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What Growth Opportunities are Expected to Drive the Healthcare BPO Market’s CAGR Through 2034?

The rapid increase in the size of the healthcare cyber security market has been observed in the last few years. The market, which was projected at $23.12 billion in 2024, is expected to expand to $27.53 billion in 2025, growing at a compound annual growth rate (CAGR) of 19.1%. The significant growth during the historical period can be traced back to factors such as surging cyber threats, regulatory compliance requirements, growing interconnectivity, apprehensions about data monetization, increased awareness and education, and vulnerabilities of legacy systems.

The size of the healthcare cyber security market is anticipated to witness tremendous growth in the near future. By 2029, it is predicted to expand to a value of $58.61 billion, progressing at a compound annual growth rate (CAGR) of 20.8%. This growth during the forecast period can be attributed to factors such as security challenges related to the Internet of Things (IoT), remote healthcare difficulties, supply chain security issues, threats from quantum computing, and the adoption of behavioral analytics. Significant trends expected during this period include the incorporation of AI and machine learning, digitisation of healthcare records, increases in ransomware attacks, solutions for cloud security, and the implementation of zero trust security models.

Which Drivers Are Expected to Have the Greatest Impact on the Market’s Growth?

The escalation in healthcare cyber crime incidents is anticipated to catalyze the expansion of the healthcare cyber security market. Healthcare has seen an upswing in digitalization, resulting in a higher number of cyber-attacks that are thwarted by various healthcare cyber security software solutions, thus, triggering a rise in demand for healthcare cyber security. For example, the United States Department of Health and Human Services reported in February 2023 that healthcare providers across the U.S. experienced an astonishing 104% increase in data breaches from mid-2022 to mid-2023, with incidents skyrocketing from 160 to 327. This significant growth exposed the data of more than 40 million patients, indicating a 60% YoY increase in the first half of 2023. Consequently, the rising instances of healthcare cyberattacks are propelling the healthcare cyber security market’s growth in the coming years.

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What Are the Leading Industry Players Dominating the Healthcare BPO Market?

Major companies operating in the healthcare cyber security market include:

• Irdeto a Verizon company_x000D_

• Lockheed Martin Corporation_x000D_

• Intel Corporation_x000D_

• IBM Corporation_x000D_

• Cisco Systems Inc._x000D_

What Are the Latest Trends Leading to Disruption in the Healthcare BPO Market?

Key players in the healthcare cybersecurity market are prioritizing investments in innovative security initiatives like artificial intelligence, threat reduction, and machine learning, in an effort to stave off escalating cyber threats directed at sensitive patient data and medical systems. The initiative will establish a framework through which healthcare facilities can mimic their computational environs, pinpointing potential risks prior to their exploitation by cybercriminals. For example, in May 2024, the Advanced Research Projects Agency for Health – a US-based research funding agency dedicated to supporting health and biomedical breakthroughs – initiated the UPGRADE program. They earmarked $50 million for the creation of cybersecurity tools intended for healthcare IT teams, with an emphasis on proactive risk assessment and threat reduction. The goal of this initiative is to promptly detect and rectify software vulnerabilities, causing minimal interference with hospital operations and tackling ongoing cybersecurity issues within the healthcare industry.

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Which Key Segments of the Healthcare BPO Market Are Poised for Growth and Innovation?

The healthcare cyber security market covered in this report is segmented –

1) By Threat Type: Malware, Distributed Denial Of Service (DDoS), Advanced Persistent Threats (APT), Spyware, Other Treat Types

2) By Solution: Identity And Access Management, Risk And Compliance Management, Antivirus and Antimalware, DDoS Mitigation, Security Information And Event Management, Intrusion Detection System And Intrusion Prevention System, Others Solutions

3) By Security Measures: Application Security, Network Security, Device Security, Other Security Measures

4) By Deployment: On-Premises, Cloud-Based

5) By End User: Pharmaceutical Industries, Biotechnology Industries, Hospital, Medical Device Companies, Health Insurance Companies, Other End Users

Subsegments:

1) By Malware: Ransomware, Trojans, Viruses, Worms

2) By Distributed Denial Of Service (DDoS): Volumetric Attacks, Protocol Attacks, Application Layer Attacks

3) By Advanced Persistent Threats (APT): Targeted Attacks, Spear Phishing, Insider Threats

4) By Spyware: Keyloggers, Adware, Tracking Cookies

5) By Other Threat Types: Phishing Attacks, Credential Theft, Man-In-The-Middle Attacks, Data Breaches

Which Regions Are Significant to the Growth of the Healthcare BPO Market?

North America was the largest region in the healthcare cyber security market in 2024. The regions covered in the healthcare cyber security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Can We Define the Healthcare BPO Market and Its Key Components?

Healthcare cybersecurity is a strategic necessity for all medical industry organizations, including healthcare providers, insurers, pharmaceuticals, biotechnology, and medical device firms.

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