Europe Cyber Security Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis
Europe Cyber Security Market Outlook
Europe Cyber Security Market will reach US$ 103.51 Billion in 2028, according to Renub Research. Europe has a complex and dynamic cyber security landscape, as it is home to some of the world's leading technology companies and is a central hub for international trade and finance. Hence, Europe faces various cyber threats, including state-sponsored cyberattacks, cybercrime, and hacktivism. These threats can target multiple industries, including financial services, healthcare, and critical infrastructure.
In 2021, according to Eurostat, the expanding penetration of internet users, 95% of young people (aged 16-29 years) in the European region, and the adoption of cloud-based services and Advanced Persistent Threats (APTs) presented an extensive chance for cyber vendors in the European cyber security market size. Furthermore, with the internet becoming more accessible, faster, and cost-effective than ever, the use of connected devices, P.C.s, and wearables has also increased significantly. However, this increase in connectivity has also led to a rise in cyber security threats such as data breaches, malware, and phishing.
The EU prioritizes citizens' privacy and security through laws like GDPR and NIS Directive, holding companies accountable for data breaches. The ECSO and Cybersecurity Competence Centre coordinate efforts to improve cybersecurity through collaboration between industry, academia, and government. Emerging technologies like AI, quantum computing, and IoT will significantly impact future cybersecurity in Europe, bringing opportunities for innovation, economic growth, and addressing new risks.
Europe Cyber Security Market shall register a healthy growth rate of 13% from 2022 to 2028
The rise in cyber threats has driven demand for cybersecurity solutions and services across industries. Digital transformation has also led to increased use of technologies, creating new cybersecurity risks. As companies continue to digitize operations, the need for robust cybersecurity solutions will grow.
Investing in cybersecurity solutions provides economic benefits such as safeguarding assets, enhancing customer trust, and maintaining competitiveness. Europe's skilled workforce has contributed to the region's growing cybersecurity market. The availability of qualified professionals makes it easier for companies to implement and manage cybersecurity solutions, driving further market growth. As a result, the Europe Cyber Security Market was valued at US$ 49.72 Billion in 2022.
Usage of IOT devices will grow among European countries
By segment, the Europe cyber security market is divided into IOT devices, PCS, Mobiles/Networks, Connected T.V.s, Wearables, and Connected cars. The European cyber security market for the Internet of Things (IoT) and connected devices are rising. Germany, the United Kingdom, France, and Italy are the main European countries to adopt IoT and connected devices. However, many European consumers also see the importance of wearable devices and increasingly understand the benefits.
Significant reductions in device costs coupled with emerging business models have increased the market penetration rates of IoT and, consequently, the volume of connected devices, like connected cars, machines, meters, wearables, and customer electronics. Attacks on consumer IoT are common, but the prospect of disruption in manufacturing and homogeneous industries magnifies cybersecurity's penetration in the present market dynamics.
Further, the emergence of 5G will expedite the use of connected devices in industries already pushing toward Industrial Revolution 4.0. Industrial Revolution 4.0 aids cellular connectivity throughout the sector through the rise of IoT. In addition, machine-to-machine connections have also been instrumental in driving market traction.
BFSI Sector is the Prime Target for Cybercrime due to the presence of Sensitive Information
Based on components, the Europe Cyber security market is categorized into I.T. & Telecom, Retail, BFSI, Healthcare, Defence/Government, Automotive, and Others. Due to the sensitive financial data held by organizations in the BFSI sector, they are a prime target for cybercriminals. To protect their customers' data from the increasing frequency and sophistication of cyber-attacks, BFSI companies must invest more in cybersecurity measures. In Europe, BFSI companies must implement robust cybersecurity measures through strict regulations such as the General Data Protection Regulation (GDPR) and Payment Services Directive 2 (PSD2) to safeguard their customers' personal and financial data.
The severe disruptions that can arise from cyber-attacks on the operations of a BFSI organization can lead to reputational damage and financial losses. Therefore, investing in cybersecurity can ensure business continuity and minimize the impact of any cyber-attack. Furthermore, the BFSI sector has rapidly adopted digital technologies like mobile banking and online payments, which have increased the volume of data processed and stored by these organizations. Consequently, BFSI companies have invested in cybersecurity measures to safeguard their digital assets against cyber-attacks.
United Kingdom dominates the Cyber Security Market in Europe
The market for cyber security in Europe consists of countries like; Germany, France, the U.K., Italy, Belgium, Netherlands, Poland, Spain, Sweden, and Others. The U.K. highly developed education system and excellent cybersecurity research programs at top universities have resulted in a skilled cybersecurity workforce, placing the country at the spearhead of innovation in this field.
In addition, the government has supported the industry by providing funding, promoting collaboration, and establishing the National Cyber Security Centre. Although cybercrime has targeted the U.K., this has heightened awareness and increased the need for robust cybersecurity measures. Furthermore, the U.K.'s strong legal and regulatory frameworks, including the Computer Misuse Act, Data Protection Act, and GDPR, protect against cyber threats.
Key Players Analysis
The key players are actively involved in the fight against cybercrime in Europe and provide various cybersecurity solutions and services to businesses and organizations. some of the companies competing in the market are Broadcom (Symantec Corporation), Cisco Systems, Inc., Check Point Software Technology, IBM, Fortinet, Palo Alto Networks, Inc., Microsoft Corporation, F5 Network, Accenture, and Cognizant Technology.
- In order to deliver strong cybersecurity protection to customers throughout the world, Fortinet and Rockwell Automation Inc. joined on December 2022. The collaboration with Rockwell will encourage secure linked enterprises in addition to reducing their vulnerability to cyber hazards and helping them centralise visibility and management of their security architecture.
- NortonLifeLock announced the successful acquisition of Avast on September 2022. The firm will be able to expand up its reliable Cyber Security Platform and trust-based solution for customers all over the world thanks to the transaction.
Renub Research report titled “Europe Cyber Security Market, Forecast by Segments (IOT Devices, PCS, Mobiles/Networks, Connected T.V.s, Wearables, and Connected cars), Components (I.T. & Telecom, Retail, BFSI, Healthcare, Defence/Government, Automotive, and Others), Country (Germany, France, the U.K., Italy, Belgium, Netherlands, Poland, Spain, Sweden, and Others), Company Analysis (Broadcom (Symantec Corporation), Cisco Systems, Inc., Check Point Software Technology, IBM, Fortinet, Palo Alto Networks, Inc., Microsoft Corporation, F5 Network, Accenture, and Cognizant Technology)" provides a detailed analysis of Europe Cyber Security Industry.
Segments – Market breakup from 6 Viewpoints:
1. IOT devices
2. PCS
3. Mobiles/Networks
4. Connected T.V.s
5. Wearables
6. Connected cars
Components – Market breakup from 7 Viewpoints:
1. I.T Telecom
2. Retail
3. BFSI
4. Healthcare
5. Defence/Government
6. Automotive
7. Others
Country – Market breakup from 10 viewpoints:
1. Germany
2. France
3. U.K.
4. Italy
5. Belgium
6. Netherlands
7. Poland
8. Spain
9. Sweden
10. Others
Company has been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue
Company Analysis:
1. Broadcom (Symantec Corporation)
2. Cisco Systems, Inc.
3. Check Point Software Technology
4. IBM
5. Fortinet
6. Palo Alto Networks, Inc.
7. Microsoft Corporation
8. F5 Network
9. Accenture
10. Cognizant Technology
Report Details:
| Report Features | Details |
| Base Year | 2022 |
| Historical Period | 2018 - 2022 |
| Forecast Period | 2023 - 2028 |
| Market | US$ Billion |
| Segment Covered | Segments, Components, and Countries |
| Countries Covered | Germany, France, the U.K., Italy, Belgium, Netherlands, Poland, Spain, Sweden, and Others |
| Companies Covered | Broadcom (Symantec Corporation), Cisco Systems, Inc., Check Point Software Technology, IBM, Fortinet, Palo Alto Networks, Inc., Microsoft Corporation, F5 Network, Accenture, and Cognizant Technology |
| Customization Scope | 20% Free Customization |
| Post-Sale Analyst Support | 1 Year (52 Weeks) |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on request) |
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. Porters Five Forces
5.1 Competitive Rivalry
5.2 Supplier Power
5.3 Buyer Power
5.4 Threat of Substitution
5.5 Threat of New Entry
6. Europe Cyber Security Market
7. Share Analysis – Europe Cyber Security Market
7.1 By Segment
7.2 By Country
7.3 By Components
8. Segment – Europe Cyber Security Market
8.1 IOT devices
8.2 PCS
8.3 Mobiles/Networks
8.4 Connected T.V.s
8.5 Wearables
8.6 Connected cars
9. Country – Europe Cyber Security Market
9.1 Germany
9.2 France
9.3 U.K.
9.4 Italy
9.5 Belgium
9.6 Netherlands
9.7 Poland
9.8 Spain
9.9 Sweden
9.10 Others
10. Components – Europe Cyber Security Market
10.1 I.T Telecom
10.2 Retail
10.3 BFSI
10.4 Healthcare
10.5 Defense/Government
10.6 Automotive
10.7 Others
11. Key Players
11.1 Broadcom (Symantec Corporation)
11.1.1 Overview
11.1.2 Recent Development
11.1.3 Revenue
11.2 Cisco Systems, Inc.
11.2.1 Overview
11.2.2 Recent Development
11.2.3 Revenue
11.3 Check Point Software Technology Ltd.
11.3.1 Overview
11.3.2 Recent Development
11.3.3 Revenue
11.4 IBM
11.4.1 Overview
11.4.2 Recent Development
11.4.3 Revenue
11.5 Fortinet
11.5.1 Overview
11.5.2 Recent Development
11.5.3 Revenue
11.6 Palo Alto Networks, Inc.
11.6.1 Overview
11.6.2 Recent Development
11.6.3 Revenue
11.7 Microsoft Corporation
11.7.1 Overview
11.7.2 Recent Development
11.7.3 Revenue
11.8 F5 Network
11.8.1 Overview
11.8.2 Recent Development
11.8.3 Revenue
11.9 Accenture
11.9.1 Overview
11.9.2 Recent Development
11.9.3 Revenue
11.10 Cognizant Technology
11.10.1 Overview
11.10.2 Recent Development
11.10.3 Revenue
List of Figures:
Figure-01: Europe – Cyber Security Market (Billion US$), 2018 – 2022
Figure-02: Europe – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-03: Segment – IOT devices Market (Billion US$), 2018 – 2022
Figure-04: Segment – Forecast for IOT devices Market (Billion US$), 2023 – 2028
Figure-05: Segment – PCS Market (Billion US$), 2018 – 2022
Figure-06: Segment – Forecast for PCS Market (Billion US$), 2023 – 2028
Figure-07: Segment – Mobiles/Networks Market (Billion US$), 2018 – 2022
Figure-08: Segment – Forecast for Mobiles/Networks Market (Billion US$), 2023 – 2028
Figure-09: Segment – Connected T.V.s Market (Billion US$), 2018 – 2022
Figure-10: Segment – Forecast for Connected T.V.s Market (Billion US$), 2023 – 2028
Figure-11: Segment – Wearables Market (Billion US$), 2018 – 2022
Figure-12: Segment – Forecast for Wearables Market (Billion US$), 2023 – 2028
Figure-13: Segment – Connected cars Market (Billion US$), 2018 – 2022
Figure-14: Segment – Forecast for Connected cars Market (Billion US$), 2023 – 2028
Figure-15: Germany – Cyber Security Market (Billion US$), 2018 – 2022
Figure-16: Germany – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-17: France – Cyber Security Market (Billion US$), 2018 – 2022
Figure-18: France – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-19: U.K. – Cyber Security Market (Billion US$), 2018 – 2022
Figure-20: U.K. – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-21: Italy – Cyber Security Market (Billion US$), 2018 – 2022
Figure-22: Italy – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-23: Belgium – Cyber Security Market (Billion US$), 2018 – 2022
Figure-24: Belgium – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-25: Netherlands – Cyber Security Market (Billion US$), 2018 – 2022
Figure-26: Netherlands – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-27: Poland – Cyber Security Market (Billion US$), 2018 – 2022
Figure-28: Poland – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-29: Spain – Cyber Security Market (Billion US$), 2018 – 2022
Figure-30: Spain – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-31: Sweden – Cyber Security Market (Billion US$), 2018 – 2022
Figure-32: Sweden – Forecast for Cyber Security Market (Billion US$), 2023 – 2028
Figure-33: Others – European Countries Cyber Security Market (Billion US$), 2018 – 2022
Figure-34: Others – Forecast for European Countries Cyber Security Market (Billion US$), 2023 – 2028
Figure-35: Components – I.T Telecom Market (Billion US$), 2018 – 2022
Figure-36: Components – Forecast for I.T Telecom Market (Billion US$), 2023 – 2028
Figure-37: Components – Retail Market (Billion US$), 2018 – 2022
Figure-38: Components – Forecast for Retail Market (Billion US$), 2023 – 2028
Figure-39: Components – BFSI Market (Billion US$), 2018 – 2022
Figure-40: Components – Forecast for BFSI Market (Billion US$), 2023 – 2028
Figure-41: Components – Healthcare Market (Billion US$), 2018 – 2022
Figure-42: Components – Forecast for Healthcare Market (Billion US$), 2023 – 2028
Figure-43: Components – Defense/Government Market (Billion US$), 2018 – 2022
Figure-44: Components – Forecast for Defense/Government Market (Billion US$), 2023 – 2028
Figure-45: Components – Automotive Market (Billion US$), 2018 – 2022
Figure-46: Components – Forecast for Automotive Market (Billion US$), 2023 – 2028
Figure-47: Components – Others Market (Billion US$), 2018 – 2022
Figure-48: Components – Forecast for Others Market (Billion US$), 2023 – 2028
Figure-49: Broadcom (Symantec Corporation) – Global Revenue Market (Billion US$), 2018 – 2022
Figure-50: Broadcom (Symantec Corporation) – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-51: Cisco Systems, Inc. – Global Revenue Market (Billion US$), 2018 – 2022
Figure-52: Cisco Systems, Inc. – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-53: Check Point Software Technology Ltd. – Global Revenue Market (Billion US$), 2018 – 2022
Figure-54: Check Point Software Technology Ltd. – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-55: IBM – Global Revenue Market (Billion US$), 2018 – 2022
Figure-56: IBM – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-57: Fortinet – Global Revenue Market (Billion US$), 2018 – 2022
Figure-58: Fortinet – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-59: Palo Alto Networks, Inc. – Global Revenue Market (Billion US$), 2018 – 2022
Figure-60: Palo Alto Networks, Inc. – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-61: Microsoft Corporation – Global Revenue Market (Billion US$), 2018 – 2022
Figure-62: Microsoft Corporation – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-63: F5 Network – Global Revenue Market (Billion US$), 2018 – 2022
Figure-64: F5 Network – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-65: Accenture – Global Revenue Market (Billion US$), 2018 – 2022
Figure-66: Accenture – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
Figure-67: Cognizant Technology – Global Revenue Market (Billion US$), 2018 – 2022
Figure-68: Cognizant Technology – Forecast for Global Revenue Market (Billion US$), 2023 – 2028
List of Tables:
Table-01: Europe – Cyber Security Market Share by Segment (Percent), 2018 – 2022
Table-02: Europe – Forecast for Cyber Security Market Share by Segment (Percent), 2023 – 2028
Table-03: Europe – Cyber Security Market Share by Countries (Percent), 2018 – 2022
Table-04: Europe – Forecast for Cyber Security Market Share by Countries (Percent), 2023 – 2028
Table-05: Europe – Cyber Security Market Share by Components (Percent), 2018 – 2022
Table-06: Europe – Forecast for Cyber Security Market Share by Components (Percent), 2023 – 2028
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