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)
BFSI Segment is Expected to be Fastest Growing During the Forecast Period for Europe Region
According to The Insight Partners market research study on “Europe Data Diode Security Products Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 117.62 million by 2027 from US$ 96.81 million in 2019. The market is estimated to grow at a CAGR of 4.0% from 2020 to 2027. The report provides trends prevailing in the Europe data diode security products market along with the drivers and restraints pertaining to the market growth. Data diode security products at high demand among industrial applications is the major factor driving the growth of the Europe data diode security products market. However, issues associated with TCP/IP protocols having limited functionality hinders the growth of Europe data diode security products market.
The Europe market for data diode security products is segmented into type, application, and country. Based on type, the Europe market is segmented into non-ruggedized data diode and ruggedized data diode. In 2019, the non-ruggedized data diode segment held the largest share of Europe data diode security products market. Based on application, the Europe data diode security products market is divided into government, oil and gas, BFSI, and others. BFSI segment is expected to be the fastest growing segment over the forecast period.
Also the ongoing COVID-19 is having a negative impact over Europe region. Due to COVID-19 outbreak, Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region. Businesses in the region are facing severe economic difficulties as they either had to suspend their operations or reduce their activities in a substantial manner. The region is a major manufacturing and industrial hub for sectors such as automotive and electronics sector. Hence, due to business lockdowns, travel bans, and supply chain disruptions, the region is anticipated to experience economic slowdown in 2020 and most likely in 2021 also. The member states of Europe such as Italy, Spain and Germany have implemented drastic measures and travel restrictions to limit the spread of coronavirus among its citizens. European countries represent a major market for data diode security products adoption and growth owing to the rising government regulations to protect critical infrastructure from cyber-attacks. However, due to COVID-19, the manufacturing of various electronics components has seen a sharp decline in European countries and is expected to be under stress in 2020 and it will require time to stabilize. In addition to this, the disruptions in raw materials and electronic component supply from China will further aggravate the manufacturing industries in this region. All these factors are expected to have a direct impact on data diode security products market growth in European countries. Italy, Germany, UK, and France data diode security products markets are anticipated to see the worst impact in 2020 and likely in 2021 also.
Advencia AB, BAE Systems, Belden Inc., Deep Secure Ltd, Fibersystem AB, Forcepoint, Fox-IT Holding B.V., Rohde & Schwarz GmbH & Co. are among the leading companies in the Europe data diode security products market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Advenica launched itself in Austria region in 2017 year for offering high security cyber security solutions for customers in Austria and other European countries.
The report segments the Europe Data Diode Security Products Market follows:
Europe Data Diode Security Products Market – By Type
Europe Data Diode Security Products Market – By Application
Europe Data Diode Security Products Market – By Country