, the United Kingdom, France, and Italy are the main European countries to adopt IoT and connected devices. However, many European consumers also see the importance of wearable devices and increasingly understand the benefits.

Significant reductions in device costs coupled with emerging business models have increased the market penetration rates of IoT and, consequently, the volume of connected devices, like connected cars, machines, meters, wearables, and customer electronics. Attacks on consumer IoT are common, but the prospect of disruption in manufacturing and homogeneous industries magnifies cybersecurity's penetration in the present market dynamics.

Further, the emergence of 5G will expedite the use of connected devices in industries already pushing toward Industrial Revolution 4.0. Industrial Revolution 4.0 aids cellular connectivity throughout the sector through the rise of IoT. In addition, machine-to-machine connections have also been instrumental in driving market traction.

BFSI Sector is the Prime Target for Cybercrime due to the presence of Sensitive Information

Based on components, the Europe Cyber security market is categorized into I.T. & Telecom, Retail, BFSI, Healthcare, Defence/Government, Automotive, and Others. Due to the sensitive financial data held by organizations in the BFSI sector, they are a prime target for cybercriminals. To protect their customers' data from the increasing frequency and sophistication of cyber-attacks, BFSI companies must invest more in cybersecurity measures. In Europe, BFSI companies must implement robust cybersecurity measures through strict regulations such as the General Data Protection Regulation (GDPR) and Payment Services Directive 2 (PSD2) to safeguard their customers' personal and financial data.

The severe disruptions that can arise from cyber-attacks on the operations of a BFSI organization can lead to reputational damage and financial losses. Therefore, investing in cybersecurity can ensure business continuity and minimize the impact of any cyber-attack. Furthermore, the BFSI sector has rapidly adopted digital technologies like mobile banking and online payments, which have increased the volume of data processed and stored by these organizations. Consequently, BFSI companies have invested in cybersecurity measures to safeguard their digital assets against cyber-attacks.

United Kingdom dominates the Cyber Security Market in Europe

The market for cyber security in Europe consists of countries like; Germany, France, the U.K., Italy, Belgium, Netherlands, Poland, Spain, Sweden, and Others. The U.K. highly developed education system and excellent cybersecurity research programs at top universities have resulted in a skilled cybersecurity workforce, placing the country at the spearhead of innovation in this field.

In addition, the government has supported the industry by providing funding, promoting collaboration, and establishing the National Cyber Security Centre. Although cybercrime has targeted the U.K., this has heightened awareness and increased the need for robust cybersecurity measures. Furthermore, the U.K.'s strong legal and regulatory frameworks, including the Computer Misuse Act, Data Protection Act, and GDPR, protect against cyber threats.

Segments - Market breakup from 6 Viewpoints:

1. IOT devices
2. PCS
3. Mobiles/Networks
4. Connected T.V.s
5. Wearables
6. Connected cars

Components - Market breakup from 7 Viewpoints:

1. I.T Telecom
2. Retail
3. BFSI
4. Healthcare
5. Defence/Government
6. Automotive
7. Others

Country - Market breakup from 10 viewpoints:

1. Germany
2. France
3. U.K.
4. Italy
5. Belgium
6. Netherlands
7. Poland
8. Spain
9. Sweden
10. Others

Key Topics Covered:

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics

5. Porters Five Forces

6. Europe Cyber Security Market

7. Share Analysis - Europe Cyber Security Market

8. Segment - Europe Cyber Security Market

9. Country - Europe Cyber Security Market

10. Components - Europe Cyber Security Market

11. Key Players

Companies Mentioned

Broadcom (Symantec Corporation)
Cisco Systems, Inc.
Check Point Software Technology
IBM
Fortinet
Palo Alto Networks, Inc.
Microsoft Corporation
F5 Network
Accenture
Cognizant Technology

For more information about this report visit https://www.researchandmarkets.com/r/tdfijc

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