European Cyber Security market is growing at a CAGR of around 10.3% during the forecast period. European countries including Netherland, Germany, France, UK, and Ukraine & Virgin Island were in the top 10 out of total cyber-attacks. European Union has adopted the EU Cybersecurity Strategy to protect organizations in the region from cyber threats. They have adopted a set of legislative proposals, in particular, network and information security and reserved more than €600 million of EU Investment for research and innovation in the cyber security projects during the period of 2014-2020.
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An increase in cyber security investment by the governments is driving the growth of the European cyber security market. Digital Single Market Strategy which came into existence in 2015 is included to implement public-private partnerships (PPP) on cyber security. The aim of this is to refresh European competitiveness and help overcome cyber security market fragmentation. The partnership is supported by the funds coming from the Horizon 2020 Research and Innovation Framework Program (H2020) with an investment of about €450 million until 2020, which supports the European cyber security market growth during the forecast period.
Moreover, cyber regulations in Europe enhance its growth in the region. In Europe, the NIS Directive is the first piece of EU-wide legislation on cyber security. It imposes security requirements as well as notification obligations on their national essential services providers. These include both public and private sectors and introduce penalties for failures. The EU electronic communications Directive 2002/21/EC ensures proper security measures adopted by operators providing public communication networks or publicly available electronic communications services. EU Data privacy rules and ePrivacy Directive require operators to ensure the integrity and protect data. These regulations ensure proper security measures adopted by the organizations and enable the growth of the European cyber security market.
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European Cyber Security Market Segmentation
By Type
- Network Security
- Application Security
- Mobile Security
- Wireless Security
- Cloud Security
- Others
By Solutions
- Risk and Compliance Management
- Identity and Access Management
- Data Loss Protection
- Firewall
- Unified Threat Management
- Encryption
- Antimalware and Antivirus
- DDOS mitigation
- Others (Security and Vulnerability Management, and Disaster Recovery)
By Vertical
- Government
- Aerospace & Defence
- BFSI
- Telecommunication
- Healthcare
- Retail
- Others (Manufacturing, and Transportation)
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
