How the European cyber security market is positioned?
The Cyber Security Market in Europe is currently at its growth stage. The cyber security market has been categorized into two sub-categories which includes security and solutions. In terms of revenue, Europe cyber security market size was witnessed to increase from USD ~ billion in the year 2013 to USD ~ billion in 2018P, therefore showcasing a CAGR of ~% over the review period 2013-2018P. Rising cyber crimes in Central and Eastern parts of Europe along with developments in complex and multi layered attacks used by the attackers and increasing internet penetration rate has been complimenting the size of this industry. The sophisticated threat scenario coupled with the growth in Retail and ICT Sector in Europe will lead to an increase in the cyber crimes resulting in a significant growth in the demand for Cyber Security and Solutions. The market also witnessed an incline towards digitization, leading to adoption of technologies such as AI and Machine learning capabilities, which in turn will shift the focus of organizations towards protecting the sanctity of data. Expanding services portfolio of major players and aggressive marketing strategies have helped the revenue to grow at a CAGR of ~% during the review period. Competition within the European cyber security market was observed to be fragmented with the presence of multiple domestic players as well as Start-ups along with major players such as CISCO, AVAST, Kaspersky, Symantec, Check point and various others. The domestic market of cyber security in Europe is leading the market share by holding ~ percentage of revenue while imported services holds ~ percent. There is fierce competition in the market as the players look forward to earn the trust and loyalty of the customer.
Europe Cyber Security Market Segmentations
By Imported & Domestic Services and Solution
The Domestic services and solutions in Europe cyber security market has clearly established themselves as the market leader by capturing a massive revenue share of ~% in the year 2018 owing to entry of a large no Start-ups and Domestic players, along with International cyber security companies in Europe such as Check Point, CISCO, Symantec Corporation, Kaspersky and others who have established their operations in Europe itself. They were followed by the imported services and solutions with respective revenue shares of ~% in the European cyber security market in 2018.
By Type of Solutions
The Firewall Solutions established themselves as the market leader by capturing a massive revenue share of ~% in 2018, providing a multiple layer protection throughout the consumer Systems. The companies holding the highest share in terms of highest firewall sold in Europe includes Cisco, Fortinet and Several others.
By End Users
The Banking & Finance End user segment within Europe was observed to dominate the country’s cyber security market by capturing a massive revenue share of ~ percent, in the year 2018 owing to the high vulnerability of the banking sector to the cyber threats given the nature of data that they hold which is highly confidential. Government Sector along with IT and Telecom sector also holds a high share due to the risks associated with their operations and the affect cyber attacks can create on them. Energy sector, retail sector and Healthcare network also contribute majorly towards the Cyber security market as they share their networks with various entities, hence making them vulnerable to attacks.
By Type of Security
Network security segment within Europe was observed to dominate the country’s cyber security market by capturing a massive revenue share of ~% in the year 2018 owing to the increased demand for the solutions such as Firewall, UTM. End-Point and Mobile security segments collectively captured the ~ percent revenue share in the Europe cyber security market in the year 2018 due to high demand from organizations to safeguard their operations and increase in BYOD culture.
Major Challenges In European Cyber Security Market
The main challenge in cyber security is the complexity it adds to the daily operations of an organization or on an individual level. These difficulties faced by organizations are driving the demand for more sophisticated solutions which are not easy to obtain. Along with the complexities faced by the organizations, the solutions offered by vendors may not be compatible with an organization's existing setup, as they may be outdated or not compatible with new age solutions, an average large enterprise may use more than 70 different tools from variety of vendors, which leads to confusion and problems in deployment at various points of time. Another major problem which Europe faces is the lack of Educational path towards STEM subjects, which in turn doesn’t provide qualified and experienced workforce, leading to hindrance in the growth of cyber security in Europe.
The fragmented competition coming from better funded Israeli and US players, adds to the complexities, faced by the players, operating in Europe. Additional cost of deployment is a major concern for SMEs and seeing as large numbers of SMEs work in Europe, it is difficult to tap the market usually.
Competitive Landscape In Europe Cyber Security Market
Competition within the Europe cyber security market is fragmented with the presence of both international as well as domestic players coupled with Start-ups providing services and solutions in the country. Some of major companies such as CISCO, Check Point software Technologies, Symantec Corporation were witnessed to lead in terms of market share, followed by IBM, BAE Systems, Kaspersky, Fortinet, CMC Corporation and others. Europe, cyber security companies are gaining momentum in the country due to the increase in the awareness about the cyber crimes in the country and initiatives taken by government. Incline towards digitization and development in new age technologies has leaded to increase in exposure towards cyber crimes. Cyber security companies are adopting a certain combination of strong distribution network and innovative mid-price models along with added features to provide a value-add to the end user. These companies are offering multiple value added services such as advisory Services, implementation services, managed Services, onsite technical services, remote operational services, and many more.
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https://www.kenresearch.com/defense-and-security/security-devices/middle-east-cyber-security-market/160752-16.html
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