Market Trends of Europe Data Protection-as-a-Service Industry
BFSI Industry is Expected to Grow at a Significant Rate Throughout the Forecast Period
- The banking and financial services industry participants are becoming more digitally sophisticated, so safeguarding corporate data from security breaches is essential. Modernized bank data centers with hybrid cloud infrastructure backed by a digital foundation technology and powered by self-driving operations ensure significantly improved customer experiences. On the other hand, modernization created different security loopholes, resulting in data breaches and other information losses.
- Technology service providers, such as Eurobits, help banks work together so that their customers can quickly pay and manage their bank accounts at multiple banking providers. The company migrated to VMware vSphere on IBM's cloud technology in two data centers to containerize its secure banking applications.
- Many European banks are looking for cloud computing providers with higher security standards than they can find in the United States. The European banks are opting for three major United States cloud providers, Microsoft, Amazon, and Google.
- French and German government officials are in talks with major technology, telecommunications, and finance players to create a competitive continental cloud service run by regional technology provider companies. However, banks, like Germany's Commerzbank AG, have teamed up to present joint cloud requirements to the United States providers to increase the flexibility of data-related regulations.
- Players operating in the market continually invest in innovative solutions to tackle problems efficiently. For instance, Fortinet, a significant cybersecurity solutions provider, announced the launch of FortiGate-VM, extending its native support of VMware NSX-T to provide advanced security for East-West traffic.
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United Kingdom Country Segment is Expected to Hold a Significant Share
- The increasing preferences for big data, blockchain, and other initiatives across the UK market landscape have contributed to market growth.
- According to the SAS Institute, retail banking organizations in the United Kingdom are expected to lead in Big Data adoption by a staggering 80%, likely contributing to the market's growth positively.
- The fashion retailer H&M recently started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. To enhance its bottom line, the fashion retailer uses algorithms and different customer data sources to gain insights from receipts, returns, and data from loyalty cards.
- In the United Kingdom, blockchain users can refer to the guidance developed in France to help them comply with data protection laws. The United Kingdom's data protection authority has ignored the significant legislation related to cryptocurrency mining and related technologies. The guidance developed by CNIL, the French data protection authority, has been considered efficient for people working in the blockchain field.
- Furthermore, the increasing number of cyber-threat incidents is also driving the growth of the United Kingdom country segment in the coming years. For instance, according to IBM's X-Force Threat Intelligence Index report, published in February 2023, 43% of threats observed throughout Europe during the previous 12 months were in the UK. In 2022, the energy and financial sectors experienced the highest number of breaches, accounting for 16% of all cyberattacks in the UK. Moreover, according to SurfShark, approximately 420 thousand data records in the United Kingdom (UK) were compromised in the second quarter of 2023. The number dropped significantly compared to about 15 million in the first quarter of 2021. Such a significant drop in data compromises might indicate the considerable adoption of data protection services nationwide.
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