Europe Cyber Security Market is Expected to Reach Around USD 40 Billion in Terms of Revenue by the Year Ending 2023: Ken Research

Incline Towards Digitization in the Small and Medium Enterprises (SMEs) Sector: The SMEs in Europe are digitalizing rapidly and exploiting the power of technology to increase its revenue and cater to a larger number of customers within and beyond their geographical boundaries. Owning an appropriate IT infrastructure plays a very important role in the growth of SMEs in Europe. The growing number of SMEs in Europe is moving towards adopting security solutions that will positively impact the cyber security market in Europe in the near future.

Technological Advancement: Threat from cybercriminals is becoming increasingly sophisticated, so security needs to be able to adapt in order to keep up. There have been a number of recent technological developments which will directly require the security solutions for a safer cyber environment. The adoption of the technologies such as IoT security, cloud technology, block chain, artificial intelligence and others has been growing in Europe resulting in the growth of the cyber security market. The adoption of these technologies would increase the cyber crimes in the country which in result would witness a higher demand for the security solutions for protecting these technologies form the cyber crimes.

Analysts at Ken Research in their latest publication "Europe Cyber Security Industry Outlook to 2023– By Solutions (Firewall, Intrusion detection system, Antivirus, Identity and Access Management, Encryption, Data Loss Prevention, UTM, Disaster Recovery and Others (IoT Devices), By Industry Verticals (Banking & Finance, Government, IT & Telecom, Retail,  Healthcare, Energy & Power, Private User and Others), By Security Deployed (Network Security, Application Security, End-Point Security, Mobile Security, Content Security and Cloud Security)" believe that the cyber security industry in the Europe has been growing and will expand further due to increasing cyber crimes, rising cyber privacy awareness firms, growth in the sectors such as Retail, ICT, and others, increasing internet penetration in the country, increase in the demand for data security by the Small and Medium Enterprise (SMEs) and development in the economy. The market is expected to register a positive CAGR of 8.9% for cyber security market in terms of revenue during the forecast period 2018-2023.

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For more information on the market research report, please refer to the below link:

https://www.kenresearch.com/defense-and-security/security-devices/europe-cyber-security-industry-outlook/241259-16.html

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