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Europe Cybersecurity Industry Research Report, Market Overview, Market Growth Forecast: Ken Research
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 hackerâ??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, â??Europe
Cybersecurity Market (2018-2023)â?? 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 &
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+91-9015378249