2017 Europe Cyber Security of Security Services Market Growth Rate and Forecasts
Albany, New York, March 21, 2017: The Europe Cyber Security of Security Services Market size is estimated to grow from USD 26.85 billion in 2017 to USD 37.38 billion by 2020, at an estimated CAGR of 6.8% from 2017 to 2020. Cyber security products are defined by their capability to provide access management, authentication procedures, detection and responses to incidents, security updates or patch management, data recovery, mitigation of impacts, and risk and compliance management.
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The products are primarily responsible for protecting location where information and communication systems are placed, which consists of servers, storage, network equipment’s and virtual machines. The report aims at estimating the market size and future growth potential of Europe Cyber Security market across different segments such as solution, service, vertical and country. The base year considered for the study is 2014 and the market size is forecasted from 2015 to 2020.
The growing number of mobile workforce, adoption of cloud-based services, and Advanced Persistent Threats (APTs) present a comprehensive opportunity for cyber vendors in the market space. Apart from these, factors such as the need for strict compliance and data disclosure mandates, risk over maintenance of sensitive data, increased Internet penetration, and increasing spending pattern on security forums are boosting up the demand for cyber security solutions. It is expected that the cyber market in European countries will show enormous growth with credence in the coming years.
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The research methodology used to estimate and forecast the cyber security market begins with capturing data on key vendor revenues through secondary research. The vendor offerings are also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the Europe cyber security market from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and sub-segments which are then verified through primary research by conducting extensive interviews with key people such as CEOs, VPs, Directors and executives.
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