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The Global Smart Security Market in healthcare sector is projected to register a CAGR of 15.2% during the forecast period of 2018 - 2023. The scope of the report is limited to the type of security and its various end-user applications. The regions considered in the scope of the report include - North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.Increasing cyberattacks and stringent government regulations are a few factors driving the growth of the market, whereas, lack of awareness is inhibiting its growth rate.
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Due to the increasing cyberattacks and stringent government policies, smart security is increasingly being used in the healthcare sector. Moreover, owing to multitude of benefits that these records provide, healthcare providers are moving toward the adoption of electronic records. This paves the way for cyber attackers. Therefore, the companies need to safe guard the records and to do so, they are implementing smart security solutions.
Increasing Cyberattacks
Over the past few years, the number of cyberattacks in the healthcare industry has witnessed a steep rise. In 2014, data breaches in the healthcare industry increased by more than 80%. Moreover, there were 2.3 million victims of medical identity theft in 2014 and those victims had paid, on an average, USD 13,500 to resolve the issue. Therefore, there is a dire need for smart security in healthcare.
One medical record can fetch USD 50 in underground economy, which is way more than that of a credit card. Cyberattack in healthcare is undertaken to steal medical records, financial records, and intellectual property. Data breaches cost the healthcare industry around USD 6 billion annually and a single data breach costs approximately USD 2 million. Thus, with increasing cyberattacks and its dire impact on the healthcare industry, the smart security market in healthcare sector is anticipated to grow.
North America to Account for the Largest Share
North America accounted for the largest share and owing to the presence of developed the healthcare industry, is expected to continue its dominance over the forecast period. Moreover, the high adoption of digitalization in the North American healthcare industry makes it more prone to cyberattacks. In addition, most of the major medical device manufacturers and pharmaceutical industries are set up in this region. Most of the smart security solution providing companies are headquartered in this region and roll out pilot projects in the region, before the global launch.
Key Developments in the Market
• December 2017 - Symantec partnered with BT, to provide best-in-class endpoint security protection. With advanced technologies, such as machine learning, memory exploit mitigation, file reputation analysis, and real-time behavior monitoring, Symantec Endpoint Protection 14 provides real-time threat protection, even against unknown threats, ‘zero-day’ attacks, and ransomware.
• April 2017 - Kaspersky Lab released Kaspersky Endpoint Security for Business. This new edition is offered with multiple manageability enhancements, increased flexibility of data protection, and the centralized management of platforms, applications, and devices.
Major Players: XL GROUP LTD, AMERICAN INTERNATIONAL GROUP, INC., ZURICH INSURANCE Co. LTD, AON PLC, ALLIANZ GLOBAL CORPORATE & SPECIALTY, MUNICH RE GROUP, AND LOCKTON COMPANIES, INC., amongst others.
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Table of Content:
1. Introduction
1.1 Key Deliverables of the Study
1.2 Study Assumptions
1.3 Market Definition
1.4 Key Findings of the Study
2. Research Approach and Methodology
3. Executive Summary
4. Market Dynamics
4.1 Market Overview
4.2 Factors Driving the Market
4.2.1 Increasing Cyber Attacks
4.2.2 Rapid Adoption of Cloud Services
4.2.3 Regulatory Compliance
4.3 Factors Restraining the Market
4.3.1 Lack of Awareness
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products or Services
4.4.5 Competitive Rivalry among Existing Competitors
5. Global Smart Security Market in Healthcare Sector - Segmentation
5.1 By Type of Security
5.1.1 Network Security
5.1.2 Cloud Security
5.1.3 Endpoint Security
5.1.4 Data Security
5.1.5 Others
5.2 By End-user Application
5.2.1 Life Sciences
5.2.2 Hospitals
5.2.3 Health Insurance Providers
5.2.4 Medical Devices Manufacturers
5.2.5 Others
5.3 By Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Middle East & Africa
5.3.5 Latin America
6. Competitive Intelligence - Company Profiles
6.1 Symantec Corporation
6.2 Trend Micro Inc.
6.3 Cisco Systems Inc.
6.4 IBM Corporation
6.5 Kaspersky Lab
6.6 FireEye Inc.
6.7 CA Technologies
6.8 LookingGlass Cyber Solutions Inc.
6.9 Barracuda Networks Inc.
6.10 Comodo Group
7. Investment Analysis
8. Outlook of the Global Smart Security Market in Healthcare Sector
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