Europe Cybersecurity Market by Security Type ( Network Security, Application Security, Cloud Security, Email Security, IoT/IIoT Security, Data Security, Mobile Security, Endpoint Security) End-User ( Banking, Financial Services, and Insurance (BFSI), Government and Defense, Healthcare, IT and Telecommunications, Retail and E-commerce, Manufacturing, Energy and Utilities, Transportation and Logistics, Education) & Region for 2024– 2031
Report ID: 466581|No. of Pages: 202
Europe Cybersecurity Market by Security Type ( Network Security, Application Security, Cloud Security, Email Security, IoT/IIoT Security, Data Security, Mobile Security, Endpoint Security) End-User ( Banking, Financial Services, and Insurance (BFSI), Government and Defense, Healthcare, IT and Telecommunications, Retail and E-commerce, Manufacturing, Energy and Utilities, Transportation and Logistics, Education) & Region for 2024– 2031
Europe Cybersecurity Market Valuation – 2024-2031
The rising frequency of cyber threats, including ransomware and phishing attacks, is driving organizations to invest heavily in cybersecurity solutions to protect sensitive data and maintain operational integrity. According to the analyst from Verified Market Research, the Europe Cybersecurity market is estimated to reach a valuation of USD 108.5 Billion over the forecast subjugating around USD 44.2 Billion valued in 2024.
The emergence of new technologies, including artificial intelligence (AI) and machine learning, is being leveraged to enhance cybersecurity measures enabling the market to grow at a CAGR of 11.8% from 2024 to 2031.
Europe Cybersecurity Market: Definition/Overview
Cybersecurity is defined as the practice of protecting systems, networks, and data from digital attacks and unauthorized access. It encompasses a range of measures designed to safeguard computers, servers, mobile devices, and electronic systems from malicious threats, including cybercrime, cyberattacks, and cyberterrorism. This field is crucial for ensuring the confidentiality, integrity, and availability of information across various contexts, from individual users to large organizations. Effective cybersecurity strategies involve multiple layers of protection that address potential vulnerabilities in hardware, software, and networks.
Additionally, it includes the implementation of disaster recovery plans to ensure business continuity in the event of a security breach. As technology evolves and cyber threats become increasingly sophisticated, the importance of robust cybersecurity measures continues to grow.
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How is the Rapid Digitalization Across Various Industries Driving Demand for Cybersecurity Solutions in Europe?
The rapid digitalization across various industries in Europe is driving a significant demand for cybersecurity solutions. As businesses increasingly transition to online platforms and adopt advanced technologies, vulnerabilities are being introduced that expose critical data to cyber threats. Government statistics indicate that the European Commission has allocated EUR 214 million (USD 229.67 million) for cybersecurity initiatives in 2024, highlighting the urgency of addressing these risks. The integration of digital services into sectors such as finance, healthcare, and manufacturing is further raising the stakes, as these industries are becoming prime targets for cyberattacks.
Additionally, the shift towards cloud computing and remote work environments has necessitated the implementation of robust cybersecurity measures to protect sensitive information. Reports have shown a marked increase in incidents of ransomware and phishing attacks, particularly in countries like France, Germany, Italy, and Spain, underscoring the critical need for enhanced security frameworks. As a result, organizations are being compelled to invest in comprehensive cybersecurity strategies to safeguard their digital assets and ensure compliance with regulatory requirements.
How does the Shortage of Skilled Cybersecurity Professionals Impact the Effectiveness of Security Measures Across European Industries?
The shortage of skilled cybersecurity professionals is significantly impacting the effectiveness of security measures across European industries. With an estimated gap of 500,000 cybersecurity professionals in Europe, organizations are being hindered in their ability to adequately protect themselves against increasing cyber threats. Government statistics indicate that 71% of organizations report being affected by skills shortages in the cybersecurity sector, leading to vulnerabilities in their security postures. This lack of qualified personnel results in insufficient monitoring and response capabilities, which are essential for mitigating cyber risks.
Moreover, as the complexity of cyberattacks evolves, the demand for specialized skills is rising; however, many employees currently in cybersecurity roles lack formal qualifications, with 76% reported to have no certified training. Consequently, the inability to fill critical positions is leaving organizations exposed to potential breaches and undermining their overall cybersecurity resilience. As a result, immediate action is being called for to address this skills gap and enhance the workforce’s capabilities in combating cyber threats effectively.
Category-Wise Acumens
What Factors Contribute to the Dominance of Network Security Solutions in the European Cybersecurity Market?
The dominance of network security solutions in the European cybersecurity market is being driven by several key factors. The increasing frequency and sophistication of cyberattacks are prompting organizations to prioritize the protection of their network infrastructures, as vulnerabilities in these systems can lead to significant data breaches and operational disruptions. Government statistics indicate that 71% of organizations in Europe have reported being affected by cyber skills shortages, which further emphasizes the need for robust network security measures to mitigate risks effectively.
Additionally, the rapid adoption of digital technologies and cloud services is creating new attack surfaces, necessitating enhanced network security protocols to safeguard sensitive information. The implementation of stringent regulatory requirements, such as the General Data Protection Regulation (GDPR), is also compelling businesses to invest in comprehensive network security solutions to ensure compliance and protect consumer data. As a result, the integration of advanced technologies, including artificial intelligence and machine learning, is being increasingly utilized to bolster network security defenses, making it a critical component in the overall cybersecurity strategy for organizations across Europe.
What Specific Regulatory Requirements Drive the BFSI Sector to Prioritize Cybersecurity Investments in Europe?
The specific regulatory requirements driving the BFSI sector to prioritize cybersecurity investments in Europe are primarily influenced by stringent legislation aimed at protecting consumer data and ensuring financial stability. The General Data Protection Regulation (GDPR) mandates that organizations implement robust data protection measures, with non- compliance resulting in fines of up to 20 million or 4% of annual global turnover, thereby compelling BFSI companies to enhance their cybersecurity frameworks.
Additionally, the Payment Services Directive 2 (PSD2) imposes requirements for strong customer authentication and secure communication, further necessitating investments in advanced security solutions. Government statistics indicate that 71% of organizations in the BFSI sector acknowledge the impact of these regulations on their cybersecurity strategies, highlighting the critical need for compliance to avoid reputational damage and financial losses. As a result, the BFSI industry is being driven to adopt comprehensive cybersecurity measures that not only meet regulatory standards but also protect sensitive financial information from increasing cyber threats.
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Country/Region-wise Acumens
What Factors Contribute to Germany’s Position as a Leader in the European Cybersecurity Market?
Germany’s position as a leader in the European cybersecurity market is being attributed to several key factors. A strong regulatory framework, including the General Data Protection Regulation (GDPR) and the Federal Data Protection Act (BDSG), is compelling organizations to prioritize data security and compliance, thereby driving significant investments in cybersecurity solutions. Government statistics indicate that spending on IT security in Germany is expected to increase by 13.1% in 2024, exceeding 10.5 billion for the first time, which highlights the urgency of addressing cyber threats.
Additionally, the presence of a diversified cybersecurity ecosystem, comprising established enterprises, startups, and research institutions, is fostering innovation and collaboration within the sector. The German government’s proactive initiatives, such as the National Cybersecurity Strategy and the establishment of the Federal Office for Information Security (BSI), are providing essential support and guidance to both public and private entities in enhancing their cybersecurity measures. Furthermore, the increasing frequency of cyberattacks is prompting organizations across various industries to adopt advanced security technologies, solidifying Germany’s leadership role in the European cybersecurity landscape.
What Role does the Growing Demand for Digital Services and Remote Work Play in Shaping the UK’s Cybersecurity Market?
The growing demand for digital services and remote work is significantly shaping the UK’s cybersecurity market. As more organizations adopt remote working models, vulnerabilities are being introduced that expose sensitive data to cyber threats. Government statistics reveal that 44% of UK workers reported engaging in home or hybrid working from September 2022 to January 2023, indicating a substantial shift in work practices. This transition has led to a marked increase in cyberattacks, with reports indicating a 630% rise in cloud-based attacks during the early stages of the pandemic. The reliance on personal devices and unsecured home networks has further complicated security efforts, as many remote workers lack adequate cybersecurity training and protections.
Consequently, organizations are being compelled to invest in advanced security measures to protect their digital assets and ensure compliance with regulatory frameworks such as the General Data Protection Regulation (GDPR). As the landscape of work continues to evolve, the necessity for robust cybersecurity strategies to address these new challenges is being increasingly recognized by businesses across the UK.
Competitive Landscape
The competitive landscape of the Europe cybersecurity market is characterized by a diverse array of players and a dynamic environment driven by increasing cyber threats and regulatory requirements. A significant focus is placed on innovation and the development of advanced security solutions, as organizations seek to protect their digital assets from a growing number of cyberattacks. The rapid adoption of cloud computing, IoT devices, and digital services has created new vulnerabilities, further intensifying competition among cybersecurity providers to deliver effective solutions. As a result, strategic partnerships, mergers, and acquisitions are being increasingly pursued to enhance capabilities and expand market reach.
Some of the prominent players operating in the Europe cybersecurity market include:
- Sophos Group
- BAE Systems
- NCC Group
- Darktrace
- secunet Security Networks AG
- SAP SE
- G Data Software AG
- Rohde & Schwarz Cybersecurity
- Thales Group
- Orange Cyberdefense
- Atos SE
- Airbus CyberSecurity
- NXP Semiconductors
- Fox-IT
- SecurityMatters
- F-Secure
- Nixu
- Evry
- Watchcom Security Group
Latest Development
- In September 2024, Sophos was recognized as a Leader in the IDC MarketScape for European Managed Detection and Response (MDR) Services, highlighting its commitment to enhancing cybersecurity solutions for small and midsize.
- In October 2023, Darktrace launched an enhanced version of its Cyber AI Analyst, designed to automate threat investigations and provide faster insights into potential security incidents.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of 11.8% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Players | Sophos Group, BAE Systems, NCC Group, Darktrace, secunet Security Networks AG, SAP SE, G Data Software AG, Rohde & Schwarz Cybersecurity, Thales Group, Orange Cyberdefense, Atos SE, Airbus CyberSecurity, NXP Semiconductors, Fox-IT, SecurityMatters, F-Secure, Nixu, Evry, Watchcom Security Group |
| Customization | Report customization along with purchase available upon request |
Europe Cybersecurity Market, By Category
Security Type:
- Network Security
- Application Security
- Cloud Security
- Email Security
- IoT/IIoT Security
- Data Security
- Mobile Security
- Endpoint Security
End-User:
- Banking, Financial Services and Insurance (BFSI)
- Government and Defense
- Healthcare
- IT and Telecommunications
- Retail and E-commerce
- Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Education
Research Methodology of Verified Market Research:
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Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
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For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
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Econometrics and data visualization model
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
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Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
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We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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