Cybersecurity in Europe is Expected to Reach US$19.6 Billion by 2026

The market of cybersecurity in Europe for the Internet of Things (IoT) and connected devices are in a growing phase

Cybersecurity in Europe is expected to grow from US$3.6 billion in 2021 to US$19.6 billion in 2026 at an annual growth rate (CAGR 2021-2026) of 8.38%. The European cyber security market for the Internet of Things (IoT) and connected devices are in a growing phase. Germany, the United Kingdom, France, and Italy, are leading European countries to adopt IoT and connected devices. However, many consumers across Europe are also seeing the importance of wearable devices and increasingly understand the benefits.

The severity of cyber breaches has become more and more intense in recent years across European countries. The threat to UK companies from hackers and other malicious elements online was magnified in 2020. The number of attacks continued to grow and cybersecurity has become increasingly important to many more parts of the UK economy.

Germany is pushing itself as a technologically independent country like the United States and China in terms of cybersecurity. In August 2020, the country announced a federal agency dedicated to handling cyberattacks and strengthening the country's digital security. The agency is also slated to receive total funding of US$412 million by 2023 to continue innovation and solutions to cyber-attacks.

Furthermore, telecommunication companies are increasing their investment in cybersecurity to deal with the rapid increase of cyber threats. For instance, Telefonica launched Telefonica Tech Ventures in October 2020 to find strategic start-ups along with the development of the capabilities of its investment to invest in markets for Telefonica in Germany along with other countries of Europe.

The major players operating in the cyber security market are Sophos Solutions, IBM Corporation, Oracle Corporation, Micro Focus, Juniper Networks, McAfee, Cisco Systems, AVG Technologies, Dell EMC, Fortinet and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new service developments.