Industrial Cybersecurity Market:
Growth opportunities in the industrial cybersecurity market look promising over the next six years. This is mainly due to the increasing number of government’s funding to develop a structure required to enhance cybersecurity, implementation of the Industrial Internet of Things (IIoT) in the operations, and the growing use of the internet.
Industrial Cybersecurity Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging occurrence of cyberattacks on industrial control systems largely because of the execution of the Industrial Internet of Things (IIoT) in operations, which resulted in an expansion of the cybersecurity risk, is the key driver contributing to the growth of the global industrial cybersecurity market. The augmenting government fund to establish a structure needed to improve cybersecurity across different industries also propels the industrial cybersecurity market size. Also, the accelerating penetration of internet and IT systems results in high data privacy and information security risk, which further boosts the market demand. However, the insufficient framework and funds required for the development of cybersecurity solutions, along with inadequate awareness about cybersecurity need in industrial control systems is likely to obstruct the market growth.
For example, the government in 2020 presented an investment of USD 1.35 billion to enhance the capabilities of cybersecurity in Australia during the next decade. Out of this USD 1.35 billion, USD 35 million will be used to evolve a new cyber threat-sharing platform that helps the industry and government share intelligence relating to malicious cyber activity and block the appearing threats in near real-time.
End-User Industry Segment Drivers
On the basis of the end-user industry, transportation is predicted to grow at a faster CAGR over the forecast period. This is due to the rise in the number of cyberattacks on the transportation system, resulting in operational delay, theft of data, and other challenges.
Regional Drivers
Based on the regional coverage, Asia-Pacific is projected to expand at a higher CAGR during the forecast period because of the huge requirement of industrial cybersecurity led by the growing digital connectivity implementation and insufficient awareness about cybersecurity. Moreover, several small and medium-sized enterprises and rapid industrialization are paving the way for enormous growth opportunities in the industrial cybersecurity market.
Industrial Cybersecurity Market’s Leading Manufacturers:
- Rockwell Automation, Inc.
- Dell
- ABB
- IBM
- Fortinet, Inc.
- Siemens
- McAfee
- Cisco Systems, Inc.
- Honeywell International Inc.
- Schneider Electric
Industrial Cybersecurity Market Segmentation:
Segmentation by Security Type:
- Endpoint Security
- Network Security
- Cloud Security
- Application Security
- Wireless Security
- Others
Segmentation by Offering:
- Networking Devices
- Routers
- Industrial Ethernet Switches
- Gateways
- Services
- Managed Services
- Professional Services
- Audit & Reporting
- Risk Management Services (RMS)
- Design Integration & Consulting
- Solutions
- Firewall
- Antivirus/Malware
- Virtualization Security
- SCADA Encryption
- Security Information and Event Management (SIEM)
- Data Loss Prevention (DLP)
- Identity and Access Management (IAM)
- Intrusion Detection System/Intrusion Prevention System
- Distributed Denial of Service (DDOS)
- Unified Threat Management (UTM)
- Others
Segmentation by End-User Industry:
- Utilities
- Power
- Chemicals & Manufacturing
- Transportation
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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