As the advent and adoption of promising technologies in the companies across all the industries make the business process very easier, it also leads to cyber attacks. Healthcare organizations continue to be popular targets for cyber criminals as their wealth of personal health information continue growing. The lack of cybersecurity expertise also creates a big challenge for healthcare IT organizations. According to a research report, 1,138 breach cases occurred between 2009 and 2017, 53 percent of which originated inside the organization.
Apart from these facts, the global market for healthcare cybersecurity is predicted to earn USD 12.46 billion by 2023 from USD 5.21 billion in 2017, with a growing CAGR of 15.6 percent. The market is largely driven by increasing incidence of cyber attacks, growing demand for cloud services, and government policies and regulatory requirements. Additionally, Escalating demand for strong methods of authentication and increasing adoption of mobile device applications create plentiful opportunities in the industry. However, the dearth of trained professionals can hamper the business growth of this market.
The solution segment of this market held more than half of the total market share in the year 2017 and is slated to maintain its control over the marketplace throughout the projected timeframe. This growth is attributable to the rising number of cyber-attacks, an increase in the incidence of a data breach across the globe, and amendments in government regulations related to healthcare cybersecurity. On the basis of geography, the healthcare cybersecurity market in the United States is expected to reach USD 8.7 billion within the next four years.