Market Trends of Europe Enterprise Firewall Industry
Increasing adoption of Cloud Services among Enterprises to Drive the Market Growth
- Organizational processes have been significantly altered by cloud services, which offer scalability, flexibility, and accessibility to resources. However, as more individuals utilize cloud services, the demand for strong security measures, such as corporate firewalls, to safeguard the data, apps, and infrastructure used in cloud-based environments is rising.
- Businesses all around Europe are undertaking a digital transformation to increase productivity, reorganize workflows, and innovate in response to shifting consumer needs. By delivering scalable infrastructure, Software as a Service (SaaS) applications, and Platform as a Service (PaaS) options, cloud services serve as a framework for this transformation. However, this transition requires adequate security solutions to protect cloud-based assets.
- For instance, the majority (94%) of EU businesses who purchased cloud computing services also utilized at least one cloud Software as a Service (SaaS), which includes security software applications as a cloud service, according to Eurostat. Additionally, the adoption of cloud SaaS across all corporate sizes has been reported to be approximately 94%, which signifies the widespread adoption of cloud-based applications, including security solutions. This high adoption rate indicates businesses are embracing cloud-based tools to enhance their operations, including cybersecurity.
- Also, the complexities of the threat landscape increase with the growth of cloud computing, highlighting the need for modern security solutions that can defend against the upsurge in malware and ransomware assaults and offer consistent security across cloud systems. As per SonicWall Cyber Threat Report 2022, Malware assaults and ransomware efforts significantly increased in Europe by 29% and 63%, respectively, year over year. In addition, seven of the top 11 ransomware target nations in terms of volume were in Europe (United Kingdom, Italy, Germany, Netherlands, Norway, Poland, and Ukraine), indicating a change in the region's cyber threat environment.
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United Kingdom is Expected to Hold a Significant Market Share
- The United Kingdom boasts a robust and mature cybersecurity ecosystem that includes various cybersecurity companies, research institutions, and skilled professionals. This ecosystem fosters innovation and the development of advanced cybersecurity solutions, including enterprise firewall technologies.
- Many international enterprises, financial institutions, and technological firms operate in the United Kingdom, a major financial and business center. Enterprise firewalls are in considerable demand as a result of these enterprises' necessity for advanced cybersecurity solutions to safeguard their confidential data, intellectual property, and consumer data.
- Also, the country is actively pursuing digital transformation across various industries. As organizations modernize their operations, adopt cloud services, and embrace IoT devices, the need for advanced firewall solutions to secure these digital initiatives becomes crucial.
- Moreover, in 2022, according to DSIT UK, most of the United Kingdom's registered cyber security companies provided professional cyber services, including offering guidance, products, or solutions associated with cyber security. Network security was recorded to be registering around 61%, the second most significant service that businesses offered the most frequently. Such significant network security registered firms in the country align closely with the functionalities of enterprise firewalls, which play a crucial role in safeguarding networks from unauthorized access, data breaches, malware, and other cyber attacks.
- Additionally, the nation is host to a pool of knowledgeable cybersecurity experts who contribute to the creation, application, and administration of firewall systems. For instance, the Office for National Statistics (UK) reported that the IT, software, and computer services sub-sector in the UK's creative industries employed more than one million individuals as of September 2022, compared with the previous year, recording 940,000. About 108,000 of these individuals were self-employed. Such a significant growth rate in the workforce supports the deployment of sophisticated security measures across industries.
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