Healthcare Cyber Security Market to Reach USD 12.46 Bn by 2023|Top Players such as - AO Kaspersky Lab, McAfee Corporation and Northrop Grumman

According to the report published by Allied Market Research "The Healthcare Cyber Security Market to Reach USD 12.46 Bn by 2023|Top Players such as - AO Kaspersky Lab, McAfee Corporation and Northrop Grumman." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

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

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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.

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 the increase in number of cyber-attacks, the rise in incidence of data breaches worldwide, and amendments made in government regulations related to healthcare cyber security. 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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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 cyber security laws and a 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 rise in spending of end users on enhanced cyber security solutions and services.

Leading market players analyzed in the research include Cisco Systems, Inc., IBM Corporation, FireEye, Inc., Lockheed Martin Corporation, Kaspersky Lab, Northrop Grumma Corporation, MacAfee, Inc., Sensato, Palo Alto Networks, Inc., and Symantec Corporation.

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KEY FINDINGS OF THE STUDY

● By component, the solution segment accounted for the largest healthcare cyber security market share in 2020.

● By region, North America generated the highest revenue in 2020.

● By security type, the network security segment generated the highest revenue in 2020.

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