Cyber Security Market In Healthcare - Forecast(2024 - 2030)

Cyber Security Market In Healthcare Overview:

Approximately half the world’s population is now online. According to ICT development report released by the World Bank and the International Telecommunication Union, 45.794% of the world’s population can access the internet now.^[1] A population of this magnitude is both empowering and dangerous because on one hand, as it is a source of infinite information and potential, whereas on the other, it is equally destructive to human privacy. The virtual world in now engulfed with breaches of different types and levels of enormity. Cyber security has become the need of the hour, especially in the healthcare sector which is witnessing recurrent data breaches. These breaches compromise massively on financial data of the consumers subscribed to a hospital, while also stealing information such as social security numbers of people. Cyber security market in healthcare hence has immense potential to grow and impact its consumers.

With rising instances of compromise of public data in the medical sector, the cyber security market in the healthcare industry will experience growth with a burgeoning compound annual growth rate (CAGR) of 14.16% during the forecast period of 2019-2025. In 2018, this market had an estimated size of $5.46 billion.

Cyber Security Market In Healthcare Outlook:

While visiting a hospital or a clinic, a consumer is requested to submit their data which normally includes their social security numbers, financial details such as debit/credit card information, and familial history. All of this is stored in the form of electronic health records (EHRs.) Information of this size is enough for potential hackers to capitalize on and commit major fraud incidences which in their entirety can compromise data of around half a million people in one attempt. This is where cyber security market in healthcare takes the center stage as it provides an absolute solution to this problem by various processes including prevention through anti-virus, data loss protection, identity and access management, etc. North America which houses the Silicon Valley is undoubtedly the leading region of this market. In 2018, it held an outstanding regional share of 37.61% and has the potential to further capitalize on cloud security, which is a prominent segment of this market. This application segment is expected to grow with a superlative CAGR of 18.57% during the forecast period of 2019-2025.

Cyber Security Market In Healthcare Growth Drivers:

Ø  Inevitability Of Online Data Declaration

With nearly every website now requiring personal details of consumers before providing access to browsing, keeping data secure has become a challenge. Manual work is a thing of the past and with hospitals now storing their patients’ data online, it has become increasingly prone to phishing attacks. This is providing acute growth to the cyber security market in healthcare sector and allowing its growth to happen organically.

Ø  The Rise Of Artificial Intelligence (AI)

Machine Learning and AI has made data breaching more difficult to detect and prevent. This has not only led to an increase in the frequency of online scams, the complexity of these phishing attacks has also strengthened. Better execution of preexisting attack types will be more prominent than development of newer forms of attacks. This has enabled key players of this market to increase their efforts and provide impetus to the market.    

Cyber Security Market In Healthcare Challenges:

One thing threatening the cyber security market in healthcare is artificial intelligence. With AI and Industry 4.0 taking over our devices, phishing attacks for practiced hackers has become a cakewalk. A possible way to combat this challenge is to develop enhanced devices and software that are equipped with breach detection methods of tracking attacks on security of this stature.

Cyber Security Market In Healthcare Key Players Perspective:

Key players operating in the cyber security market in healthcare are Cisco Systems, Inc., FireEye, Inc., IBM Corporation, Kaspersky Lab, Lockheed Martin Corporation, MacAfee, Inc., Northrop Grumma Corporation, Palo Alto Networks, Inc., Sensato, and Symantec Corporation.

Headquartered in Moscow, Russia, Kaspersky Lab is a multinational company that specializes in developing anti-virus software. The company has developed an advanced antivirus software that provides various functionalities including keeping financial information safe, privacy protection, parental control, and protection to all connected devices. 

Cyber Security Market In Healthcare Trends:

Key market players are focusing on developing better software that incorporates artificial intelligence to tackle high risk security data breaches in hospitals. 

Ø  Chronicle by Alphabet

Chronicle is a cybersecurity company started by Google’s parent company called Alphabet in the year 2018. Using artificial intelligence, the company plans on developing security analytics that can be universally functional. Chronicle has built a data storing feature called Backstory that has various traits including being infinitely elastic with fixed pricing and a storage facility that is unparalleled. Easy of accessibility is another feature that is helping Backstory become prominent in hospitals and providing the cyber security market in healthcare with adequate growth.

Cyber Security Market In Healthcare Research Scope

The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the cyber security market in healthcare market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of segments in the cyber security market in healthcare, and their specific applications in different areas.

Cyber Security Market In Healthcare Report: Industry Coverage

The cyber security market can be segmented on the basis of type and end-user industry. By type, the market can be divided into services and solutions. And based on end-user industry, the market can be fragmented into providers, business associates, and payers.

The cyber security market in healthcare report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

•           North America: The U.S., Canada, Mexico

•           South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica

•           Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark

•           APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong

•           Middle East and Africa: Israel, South Africa, Saudi Arabia