Industrial Cyber Security Market Assessment, Worldwide Growth, Key Players, Analysis and Forecast to 2027

[Dhanashree Daware]

Market Highlights
The global industrial cyber security market is anticipated to touch USD 24.41 billion at a 10.97% CAGR over the forecast period (2017-2023), states the new Market Research Future (MRFR) report. Industrial cyber security services have been specially designed for safeguarding industrial environments against cyber threats. This comprises of network security, industrial control systems, hardware solutions, and software solutions.
Drivers and Restraints
Cyber protection, as technology is gaining tremendous traction in the industrial sector as M2 M Communication is increasing. Industrial Information Security's global demand is primarily driven by the growing adoption of M2 M Communication telematics services. In addition, rising demand for Industrial Cyber Security systems is due to the growing threats of cyber-attacks in Industrial Systems; is fostering the growth of the Industrial Cyber Security sector. The rising instances of cyber-attacks have led to industrial-level interference by governments. The governments are developing a fund to avoid these cases from ensuring that their country's commercial cyberspace remains protected. And this government intervention will push the machine safety market over the review period.
Costs and infrastructure associated with cybersecurity, however, are obscurely substantial due to which management is faced with a tough decision at their side. Companies often tend to have an in-house cybersecurity division, but the innovation costs are high. This element could stand in the way of global market growth.
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Segmentation:
The Market Research Future report provides a wide segmental analysis of the industrial cyber security market based on solutions, product, organization size, and solutions.
Based on product, the industrial cyber security market is segmented into ethernet switches, router, and gateway.
Based on solutions, the industrial cyber security market is segmented into SCADA, data loss prevention (DLP), DDoS, firewall, and antivirus. Of these, the firewall segment will have the largest share in the market over the forecast period. This is owing to massive adoption of ruggedized firewalls to maintain and manage network traffic, especially in industrial infrastructure that operates in harsh climatic conditions. Today firewalls play an essential role in blocking external threats and containing internal cyber incidents which could profoundly impact reliability, safety, and productivity.
Based on organization size, the industrial cyber security market is segmented into small and medium enterprises and large enterprises.
Based on industries, the industrial cyber security market is segmented into oil and gas, power grid, transportation, and manufacturing.
Regional Analysis:
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
The Information Security Industrial Market is divided into four major regions, such as North America, Europe, Asia Pacific, and the rest of the world. The growth of the cyber security market in North America is higher from these geographies in terms of technological developments, manufacturing process operations, and better industrial infrastructure. North America is the center for a large number of industries and because of the early acceptance of new technologies by all the regions. Several governments and large organizations raise funds to resolve security vulnerabilities and increase web-based software adoption for more connected devices for easier and safer transmission of data over the secured networks. Industrial cybersecurity faces multiple threats, and the biggest challenge to date is IoT and connected devices vulnerability. The Industrial cyber security market is anticipated to develop at a higher pace each year as the technology for connected devices is on boom via a central management system and more connected devices are rising significantly each year. However, Asia – pacific is following the lead due to increasing opportunities in emerging Middle East countries, their adoption of cloud services, demand for digitalization market for data processing, and inclination to industrial automation. Also, the emerging economies like India, China, and Japan contribute substantially to the overall market share.
Competitive Dashboard:
Leading players profiled in the industrial cyber security market report include Kaspersky labs (Russia), Bayshore Networks (US), Cisco Systems, Dell Inc., IBM Corporation (US), Rockwell Automation (US), Schneider Electric (France), ABB Ltd (Switzerland), and Honeywell International Inc. (US).
June 2019: Renowned security solutions provider for ICS (industrial control system) and OT (operational technology) environments, Indegy has launched CIRRUS, the first ICSaaS (industrial cybersecurity as a service) offering. This will enable organizations of every size from single facility companies to global multi-site in comprehensively monitoring and protecting their OT networks through cloud-based technologies as well as benefit from real-time threat intelligence sharing.
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List of Figures
FIGURE 1 RESEARCH METHODOLOGY
FIGURE 2 INDUSTRIAL CYBER SECURITY MARKET, BY PRODUCT (%)
FIGURE 3 INDUSTRIAL CYBER SECURITY MARKET, BY SOLUTIONS (%)
FIGURE 5 INDUSTRIAL CYBER SECURITY MARKET, BY INDUSTRIES (%)
FIGURE 6 INDUSTRIAL CYBER SECURITY MARKET, BY REGION (%)
FIGURE 7 NORTH AMERICA INDUSTRIAL CYBER SECURITY MARKET, BY PRODUCT (%)
FIGURE 8 NORTH AMERICA INDUSTRIAL CYBER SECURITY MARKET, BY INDUSTRIES (%)
FIGURE 9 EUROPE INDUSTRIAL CYBER SECURITY MARKET, BY PRODUCT (%)
FIGURE 10 EUROPE INDUSTRIAL CYBER SECURITY MARKET, BY SOLUTIONS (%)
FIGURE 11 EUROPE INDUSTRIAL CYBER SECURITY MARKET, BY INDUSTRIES (%)
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