Portland, April 15, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global healthcare cyber security market garnered $5.21 billion in 2017 and is expected to accrue a sum of $12.46 billion by 2023, growing at a CAGR of 15.6% from 2017 to 2023. The report provides a thorough analysis of market size and share, drivers & restraints, key segments, and competitive landscape.

Growing incidence of cyber-attacks, surge in need for cloud services, and regulatory requirements & government policies are the factors that propel the growth of the market. Nonetheless, scarcity of trained professionals impedes market growth. Conversely, rise in demand for strong methods of authentication and growing adoption of mobile device applications create numerous opportunities in the industry.

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Among types, the solution segment held over half of the total market share in 2017 and is likely to maintain its dominance throughout the study period. This is due to growing number of cyber-attacks, rise in incidence of data breach globally, and amendments made in government regulations related to healthcare cyber security. However, the service segment is likely to grow at the fastest CAGR of 17.6% from 2017 to 2023.

Network security held nearly half of the total market share in 2017 and would maintain its dominance throughout the forecast period. This is due to the growing demand for network protection 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. Nonetheless, cloud security would grow at the fastest CAGR of 24.6% during the study period due to rise in shift of data to cloud platform and protection of confidential information and system hacks.

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North America held about half of the total market share in 2017 and is expected to maintain its dominance through 2023. This is due to amendments in current cyber security laws and growing incidence of cyber-attacks, leading to adoption of security measures in the region. Nonetheless, Asia-Pacific is expected to register the fastest CAGR of 18.3% from 2017 to 2023 because of rise in awareness of security measures among healthcare organizations and increased spending of end users on enhanced cyber security solutions and services.

Leading market players analyzed in the market report include Cisco Systems, Inc., IBM Corporation, FireEye, Inc., Lockheed Martin Corporation, Kaspersky Lab, Northrop Grumma Corporation, MacAfee, Inc., Sensato, Palo Alto Networks, Inc., and Symantec Corporation.

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