The Europe cyber security market size was valued USD 34.17 Billion in 2022 and is anticipated to reach USD 243.80 Billion by 2031, expanding at a CAGR of 24.4% during 2023 – 2031. The growth of the market is attributed to increasing penetration of the internet. Moreover, the growing wireless network catering to mobile devices has enhanced data vulnerability.
Cyber threats are internet-based efforts to damage or disrupt information systems and hack vital information using spyware, malware, and phishing. Cyber security solutions help an organization to detect report, monitor and counter cyber threats to maintain data confidentiality.
Rising technological advancements in data transfers, cloud services are becoming more common. The public cloud has been emerging. This is leading to faster transfer of phishing bots, emails, and ransomware, demonstrating the vulnerabilities brought in by them .Furthermore, the expanding penetration of technology facilitators in the region, coupled with rising acceptance of virtual shopping, has propelled the e-commerce ecosystem
The Covid-19 pandemic had favourable impact on the Europe cyber security market. The UK's National Cyber Security Centre (NCSC) has declared a public alert and fresh guidance as cybercriminals are targeting the potential of COVID-19 to gain sensitive information from users spending significant time on the internet owing to the lock-down situation; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
Cyber Security Market Trends, Drivers, Restraints, and Opportunities
- The growing need for security solutions in banking service and private financial sectors safeguarding cyber-attacks and data confidentiality is estimated to drive the market growth during the forecast period.
- The rising cyber threats, increasing government regulations on data privacy, a increasing number of data centres are the key factors growing the demand for cyber security and directly impacting the market expansion
- Lack of awareness and availability of pirated cyber security solutions are estimated to impede the market expansion in coming years.
- R&D investment and technological advancement in Europe cyber security market are expected to offer lucrative opportunities for the market players.
Scope of Cyber Security Market Report
The report on the Europe cyber security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Cyber Security Market - Europe Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Product Type (Solutions, Services), Deployment (Cloud, On-Premise), End-user Industry (Aerospace and Defense, Banking, Financial Services & Insurance, Healthcare, Manufacturing, Retail, Public Utility, IT and Telecommunication)
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Country
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United Kingdom, German, France, Italy and Rest of Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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IBM Corporation, Cisco Systems, Inc., Dell Inc., Qualys Inc. and Check Point Software Technologies Ltd.
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Europe Cyber Security Market Segment insights
Solution segment is anticipated to expand at a substantial pace
Based on product type, the Europe cyber security market is segregated into solutions, services. The solutions segment is projected to account for a key share of the market during the forecast period due to increasing expenditure by the government on security solutions.
The cloud segment is projected to constitute a large market share
Based on deployment, the Europe cyber security market is segregated into cloud and on-Premise. The cloud segment is expected to account for a key share of the market during the forecast period owing to the associated benefits such as flexibility, scalability, low operational costs and auto-update feature among others.
Retail segment is expected to register a substantial CAGR
Based on end-user industry, the Europe cyber security market is divided into aerospace and defense, banking, financial services & insurance, healthcare, manufacturing, retail, public utility, IT and telecommunication. The retail segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to growth of hypermarkets and supermarkets and e-commerce and omni-channel business models. The retail industry's growth is projected to upsurge the demand for cyber security, as it is investing heavily in customer satisfaction and retention. Furthermore, digitization and use of software and improving internet connectivity are projected to drive the demand for cyber security
France is expected to dominate the market
In terms of country, the market is broadly classified as United Kingdom, German, France, Italy and Rest of Europe. France is anticipated to expand at a robust CAGR during the forecast period. Rising investment on cyber security and its cyber security strategy targeting to accompany the French society's digital transformation initiatives and address the new challenges of digital technology is anticipated to boost the market growth over the coming years.
Segments
The Europe cyber security market has been segmented on the basis of:-
Product Type
Deployment
End-user Industry
- Aerospace and Defense
- Banking
- Financial Services & Insurance
- Healthcare
- Manufacturing
- Retail
- Public Utility
- IT
- Telecommunication
Regions
- United Kingdom
- German
- France
- Italy
- Rest of Europe
Key Companies
Competitive Landscape
Key players competing in the Europe cyber security market include IBM Corporation, Cisco Systems, Inc., Dell Inc., Qualys Inc. and Check Point Software Technologies Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares. For instances,
- In February 2020, Mastercard started developing a Cyber Resilience Centre designed to foster cyber security partnership between the private and public sectors. Situated in Belgium, alongside Mastercard's European headquarters, the centre is anticipated to be the first of Europe's kind.
- In July 2019, Orange acquired SecureLink, an independent cyber security player in Europe. With SecureLink's strong presence in Europe, Orange is continuously strengthening its ability to support customers across their regional footprints, while developing a unique scale in the industry.
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