The global health IT security market is estimated to expand at a CAGR of 15.0% during the forecast period of 2015 to 2020. The growth of the market for health IT security is prognosticated to be driven by many factors including rise in the number of #healthcare data breaches across the globe.
Government authorities of several nations around the world are implementing stringent regulations related to patient data safety. This factor is anticipated to fuel the sales prospects in the global health IT security market in the years to come. Moreover, the market for health IT security is being driven by increase in investments by venture capital firms, growing number of interconnected medical devices, and rising use of mobile devices across the globe.
Some of the key services offered by companies operating in the global health IT security market include identity and access management solutions, antivirus and antimalware, risk and compliance management solutions, encryption and data loss protection (DLP) solutions, intrusion detection/intrusion prevention systems (IPS), and firewalls and unified threat management (UTM) solutions. Rise in the demand for these services globally is generating sizable sales avenues in the market for health IT security.
The health IT security market is anticipated to gain lucrative prospects owing to development of cloud computing and advanced IT security solutions globally. However, the market for health IT security is estimated to experience sluggish growth owing to many factors including restricted expenditure on IT security in healthcare organizations and scarcity of cyber security professionals.
Players operating in the health IT security market are increasing expenditure on R&D activities in order to develop highly advanced solutions. Moreover, companies in the health IT security market are indulging in strategies such as partnerships, collaborations, and joint ventures in order to expand their businesses in newer regions.
Health IT security is needed by organizations to combat cybercrime and ransomware that hospitals and healthcare organizations are susceptible to. The complex infrastructure and the range of devices used by healthcare organizations provide a host of entry and pivot points that cybercriminals can exploit. This requires hospitals and healthcare organizations to be equipped to sustain the evolving threat landscape and comprehend the most common areas of cyber security risk.
Amongst all attacks that hospitals and healthcare organizations are susceptible to, ransomware has surfaced as the most feared hacking technique. The technique has the potential to allow hackers to seal access to data until a sum of money is paid to them. As per findings of a recent research, hospitals are the target of 88% of cases of ransomware. The other areas that pose risk of data breach for hospitals and healthcare organizations are inadequately secured IoT devices and human error element. This, along with HIPPAA and other regulatory requirements necessitate health information to be protected. Healthcare organizations have plentiful serious security considerations that must be timely addressed in order to ensure patient safety and privacy.
Healthcare organizations are implementing a number of processes to maximize the security effort and attain compliance. These are establishing a security plan, prioritize offline storage, secure biomedical devices, educate users, and train patients. This is because information security and patient privacy are key components of a well-operating healthcare environment. Moreover, the privacy and security realms of healthcare information and management systems society (HIMSS) provide resources so as to assist healthcare organizations with their privacy and security goals.
Global Health IT Security Market: Overview
Increasing incidences of highly specialized and extensive data security breaches in the healthcare industry has brought to the fore the pressing need to employ effective security measures across healthcare IT systems. Data breaches continue to cost the healthcare industry hefty sums on an annual basis, with countries having technologically advanced healthcare infrastructures such as the U.S. and several European countries suffering the most. As a result, the tremendous monetary pressure as well as negative publicity that weak cybersecurity can bring to an organization is garnering increased focus and the healthcare industry is ramping up its spending on IT security.
This report on the global health IT security market presents a detailed overview of the growth dynamics of the market in present times and includes vast projections regarding the growth prospects of the market over period between 2016 and 2024. The report includes comprehensive qualitative as well as quantitative data pertaining to key market segments and their valuation, expected rate of growth over the mentioned period, and overall attractiveness across regional markets.
Global Health IT Security Market: Trends and Opportunities
The healthcare industry is coming to terms with the fact that data breaches have been consistently rising in terms of impact, frequency, volume, and cost over the past few years. Also, the fact that data breaches in present times are highly professional in the way they are planned and executed makes it necessary for healthcare organizations to be equally proactive and prepared in the way security of the organization is planned and executed. The need to assess the present state of security readiness and implement a much more effective security model is the key factor driving the global health IT security market.
The market is also driven by the increasing penetration of mobile devices in internal networks of a healthcare IT infrastructure, stringent regulations, and rising spending by government bodies on IT security. Evolution of highly effective futuristic IT security solutions for the healthcare industry and the increasing adoption of cloud computing models for accessing IT security solutions at economical and pay-as-use pricing models are also fueling the adoption of health IT security solutions globally.
Global Health IT Security Market: Segmentation
The key product varieties offered by the health IT security market include risk and compliance management solutions, disaster recovery, firewalls and unified threat management solutions, antimalware and antivirus, intrusion detection/intrusion prevention systems, and identity and access management solutions. On the basis of services, the health IT security market can be segmented into upgradation, maintenance, implementation, managed services, consulting, and on-going support.
The key applications of health IT security solutions are found across areas such as endpoint security, content security and network security. Based on the mode of delivery of health IT security solutions, the market is segmented into on-premise, cloud, and hybrid. The key end users of health IT security solutions are healthcare payers (insurance firms) and healthcare providers.
Global Health IT Security Market: Regional and Competitive Outlook
From a geographical perspective, developed regions such as Europe and North America are the leading contributors to the revenue of the global health IT security market. The digitally and technologically advanced healthcare infrastructures in these regions have been the prime targets of the recent times’ most costly and sophisticated cyber-attacks. In response to this, these regions are significantly increasing spending on cybersecurity. These regions are expected to remain the leading contributors to the global market in the next few years as well.
In the highly competitive and fragmented vendor landscape of the global health IT security market, no major vendor accounts for a dominant share. Some of the leading companies operating in the market are Intel Corporation, SailPoint Technologies, Symantec, Hewlett Packard, AT&T, EMC Corporation, IBM Corporation, Wipro, and Verizon.
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5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
- Current and Future Threats
- Accurate Trend Analysis
- Regional Assessment
- Industrial Analogy
- COVID-19 Impact
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.