Healthcare Cyber Security Market Expected to Reach $12,467 Million, Globally, by 2023

Allied Market Research recently published a report, titled, Healthcare Cyber Security Market by Type (Service and Solution), Security (Application Security, Cloud Security, Content Security, Endpoint Security, Network Security and Wireless Security) – Global Opportunity Analysis and Industry Forecast, 2017–2023.” The report offers a detailed analysis of key investment pockets, drivers & restraints, market size & estimations, major segments, and competitive scenario. According to the report, the global healthcare cyber security market generated $5.21 billion in 2017, and is expected to reach at $12.46 billion by 2023, growing at a CAGR of 15.6% from 2017 to 2023.

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

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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 increase in number of cyber-attacks, rise in incidence of data breach 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.

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 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.

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