Market Trends of Germany Cybersecurity Industry
This section covers the major market trends shaping the Germany Cybersecurity Market according to our research experts:
Cloud Adoption is one of the Factor Driving the Market
- The increasing realization among enterprises about the importance of saving money and resources by moving their data to the cloud instead of building and maintaining new data storage is driving the demand for cloud-based solutions, and hence, the adoption of on-demand security services in the region.
- Owing to multiple benefits, cloud platforms and ecosystems are anticipated to serve as a launchpad for an explosion in the pace and scale of digital innovation over the next few years.Security has been critical at each step of the cloud adoption cycle, as IT provision has moved from on-premise to outside company walls. SMEs prefer cloud deployment as it allows them to focus on their core competencies rather than invest their capital in security infrastructure since they have limited cybersecurity budgets.
- Furthermore, deploying public cloud service extends the boundary of trust beyond the organization, making security a vital part of the cloud infrastructure. However, the increasing usage of cloud-based solutions has significantly simplified enterprises' adoption of cybersecurity practices.
- With the increased adoption of cloud services, such as Google Drive, Dropbox, and Microsoft Azure, among others, and with these tools emerging as an integral part of business processes, enterprises must deal with security issues, such as loss of control over sensitive data. This gives rise to the increased incorporation of on-demand cybersecurity solutions.
- Furthermore, In June 2021, IBM announced the launch of the IBM Center for Government Cybersecurity, a collaborative environment to assist federal agencies in addressing existing and future cyber threats. The center will include events and learning opportunities, leveraging IBM's cybersecurity knowledge gained by providing software and managed services to more than 17,500 security customers worldwide. The center will leverage IBM technology and host workshops focused on priorities such as zero-trust frameworks and cloud security by access to IBM Research labs to collaborate around the future of encryption, working with a group of internal IBM experts and external advisors, including former government officials with decades of cybersecurity experience.
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Healthcare is One of the Prominent End-User Boosting Growth of Cybersecurity Market
- As more commercial and government employees work remotely, the coronavirus epidemic has accelerated the trend of increasing cyber criminality. Cyber-attacks have not only gotten more common but also more expensive, according to the survey. According to the BSI federal cyber security office president, since the COVID-19 pandemic, German clinics have been the subject of a series of assaults. For example, in 2021, CyberEdge reported that a woman from Düsseldorf was taken to a hospital in Wuppertal, 19 miles away after her local hospital in Düsseldorf was hit by a ransomware attack.
- As a result of the attack, 30 of the hospital's servers were compromised, preventing new patients from being processed. Germany is pushing itself as a technically self-governing nation like China and the United States regarding cybersecurity. For instance, Germany announced the launch of a federal agency dedicated to handling cyberattacks and strengthening the country's digital security in the previous year. Moreover, the agency is slated to receive total funding of USD 412 million by 2023 to continue innovation and solutions to cyber-attacks.
- Modern IAM solutions developed by the healthcare cybersecurity vendors are designed with security top of mind while ensuring flexibility in accessing patient records by medical professionals and staff members. Automated provisioning and de-provisioning of accounts, management of access entitlements, audit and governance, and granular access controls are all essential IAM capabilities for modern healthcare IT. IAM solutions can also add additional layers of protection to sensitive data and systems with Multi-Factor Authentication (MFA). With rise in medical devices in the region will drive the studied market.
- Electronic prescription of controlled substances (EPCS) regulatory requirements require secure, two-factor authentication (2FA) for prescribing controlled substances. Using flexible authentication methods, such as fingerprint biometrics and one-time passwords (OTPS), clinician identities can be quickly verified while enhancing patient safety.
- Advanced Persistent threats are about stealing data through malware placed on computer networks. APTs are usually the work of organized crime, high-skilled hackers, or nation-states. Throughout the pandemic, hospitals worldwide have been hit with surging ransomware levels as highly organized groups use advanced persistent threat (APT)-style tactics to take lifesaving services offline. For instance, in January 2022, German intelligence said that the hacker group APT 27 had started targeting German companies in sectors including pharmaceuticals and technology.
