Healthcare Cyber Security Market Predicted to Reach $12,467 Million by 2023 - Competitive Analysis of Leading Industry Players Cisco Systems, FireEye, IBM, Kaspersky Lab, Lockheed Martin, MacAfee Inc., Northrop Grumma, Palo Alto Networks, Sensato, Symante

The global Healthcare Cyber Security market was valued at $4,591 million in 2016 and is projected to reach at $12,467 million by 2023, with a CAGR of 15.6% from 2017 to 2023. This is attributed to introduction of supportive government regulations and acts to mandate the adoption of cybersecurity solutions to safeguard patients and healthcare organizations information.

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Healthcare cybersecurity solutions include breach detection, business continuity and disaster recovery, cloud & data centers, data loss protection, identity & access management, and risk & compliance management solutions. Moreover, the service segment includes consulting, designing & integration, risk assessment, and training.

The rise in the number of cyber-attacks and data breaches incidents, increase in need for advanced security cloud-based solutions drive the market, providing lucrative growth opportunities for key players operating in the healthcare cyber security market. However, lack of skilled workforce among healthcare organizations across is anticipated to hamper the market growth during the forecast period.

The service segment is projected to grow at the CAGR of around 18% during the forecast period. Increase in demand for enhanced cybersecurity solutions and rise in competition among healthcare service providers are anticipated to boost the segment growth during the forecast period.

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Dominating Market Players Profiled in this Study

•Cisco Systems Inc.
•FireEye Inc.
•IBM Corporation
•Kaspersky Lab
•Lockheed Martin Corporation
•MacAfee Inc.
•Northrop Grumma Corporation
•Palo Alto Networks Inc.
•Sensato and
•Symantec Corporation.

The network security segment dominated the market in 2016, followed by content security segment. Furthermore, these segments collectively accounted for around 67% share of the overall market revenue in 2016. Network security solutions enable organizations to protect their network from virus, hackers, denial of service attacks, and other risks. Healthcare providers aim at deploying advanced network security solutions, such as distributed denial of service attack (DDoS) mitigation solutions and access control solutions to ensure protection. Moreover, the cloud security segment is anticipated to grow at the highest CAGR of around 25%, owing to increase in adoption of cloud-based solutions among healthcare organizations globally.

The global healthcare cyber security market is anticipated to witness considerable growth, especially in Asia-Pacific and LAMEA, owing to the rise in awareness among end users to tackle data breaches and cyber-attacks and increase in digital expenditure by healthcare organizations.

Healthcare industries worldwide have gone through rapid digitization. In addition, these organizations are motivated to invest into advanced solutions, such as patient monitoring solutions and healthcare information system to improve patient care. Moreover, continuous cyber-attacks and data breaches incidents have increased the need for enhanced IT security solutions. According to IBM, in 2015, more than 100 million patient records were breached.

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Key players operating in the healthcare cybersecurity industry-tend to spend a considerable amount on R&D to innovate existing solutions and expand portfolios. For example, in 2015, IBM Research launched a cloud-based technology that enables customers to protect their online data. Furthermore, healthcare providers are deploying cybersecurity solutions to protect patients’ personal information and the organization’s data from cyber-attacks and intrusions, as this sector is more vulnerable as compared to other end-user verticals.

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