by prnewswire | 24th February 2021 4:52 pm
The European Cyber Security Market is expected to grow at an impressive rate during the forecast period. The European Cyber Security Market is driven by the General Data Protection Regulation (GDPR) compliance, 2017/679 for ensuring data safety and privacy.
Additionally, growing number of cyber security projects initiated by the government and major vendors operating in the market is expected to fuel the market growth through 2026. Furthermore, the advent and widespread adoption of advanced technologies such as AI, machine learning, blockchain, among others for ensuring cyber security is expected to create lucrative opportunities for the market growth during the forecast period.
Besides, growing need to monitor and manage inhouse and external threats across organizations is further expected to spur the market growth over the next few years. However, need to conform to the cyber security standards, norms and regulations can slow down the market growth through 2026.
The European Cyber Security Market is segmented based on security type, solution type, deployment mode, end-user industry, company, and region. Based on security type, the market can be categorized into network security, endpoint security, application security, cloud security, content security and others.
The application security segment is expected to register significant growth in the market during the forecast period on account of the increasing incidences of breaches targeting various business applications. Based on deployment mode, the market can be bifurcated into on-premise and cloud.
The cloud segment is expected to dominate the market owing to the associated benefits such as scalability, flexibility, low operational costs, auto-update feature, among others. Based on end-user industry, the market can be fragmented into BFSI, IT & telecom, defense, energy & power, retail, healthcare and others. The defense segment is expected to dominate the market owing to the increasing expenditure by the government on security solutions.
The major players operating in the cyber security market are Sophos Solutions, IBM Corporation, Oracle Corporation, Micro Focus, Juniper Networks, McAfee, Cisco Systems, AVG Technologies, Dell EMC, Fortinet and others.
Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
This article was originally posted here: Europe Cyber Security Market Report 2021: Market is Driven by GDPR Compliance, 2017/679 for Ensuring Data Safety and Privacy (prnewswire.com)
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