Market Research Report
Europe Data Diode Security Products Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Non-Ruggedized Data Diode and Ruggedized Data Diode), and Application (Government, Oil & Gas, BFSI, and Others)
|Europe Data Diode Security Products Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Non-Ruggedized Data Diode and Ruggedized Data Diode), and Application (Government, Oil & Gas, BFSI, and Others)|
Published: November 17, 2020
The Insight Partners
Content info: 98 Pages
Delivery time: 1-2 business days
The data diode security products market in Europe is expected to grow from US$ 96.81million in 2019 to US$ 117.62 million by 2027; it is estimated to grow at a CAGR of 4.0% from 2020 to 2027. The digitalization of business environments across all technologically advanced countries is a leading cause of increasing cyber-attack incidents. Cyber threats can lead to severe damages to businesses and users. Therefore critical infrastructure of any organization needs various security and safety products to ensure protection of physical assets. Numerous computer systems in this infrastructure run on outdated hardware or software systems. The critical infrastructures must replace traditional security measures with advanced solutions to manage the rising threat risks. Critical infrastructures across several premises incorporate data diode security products to protect their critical systems. Moreover, with data diodes security products, important systems can be protected without disturbing the whole operational system. Also, several machines with different functions and extensive communication capabilities are prone to misconfiguration and vulnerabilities. Therefore, the significance of data diodes is surging among businesses to provide additional security measures. For instance, Siemens AG is highly focused on investing in R&D of security products. Thus, the company is building a compact and effective data diode to deliver a wide range of controlled monitoring and connectivity for security-relevant networks. Data diode security products data capture unit (DCU), which is a one-way data gateway, offers high security and delivers controlled access to the critical system. Also, the high demand for data diode security products from industrial applications is expected to fuel the growth of the Europe data diode security products market.
Based on application, the data diode security products market is segmented into government, oil & gas, BFSI, and others. The BFSI segment is expected to be the fastest growing during the forecast period. The banking, financial services, and insurance (BFSI) sector is significantly transforming with the technological advancements of their operations to meet the ever0changing customer requirements. While considerable technological advancements have continuously outperformed organizational adaption, while the BFSI sector has adapted it faster. From handling paper records to providing online premium payments and purchases, banks and insurance firms are investing substantially to enhance the customer experience. This technological transformation is enhancing operations in the BFSI industry, thereby increasing security issues. The BFSI market is suffering the distributed denial-of-service (DDoS) attacks, trying to sabotage online payments, and phishing attacks targeting to steal login credentials of customers or staff members. Moreover, financial service institutions are continuously making operational changes, in line with the digital transformation, which emphasizes customer centricity and modernizes core operations. Digital transformation covers shifts in practices and technologies from new third-party interfaces and APIs to changes in account opening and account maintenance for retail and commercial customers. With increasing digital transformation, BFSI firms identify an increasing need for an integrated cyber-security transformation that helps manage the increasing threat incidents. Therefore, the BFSI industry players are increasingly investing in data diode security products, which is substantially driving the growth of the market in Europe.
Spain, Italy, Germany, the UK, and France are a few of the worst affected countries by the COVID-19 outbreak in the Europe. Businesses are facing severe economic downfall as they are either substantially suspending their operations or reducing activities. Europe is a major manufacturing and industrial hub for sectors such as automotive and electronics. The region is experiencing the economic slowdown due to business lockdowns, travel bans, and supply chain disruptions. Italy, Spain, and Germany are implementing drastic measures and travel restrictions to control the spread of the virus. Europe is a major market for adoption and growth of data diode security products due to the surging government regulations to protect critical infrastructure from cyber-attacks. However, due to the COVID-19 pandemic, the manufacturing of various electronics components is witnessing a sharp decline, and various sectors in the region will require time for recovery. In addition, disruptions in the supply chain of raw materials and electronic component from China is adversely affecting the manufacturing industries in Europe. All these factors are restraining the growth of the Europe data diode security products market.
The overall Europe data diode security products market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the data diode security products market. The process also serves the purpose of obtaining an overview and forecast for the Europe data diode security products market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Europe data diode security products market. Advencia AB, BAE Systems, Belden Inc., Deep Secure Ltd, Fibersystem AB, Forcepoint, Fox-IT Holding B.V., and Rohde & Schwarz GmbH & Co. are a few players operating in the Europe data diode security products market.
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe data diode security products market
Highlights key business priorities in order to assist companies to realign their business strategies
The key findings and recommendations highlight crucial progressive industry trends in the Europe data diode security products market, thereby allowing players across the value chain to develop effective long-term strategies
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the data diode security products market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution