Healthcare Cybersecurity Market Size to Reach USD 36.97 Billion in 2028
Advancements in software security systems, ongoing research activities, and private and government investments
The global healthcare cybersecurity market size is expected to reach USD 36.97 Billion in 2028 and register a revenue CAGR of 16.8% over the forecast period, according to a latest report by Reports & Data. A major factor driving market revenue growth is rapid adoption of technology in the healthcare industry. Increasing investments in research in the field of healthcare cybersecurity is resulting in the advent of additional opportunities for further advancements in software.
Ongoing research and development activities and private investments in the healthcare sector to strengthen data security is expected to positively impact revenue growth of the market over the forecast period. There are three goals of cybersecurity, also known as the “CIA triad, is protecting the confidentiality, integrity and availability of information.
Hackers intentionally target medical practices as they know that nurses, doctors, and administrative professionals don’t take cybersecurity measures. Therefore, this has resulted in cyber-crime cases such as data mining, stealing, thefts, in the health care industry. This factor has resulted in government investments on privacy and security of the data to foster the growth and development of the global healthcare cybersecurity market.
Moreover, market growth is projected to register an upward trend with the application of artificial intelligence (AI) and machine learning (ML) to reduce cyber-attacks and strengthen cyber security. In addition, increasing focus on smart passwords and two-factor authentication systems are some key factors expected to continue to fuel market growth going ahead.
However, Lack of awareness about healthcare cybersecurity and high cost involves in the security software are some major factors restraining global healthcare cybersecurity market revenue growth over the forecast period.
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Some Key Highlights From the Report:
- On the basis of threat, the market report is segmented into ransomware, malware and spyware, Distributed Denial of Service (DDOS), phishing and spear phishing and others. Among these, the ransomware segment accounted for largest revenue share in 2020 due to rise in ransomware attacks by cyber criminals to encrypt a victim's files. The attacker demands few hundred dollars to thousands to restore access to the data.
- On the basis of application, the market report is segmented into application security, network security, device security, endpoint security, and others. Among these, the application security segment is expected to register a significantly rapid revenue CAGR during the forecast period as it aim to prevent code or data from being stolen or hijacked within the app.
- On the basis of deployment, the market report is segmented into on-premise and cloud based. Among these, the cloud based segment accounted for largest revenue share in 2020 as it helps in minimizing data management costs and improve sustainability.
- On the basis of end-use, the market report is segmented into medical devices, health insurance, hospitals, and others. The medical devices segment is expected to register largest revenue share over the forecast period due to availability of advanced e-health and introduction of various medicine delivery apps.
- Asia Pacific healthcare cybersecurity market is expected to register fastest revenue growth rate over the forecast period due to large-scale adoption of advanced healthcare cybersecurity equipment, solutions, software, as well as need for healthcare cybersecurity procedures in countries in the region.
- Revenue from North America healthcare cybersecurity market is projected to account for a significantly larger revenue share and dominate other regional markets over the forecast period. This can be attributed to rapid technological advancements in the field of healthcare cybersecurity, and continuous research activities in countries in the region.
- Some major players in the market research report include, McAfee, LLC, FireEye, Atos SE, Palo Alto Networks, Inc., Cisco Systems, Inc., Fortified Health Security, Lockheed Martin Corporation, Palo Alto Networks, Inc., Booz Allen Hamilton, Inc., and IBM Corporation.
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Segments covered in the report:
For the purpose of this report, Reports & Data has segmented the global healthcare cybersecurity market on the basis of threat, application, deployment, end-use and region:
Threat Outlook (Revenue, USD Billion; 2018 – 2028)
- Malware and Spyware
- Distributed Denial of Service (DDOS)
- Phishing and Spear Phishing
Application Outlook (Revenue, USD Billion; 2018 – 2028)
- Application Security
- Network Security
- Device Security
- Endpoint Security
Deployment Outlook (Revenue, USD Billion; 2018 – 2028)
- Cloud Based
End-Use Outlook (Revenue, USD Billion; 2018 – 2028)
- Medical Devices
- Health Insurance
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Regional Outlook (Revenue, USD Billion; 2018 – 2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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