Europe Cybersecurity Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

Europe Cybersecurity Market - Growth, Trends, COVID -19 Impact, and Forecasts (2022 - 2027)

The Europe Cyber Security Market is expected to register a CAGR of 12.32% during the forecast period. The adoption of cybersecurity solutions is expected to increase with the increasing penetration of the internet throughout Europe's major countries. Also, the expanding wireless network catering to mobile devices has enhanced data vulnerability.

Key Highlights

• The implementation of EU legislation and actions stemming from the National Framework and the National Cybersecurity Plan is expected to facilitate the market's growth in the region. As part of its Digital Agenda, the Italian government plans to make considerable investments in digital identity protection to increase digital transactions' security levels and, subsequently, ground consumers' trust by protecting citizens' identities.
• According to European Council Union, the EU has committed to investing EUR 1.6 billion in cybersecurity capacity and the widespread deployment of cybersecurity infrastructures and technologies across the EU for public administrations, enterprises, and individuals as part of the Digital Europe Programme for 2021-2027, and such investments boost the Europe cybersecurity market.
• Connected devices, including machines, sensors, and networks that make up the Internet of Things (IoT), and cyber security, will play a key role in further shaping Europe's digital future.
• The shortage of trained cybersecurity workers in many businesses is a key challenge in facing cyberattacks. The number of experienced cybersecurity professionals, particularly in Europe, is low compared to the demand for security professionals to deal with cyber threats for financial institutions, government organizations, and private sector/industrial businesses.
• The COVID-19 epidemic has emphasized the need for greater digital security. People have increased their online presence to preserve personal and professional relationships. In contrast, hackers have taken advantage of the situation, focusing on e-commerce, e-payment enterprises, and the healthcare system.

Key Market TrendsIncreasing Demand for Digitalization and Scalable IT Infrastructure drive the Europe Cybersecurity Market

• The European External Action Service (EEAS) announced a new EU cybersecurity policy. This strategy aims to increase Europe's resilience to cyber-attacks while ensuring that all people and companies can fully benefit from trustworthy and dependable services and digital technologies. The European Council approved cybersecurity strategy conclusions on 22 March 2021, emphasizing the importance of cybersecurity in establishing a resilient, green, and digital Europe.
• The European cyber security market for connected devices and the Internet of Things (IoT) is expanding. Germany, the United Kingdom, France, and Italy are leading European countries adopting IoT and connected devices. However, many European customers increasingly understand the benefits of wearables devices.
• Hackers have begun to attack banks that use the SWIFT network to transmit money-moving messages using malware such as Odinaff, Danabot, and Backswap, Camubot. The most important revenue sources for the Defence/Government cybersecurity industry are expanding government rules on data privacy, increased cyber threats, and a growing number of data centers.
• Critical sectors such as transport, energy, health, and finance have increasingly depended on digital technologies to run their core business. While digitalization brings enormous opportunities and provides solutions for many of the challenges faced by Europe, the COVID-19 crisis also exposes the economy and society to cyber threats.
• The risk to companies of cyber attacks is growing significantly, hence the increased investment in prevention. The companies in Belgium, France, Germany, Ireland, The Netherland, Spain, and United Kingdom have increased their cybersecurity investment in 2021 compared to 2020.

United Kingdom Expected to Witness Significant Growth

• The National Cyber Security Strategy adopted by the United Kingdom for 2016-2021 is a five-year plan of investing GBP 1.9 billion to defend systems and infrastructure by protecting both companies and its citizens by making the country resilient to cyber threats by 2021. This body functions as a bridge to provide proper guidance and support involving cyber threats between various industries exposed to it and the government.
• Further, in March 2021, the UK Cyber Security Council launched itself as an independent entity that will provide an inclusive and unbiased platform to skilled professionals in cybersecurity matters.
• With the growing 5G and full fiber broadband networks in the country, the government, in collaboration with telecommunication companies, is taking initiatives to tackle cyberattacks and improve security standards and practices across the United Kingdom’s telecoms sector.
• More personnel and connected devices are accessing sensitive data from faraway places due to the transition to remote and hybrid working. As a result, businesses are finding it difficult to stay on top of appropriate cybersecurity measures as they struggle to manage complex security architectures while facing a scarcity of competent resources.
• According to the Open UK, 68% of respondents plan to use Amazon Web Services (AWS) for cloud infrastructure in 2021. Google and Microsoft Azure come in second and third, respectively. Notably, these suppliers have a greater market share in larger firms. Medium and small businesses favor VMware, IBM, and OVH. The increased use of cloud services propels the Cybersecurity market growth.

Competitive Landscape

The Europe Cybersecurity Market is highly competitive, owing to the presence of several global players. The market players are indulging in strategic partnerships, product launches, and acquisitions as lucrative paths toward expanding their market share. Also, several global cybersecurity providers are expanding their presence and strengthening their foothold in the European region.

• June 2022 - IBM and Atos announced an expansion of their relationship centered on IBM Cloud for Financial Services to assist financial services firms in achieving optimal data and system security through "EU trusted third party cybersecurity monitoring" provided by Atos. This will allow enterprises, such as operators of vital importance (OIV) and operators of essential services (OES), to advance in their use of cloud technology.
• May 2022- Cisco released the Cisco Cloud Controls Framework (CCF), accessible to the public. The Cisco CCF is a comprehensive framework aggregating international and national security compliance and certification standards. It empowers teams to ensure that cloud products and services meet security and privacy standards.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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