The European cybersecurity market is determined to exceed $65 billion by 2025, according to Graphical Research. This growth is attributed to strong government initiatives to promote data safety and hefty investments in cybersecurity solutions.
Industry sectors and cybersecurity
The increasing cases of data breaches and cyber attacks on critical business infrastructure have driven several business enterprises toward partnering with government agencies for enhanced cybersecurity. For instance, in July 2016, the EU Commission announced a Public-Private partnership program on cybersecurity with $2 billion investments by 2020.
The private sector is estimated to contribute $1,498 million, with the remaining $502 million contributed by various governments across the region. This is expected to spur the growth of cybersecurity solutions in the region.
The network security segment is expected to register an accelerated growth over the forecast period with a CAGR of over 15%. These solutions protect data integrity and usability of critical business networks, safeguarding enterprises against intrusions and malware attacks on their IT networks.
The changing European cybersecurity market
The proliferation of new devices, applications, and complex networking architectures has increasingly made network management difficult for enterprises, driving them toward adopting network security solutions for efficiently managing such complex networks.
The rapidly changing network has pressurized enterprises to deploy network monitoring tools, accentuating the growth of network security solutions.
Large enterprises are projected to exhibit a lucrative growth of over 10% in the European cybersecurity market. They are severely affected by cyber attacks due to the involvement of substantial financial assets.
Attacks can also hamper an enterprise’s market image and cause investor dissatisfaction; hence, large enterprises are proactively adopting cybersecurity solutions for mitigating such risks.
Cybersecurity solution adoption
Increasing budget allocations and the growing cybersecurity awareness are further expected to accentuate the adoption of cybersecurity solutions by large enterprises.
The banking sector is anticipated to exhibit an accelerated growth between 2019 and 2025, growing at a CAGR of over 15%.
The rapid adoption of digital banking platforms and stringent government regulations for financial institutions have driven banks toward adopting cybersecurity solutions to prevent financial abuse and mitigate losses. For instance, in June 2017, the Financial Conduct Authority (FCA) made it mandatory for all banks in the UK to adopt cybersecurity measures.