Healthcare Cyber Security Market Statistics 2020: Key Factors behind Market’s Rapid Growth

The Objective of the “Global Healthcare Cyber Security Market” report is to depict the trends and upcoming for the Healthcare Cyber Security industry over the forecast years. Healthcare Cyber Security Market report data has been gathered from industry specialists/experts. Although the market size of the market is studied and predicted from 2017 to 2023 mulling over 2016 as the base year of the market study. Attentiveness for the market has increased in recent decades due to development and improvement in the innovation.

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According to the report, the global healthcare cybersecurity market generated $5.21 billion in 2017 and is expected to reach at $12.46 billion by 2023, growing at a CAGR of 15.6% from 2017 to 2023. The report offers a detailed analysis of key investment pockets, drivers & restraints, market size & estimations, major segments, and competitive scenarios.

Rise in cyber-attacks, increase in demand for cloud services, and regulatory requirements & government policies facilitate the market growth. However, scarcity of trained professionals restrains the growth in the market. On the other hand, requirement for strong methods of authentication and rise in adoption for mobile device applications create new opportunities in the industry.

The solution segment to maintain its dominant share throughout the forecast period

Based on type, the solution segment contributed to more than half of the total market share in 2017 and is expected to maintain its dominant share throughout the forecast period. This is due to an increase in a number of cyber-attacks, a rise in incidence of data breach worldwide, and amendments made in government regulations related to healthcare cybersecurity. However, the service segment is expected to register the highest CAGR of 17.6% from 2017 to 2023, owing to improved measures taken to avoid data breach and increase in competition among healthcare service providers.

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Network security to maintain its dominance throughout the forecast period

Network security accounted for nearly half of the total market share in 2017 and will maintain its dominance throughout the forecast period. This is due to the need for protection of networks from viruses, hackers, service attacks, and others along with deployment of network security solutions such as access control solutions and DDoS mitigation solutions to ensure protection. However, cloud security is estimated to grow at the highest rate, with a CAGR of 24.6% from 2017 to 2023, owing to rise in shift of data to cloud platform and protection of confidential information and system hacks.

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North America to maintain its leadership status by 2023

North America contributed to nearly half of the total market share in 2017 and will maintain its leadership status by 2023. This is due to amendments in current cybersecurity laws and rise in the number of cyber-attacks leading to the adoption of security measures. However, Asia-Pacific is expected to register the highest growth rate, with a CAGR of 18.3% from 2017 to 2023, owing to surge in awareness about security measures among healthcare organizations and a rise in spending of end-users on enhanced cybersecurity solutions and services.

Frontrunners of the industry:

• Leading market players analyzed in the research include,

• BASF SE

• Chevron Philips Chemical Company

• Eastman Chemical Company

• E. I. du Pont de Nemours and Company

• Exxon Mobil Corporation

• Huntsman Corporation

• INEOS Group AG

• LyondellBasell Industries N.V.

• Reliance Industries Limited

• SABIC.

These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.

Key questions answered in Healthcare Cyber Security Market research study:

• What is the market growth rate of Healthcare Cyber Security Market from 2017-2023?

• What will be the global market size of the market from 2017 to 2023?

• Who are the leading global manufacturing companies in the Healthcare Cyber Security Market?

• What are the major current trends and predicted trends?

• What are the challenges faced in the Healthcare Cyber Security Market?

• Which will be the niches at which players profiling with thorough plans, financials, and also recent advancements should set a presence?

• Which will be the anticipated growth rates for your own Data Masking economy altogether and also for every segment inside?

• Which will be the Data Masking application and types and forecast accompanied closely by producers?

• What are the conclusions of the Healthcare Cyber Security Market report?

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