iCrowdNewswire Oct 29, 20203:35 PM ET
Health IT Security Market size is forecast to reach $16.20 billion by 2025, growing at a CAGR of 14.77% during the forecast period 2020-2025. The growing number of interconnected medical devices and the evolution of next-generation IT security solutions are the major factors driving the growth of the market. The increasing number of healthcare data breaches and stringent regulatory requirements is set to further enhance the overall market demand for Health IT Security Market during the forecast period 2020-2025.
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Products – Segment Analysis
The Distributed Denial of Services (DDoS) Mitigation held the largest share in the Health IT Security Market in 2019 and is estimated to grow at a CAGR of 16.11% during the forecast period. Distributed Denial of Services Mitigation is the process of successfully protecting a targeted server or network. Distributed denial of service attacks is a popular tactic, technique, and procedure used by hacktivists and cybercriminals to overwhelm a network to the point of inoperability. This can pose a serious problem for healthcare providers who need access to the network to provide proper patient care or need access to the Internet to send and receive emails, prescriptions, records, and information. While some DDoS attacks are opportunistic or even accidental, many target victims for a social, political, ideological, or financial cause related to a situation that angers the cyber threat actors. A compliance management solution is a must for organizations striving to balance risk and governance. When working to comply with ever-evolving regulatory environments, too much governance can limit the agility enterprises need to compete, while too much risk can harm profitability and reputation. Distributed Denial of Services(DDoS) Mitigation is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025.
Applications- Segment Analysis
The Network Security segment held the largest share in the Health IT Security Market in 2019 owing to the storage and transmission of a large amount of sensitive patient information. Network security is important as a large amount of patient information is set to be at risk owing to poor security practices. Adopting new technology has several benefits for healthcare instructions including saving money, improving efficiency, reducing errors, and increasing the quality of care. Patient data is extremely valuable to hackers. Stolen information can be used to commit identity theft and Medicare fraud or obtain unauthorized prescriptions. Network security is designed for HIPAA compliance and offers a wide range of tools to protect networks from common vulnerabilities. Additional layers of network security lower the risk of breaches to save providers money and increase the efficiency of patient care. The network security is set to be the highest growing segment and is estimated to register the highest CAGR during the forecast period 2020-2025 owing to protecting the personal information of the patients from hackers.
Geography – Segment Analysis
North America dominated the Health IT Security Market in 2019 with a share of more than 44.87%, followed by the Asia Pacific owing to increasing spending on cybersecurity. Digitally and technologically advanced healthcare infrastructure is also increasing the growth of the health IT security market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2020-2025 owing to the growing awareness of IT security. Growing initiative to make stringent regulations on data security and growing use of mobile devices in healthcare practices are increasing the growth of the health IT security market in this region.
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Drivers – Health IT Security Market
- An Increase in adoption of mobile device applications and platforms
An increase in the adoption of mobile device applications and platforms is increasing the growth of the health IT security market owing to the increase in the acceptance of bringing your device in healthcare organizations. The variety of services, applications, and functions available on mobile devices leads to a large amount of data being stored on devices and transferred to and from devices. Most of the data stored on mobile devices include sensitive information, such as credit card numbers, user names, and passwords. This growth in dependency on mobile devices encourages organizations to implement effective cybersecurity solutions, such as IAM, asset management, UTM, and monitoring and analytics. Thus, increasing the growth of the health IT security market during the forecast period 2020-2025.
- Emergence of cloud computing
The emergence of cloud computing is increasing the growth of the health IT security market since cloud computing democratizes data and gives patients control over their health. From conventional storage to digitalization of healthcare data, the healthcare industry has sure come a long way in optimizing its data management practices. The widespread adoption of cloud computing in healthcare goes far beyond just storing data on cloud architecture. Healthcare providers are now leveraging this technology to gain efficiencies, optimize workflows, lower the costs associated with healthcare delivery, and offer personalization in care plans to improve outcomes. Moving over to the cloud has two-fold benefits. It has proven to be advantageous for both healthcare providers as well as patients. On the business side, Cloud computing has proven beneficial for cutting down operational expenses while allowing providers to deliver high-quality, personalized care. The democratization of healthcare data and its remote accessibility free up providers as well as patients and breaks down location barriers restricting access to healthcare. Thus, increasing the growth of the health IT security market during the forecast period 2020-2025 owing to the lowering costs, ease of interoperability, patient’s ownership of data, and telemedicine capabilities.
Challenges – Health IT Security Market
- Shortage of cybersecurity professionals and limited spending on IT security in healthcare organizations
Some of the factors that can impede the growth of the Health IT Security Market are the shortage of cybersecurity professionals and limited spending on IT security in healthcare organizations, and the dearth of investments acts as a potential restraint in the growth of the health IT security market.
- In January 2017, IBM Corporation acquired Agile 3 solutions for health IT security technologies to increase its data protection capabilities.
- North America dominated the Health IT Security Market owing to the increasing spending on cybersecurity and increasing technologically advanced healthcare infrastructures. The Health IT Security Market scope for different regions will be provided in the final report.
- An increase in the adoption of mobile device applications & platforms and the emergence of cloud computing is likely to aid in the market growth of the Health IT Security Market.
- Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Health IT Security Market report.
- The shortage of cybersecurity professionals and limited spending on IT security in healthcare organizations is poised to create hurdles for the Health IT Security Market.
Health IT Security Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Health IT Security Market. In 2019, the Health IT Security Market share is consolidated by the top ten players present in the market. Health IT Security, the top 10 companies are IBM Corporation, Intel Corporation, Symantec Corporation, EMC Corporation, Trend Micro, Oracle Corporation, SailPoint Technologies, Dell Inc., CenturyLink, and Wipro among others.
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