Cybersecurity spending in Europe
Last year, more than 4,000 ransomware attacks happened on a daily basis in the EU (EFA), while 80% of European companies faced at least one cybersecurity incident. According to the EU Commission, the economic and financial impact of cyberattacks has increased five-fold in the past four years alone.
The chart below shows that the cybersecurity solutions market in EMEA (Europe, the Middle East, and Africa) is expected to grow at a CAGR (compound annual growth rate) of 7.2% to become a $15.9-billion market in 2020, up from $11.2 billion in 2015.
Companies flock to Europe as spending on security rises
According to Brian Lord, managing director of cyber and technology at PGi, a cybersecurity firm, as outdated and old IT (information technology) systems get updated, spending on cybersecurity protection will likely rise 10.0% in the UK (EWU) and Europe (EFA) by 2020.
This expected growth trend in cybersecurity has attracted US companies to seek business opportunities in Europe. To adjust to a new geography, 68% of these US companies plan to spend in the range of $1 million–$10 million on upgrades (FEYE), while 9% of companies aim to spend more than $10 million, as reported by PwC.