Kenneth Research released a report on Europe Cybersecurity Market consisting of detailed analysis of the market and industry insights over the forecast period of 2022-2031. The latest trends and business opportunities in the market are discussed in the report on the basis of analysis of the market value and calculation of the CAGR during the forecast period. The market is anticipated to grow at a significant CAGR over the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Europe Cybersecurity Market Products.
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As per the Eurostat, the total value of the ICT sector in Europe, including the ICT manufacturing and ICT services, was estimated to be more than EUR 475 billion in 2017. In this sector, the ICT services account for the major share as it is predicted to be ten times larger than the share held by ICT manufacturing. ICT services consist of computer programming, consultancy and related activities which held about 49.1% share while the telecommunications activities held around 30.3% share in the segment in 2017. These factors are estimated to impact the market growth in a positive manner in the next few years.
Across the different geographical regions, Europe held the second largest market share in the global cyber security market in 2016, generating 28.2% of the global revenue. One of the reasons is that the European Commission has taken up various initiatives in the field of cyber security in order to make the European Union a strong player in combatting cyberattacks, to increase the region’s cybersecurity capabilities and cooperation.
By countries, the Europe cybersecurity market is divided into EU5 and the Rest of EU5. EU5 is expected to hold more than half of the market. This is mainly backed by countries likes United Kingdom, Germany, and France that are making significant cybersecurity investments. It is also reported that cyberattacks in EU5 countries have expanded by five times from 2013 to 2017. To overcome the situation, countries need more robust and effective cyber solutions, and need to create effective regulations regarding cyberattacks.
By solution, Europe cybersecurity solution is classified into identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management. Countries in EU5 like the U.K. and Germany dominate the UTM market in Europe, followed by Italy, which witnessed the highest growth rate. This is because organizations find deploying UTM easier and more effective.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Key growth factors:
o The prime factor that is driving the European cyber security market are government regulations, increase in cyberattacks, and the popularity of Bring Your Own Device (BYOD)
o The European Union’s General Data Protection Regulation are designed to ensure privacy that includes encrypting personal data, governing over the management and use and protection of data
Threats and key players:
o The lack of information, understanding, and time are the key factors that hinder organizations from adopting cybersecurity
o The key players in this market area BAE System, Cisco System, Fortinet, Northrop Grumman, Raytheon, and Symantec
What’s covered in the report?
o Overview of the Europe cybersecurity market
o The current and forecasted market size data for the Europe cybersecurity market
o The current and forecasted market size data for the segments of the market, by end user industries -financial services, telecommunication, healthcare, public sector, and others
o The current and forecasted market size data for the segments of the market, by solution- identity and access management, encryption, governance regulation and compliance, unified threat management, and security information and event management
o Market trends in the Europe cybersecurity market
o Market drivers and challenges in Europe cybersecurity market
o Current and forecasted countries – EU5 and the Rest of EU5 market size data for the Europe cybersecurity market
o Analysis of company profiles of the major players operating in the market
Why buy?
o Get a broad understanding of the Europe cybersecurity market and its segments- by region, by solution, and by end user industries
o Get region-specific drivers and challenges affecting the Europe cybersecurity market
o Recognize significant competitors’ business and market dynamics, and respond accordingly
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Europe Cybersecurity Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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