Europe Cybersecurity Market

Europe Cybersecurity Market Size (2024 to 2029)

The size of the European cybersecurity market is expected to be valued at USD 72.47 billion in 2024 and USD 110.79 billion by 2029, growing at a CAGR of 8.86% from 2024 to 2029.

Cybersecurity is the practice of guarding against digital attacks on systems, networks, and programs. These cyber-attacks are typically intended to gain access to, change, or destroy sensitive information; extort money from users, or disrupt normal business processes. A successful cyber security strategy includes multiple layers of protection spread across the computers, networks, programs, or data that are to be protected. People, processes, and technology must all work together in an organization to create an effective defense against cyber-attacks. A unified threat management system can accelerate key security operations functions such as detection, investigation, and remediation by automating integrations across select Cisco Security products.

Europe Cybersecurity Market Drivers

The General Data Protection Regulation (GDPR) compliance, 2017/679 drives the European cybersecurity market primarily.

Furthermore, the growing number of cybersecurity projects initiated by the government and major market vendors is expected to drive market growth. Furthermore, cybersecurity is becoming increasingly important in all aspects of technology. Everyone benefits from advanced cyber defense programs in today's connected world. A cybersecurity attack on an individual can result in everything from identity theft to extortion attempts to the loss of important data such as family photos. Furthermore, everyone relies on critical infrastructures such as power plants, hospitals, and financial institutions. Therefore, securing these and other organizations is critical to the functioning of our society.

Furthermore, the increased adoption of advanced technologies for ensuring cybersecurity, such as AI, machine learning, blockchain, and others, is expected to create lucrative opportunities for market growth during the forecast period. Furthermore, the growing need for organizations to monitor and manage in-house and external threats is expected to drive the European cybersecurity market growth in the coming years.

Europe Cybersecurity Market Restraints

Lack of awareness of the benefits of cybersecurity and the scarcity of people who have expertise in cybersecurity are hindering the growth of the European market.

Furthermore, the increase in advanced technology also leads to an increase in the growth of cyber-attachment technology, where it may fall. Furthermore, organizations are vulnerable to security threats because of the scarcity of qualified security professionals. Cyber-attacks target network flaws used to gain access to corporate networks. As complexity has increased, several new zero-day threats have emerged. Attackers use undetectable tactics and strategies to access a company's corporate network. The network architecture for cyber security is becoming more complex as technology advances. Threats cannot effectively target today's virtual companies due to the excessive number of access points. Nonetheless, there aren't enough qualified cybersecurity specialists to detect and counter such sophisticated, zero-day attacks. These are some factors that show they may hinder the market's growth.

In addition, organizations underinvest in their security infrastructures due to a lack of knowledge about sophisticated cyber threats, resulting in massive losses and impeding the growth of the European cybersecurity market. Furthermore, businesses with urgent cyber security needs have experienced a severe shortage of competent specialists within their organizations, increasing their susceptibility to attacks.

Impact Of the COVID-19 Pandemic on the Europe Cybersecurity Market

The pandemic has accelerated digital business and heightened the demand for cyber-savvy board members. Enterprises around the world have seen an increase in cybersecurity attacks during the COVID-19 pandemic, and they will almost certainly use cybersecurity services to streamline their corporate governance and disclosures, workplace health and safety, data privacy, supply chain, and working capital, all of which have been disrupted by COVID-19. In addition, cybersecurity teams are tasked with securing a wide range of digital transformation and new technologies.

REPORT COVERAGE

This research report on the Europe cybersecurity market has been segmented and sub-segmented based on the following categories.

Europe Cybersecurity Market Analysis By Security Type

• Network Security

• Endpoint Security 

• Application Security 

• Cloud Security

• Content Security 

• Other

Based on security type, the application security segment is expected to account for the major share of the European market during the forecast period owing to the increasing incidences of breaches targeting various business applications.

Europe Cybersecurity Market Analysis By Solution Type

• Identity & Access Management

• Risk & Compliance Management

• Encryption & Decryption

• Data Loss Prevention

• Unified Threat Management

• Firewall

• Antivirus & Malware

• Intrusion Detection/Prevention System

• Infrastructure Security

• Others

Europe Cybersecurity Market Analysis By Deployment Mode

• On-Premises

• Cloud

Europe Cybersecurity Market Analysis By End-User Industry

• BFSI

• IT & Telecom

• Defense

• Energy & Power

• Retail

• Healthcare

• Others

Europe Cybersecurity Market Analysis By Region

• Denmark

• France

• Sweden

• Germany

• Italy

• Netherland

• Switzerland

• Poland

• Greece

• Austria

• Sweden

• Belgium

• Norway

• Others

Denmark, France, and Sweden lead the European cyber security market by country, followed by Germany, Italy, the Netherlands, Switzerland, Poland, Greece, Austria, Sweden, Belgium, Norway, and others. Denmark, France, and Sweden have had the highest security-related problems in the European Union over the last two years. France is expected to hold a significant share of the European cybersecurity market. The French national cyber security plan aims to supplement French society's digital transformation efforts and address new challenges posed by changing uses of digital technology and the associated threats.

KEY MARKET PARTICIPANTS

Companies playing a key role in the Europe cybersecurity market include Sophos Solutions, IBM Corporation, Oracle Corporation, Micro Focus, Juniper Networks, McAfee, Cisco Systems, AVG Technologies, Dell EMC, Fortinet, InfoGuard, SecurityHQ, Bridewell, Bitdefender, SEON, Stormshield, F-Secure and Darktrace.

RECENT HAPPENINGS IN THE MARKET

• In April 2022, Sophos, a global leader in next-generation cybersecurity, acquired SOC.OS, a pioneer in cloud-based security alert investigation and triage automation. The solution consolidates and prioritizes large volumes of security alerts from multiple products and platforms throughout an organization's estate, allowing security operations teams to quickly understand and respond to the most critical cases. In addition, SOC.OS, a BAE Systems Digital Intelligence spinoff, debuted in 2020. The company is privately held and headquartered in Milton Keynes, the United Kingdom.

• In December 2021, SecurityHQ expanded its presence in the United States by opening a new SOC. This SOC, located in New York, has been added to the collection of SecurityHQ's multiple global security operation centers, which are designed to quickly identify and limit the impact of security incidents through 24/7/365 threat monitoring, detection, and targeted response. For many years, SecurityHQ has been operating in the United States. With the team's growth and the demand from clients in the United States, it was a natural decision to open a new SOC in New York. 

• In June 2022, Cisco, the industry leader in enterprise networking and security, unveiled its vision for a global, cloud-delivered, integrated platform that secures and connects organizations of any size and shape. The Cisco Security Cloud is designed to be the most open platform in the industry, protecting the integrity of the entire IT ecosystem while avoiding public cloud lock-in.