The advent of advanced digital technologies in verticals such as banking, retail, information technology, defense, and manufacturing sectors have offered immense new potentials with high capabilities, have facilitated automation, and offered affluent working environments lately. These technologies, however, have also appeared to be highly vulnerable and prone to threat landscape of exploits, malware vulnerabilities, and others. Cyber incidents, whether intentional or unintentional, could hamper the supply of essential services, harm the reputation and brand and can further result in a loss of competitive advantage and cause hefty financial damages.
Cybersecurity in the business environment is predominantly aimed at detecting, preventing, and reacting to the network attack or cyber-attack at the time of infiltration. A robustly effective and efficient strategy while taking advantage of the requisite solution girds an organization to combat unforeseen threats to their safety infrastructure while improving access to corporate information, both on-premise and outside the corporate network.
The global industrial cybersecurity market is expected to bolster growth at a thriving CAGR over the years to follow.
The growth of this market is attributed towards major pertaining factors including; the rise in demand for industrial cybersecurity across various end-use industries, the increasing cyber-attacks on industrial control systems worldwide, the increasing investments by governments to create a framework for refining cybersecurity at industrial environments, the augmented adoption of telematics services in M2M Communication, the rising incidence of cybercrimes across discrete and process management industries, the massive increase in internet penetration across the world, the increasing adoption of cloud security solutions and an increasing focus of industries on preventing cybercrime activities, etc.
Additionally, a trend of service providers shifting to cyber security-as-a-service (CSaaS) models can be increasingly witnessed on a worldwide scale. This approach to cybersecurity has given initiation to service models such as software-as-a-service (SaaS) and platform-as-a-service (PaaS). Also, with this, the providers are tremensoudly focusing on pay-as-you-go expertise by providing SaaS models on a subscription basis which enables continuous monitoring and assessment of the industrial environment. This trend is fueling the growth of the global industrial cybersecurity market considerably.
Moreover, government organizations are increasingly raising funds to battle with the situation of security breaches and uncontrollable increase in the web-based application for more number of connected devices for easier and safer transmission of data over the secured networks. This step by the government is propelling the demand and the overall growth of the industrial cybersecurity market substantially.
Furthermore, the high penetration of Industrial Internet of Things (IIoT) technology in critical infrastructure industries (power utilities, oil & gas, etc.), the growing number of cybersecurity regulations enforced on a global level, the rising compliance regulations by governments, the growing adoption of Bring Your Own Device (BYOD) in organizations will further augment the growth of this market.
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However, the high cost and infrastructure associated with cybersecurity, the high complexity of cybersecurity systems, lack of awareness about best practices and criticality of cybersecurity solutions, unclear return on investment (ROI) benefits and underestimation of threat levels along with a misunderstanding of nature of threats are a few factors among others hampering the growth of this market.
INDUSTRIAL CYBERSECURITY MARKET SEGMENTATION:
By Security Type:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Wireless Security
- Data Security
By Offering Type:
- Solutions & Services
- Ethernet Switches
- Data Loss Prevention (DLP)
- Professional Services
- Managed Services
By Organization Size:
By Deployment Type:
By End-Use Vertical:
- IT & Telecom
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The North American region holds the largest share in the industrial cybersecurity market and is expected to maintain its position at the top in the next few years as well. The growth in this region can be attributed to the increasing number of internet users in the region, the increasing stringency in standards and policies for maintaining data privacy and security, the presence of prominent security vendors that have global and regional headquarters in the region, the advancements in technologies, manufacturing process operations and industrial infrastructure and the increased spending on security solutions and services by large enterprises and SMEs along with other associated factors influencing the market. The major contributor to the region in the U.S.
The Asia Pacific region is the fastest-growing regional market for industrial cybersecurity solutions and services and is projected to grow at a significant rate in the upcoming years owing to the increasing efforts toward securing endpoints, networks, and cloud infrastructure, the growing support by the organizations and governments for implementation of data security guidelines and IoT security frameworks in the region, the rapid adoption of smartphones, the surging penetration of the internet coupled with increasing users, the rapidly growing industrialization and the increasing adoption of cloud and digital services etc. The major contributors in the region include India and China.
FEW KEY PLAYERS IN INDUSTRIAL CYBERSECURITY MARKET:
- Schneider Electric SE
- Bayshore Networks
- Kaspersky Labs
- ABB Ltd.
- Broadcom INC
- McAfee LLC
- Palo Alto Networks Inc.
- Trend Micro Incorporated
- Dell Inc.
- IBM Corporation
- Cisco Systems Inc.
- Honeywell International Inc.
- CyberArk Software Ltd.
- Rockwell Automation Inc.
- Symantec Corporation
- Check Point Software Technology Ltd.
- Siemens AG
- Other Players
- In December 2020, Dragos Inc., the global leader in cybersecurity for industrial controls systems (ICS)/operational technology (OT) environments, announced that it secured $110 million in Series C funding from investors representing some of the world’s largest corporations. The new funding as per reports will be used to support an expanding set of global customers across a diversity of industries including electric, oil & gas, manufacturing, mining, chemicals, and transportation etc.
- In January 2021, Wind River, a leader in delivering software for the intelligent edge, was said to be in plans to collaborate with Curtiss-Wright Defense Solutions to offer integrated cybersecurity and anti-tamper protections for aerospace and defense systems.
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global industrial cybersecurity market by the following segments:
- Security Type
- Offering Type
- Organization Size
- Deployment Type
- End-Use Vertical
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Industrial Cybersecurity Industry Report
- What is the overall market size in 2019? What will be the market growth during the forecast period i.e. 2020-2025?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?