Industrial Cyber Security Market is Flourishing Due to Increasing Adoption of IoT

Industrial Cyber Security Market is Flourishing Due to Increasing Adoption of IoT

“Industrial Cyber Security Market”
Industrial Cyber Security Market, By Product (Gateway, Routers and Ethernet switches), By Solutions (Antivirus, firewall, DDOS, Data loss Prevention (DLP) and SCADA), By Organization Size (Large & SME’s), By Industries (Manufacturing, Transportation, Power grid, Oil & Gas) and By Region (North America, Europe, APAC and Rest of the World)

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.

Various factors are propelling the industrial cyber security market growth. These factors, as specified by the Market Research Future (MRFR) report, include increasing adoption of IoT in industrial control systems, growing adoption of cloud security solutions, growing incidences of cyber-crime related incidents in various end-use industries including automotive, oil and gas, and aerospace and defense, and an increase in internet penetration worldwide. Additional factors boosting market growth include rising government funding for improving cybersecurity especially of the industrial environment, rising cases of data security breaches on account of an increasing number of connected devices, and growing adoption of telematics services in M2M communication.

On the contrary, lack of proper knowledge and awareness regarding cyber-attacks, and obscurely high cost and infrastructure related to cybersecurity are factors that are likely to impede the industrial cyber security market growth over the forecast period.

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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:

Based on the region, the industrial cyber security market report covers growth opportunities and the latest trends across the Asia Pacific (APAC), Europe, North America, and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period. This is owing to technological advancements in the region, advanced manufacturing operations, and better industrial infrastructure. Moreover, this industry is a hub for various industries. Owing to this, the need for cyber security solutions is on the rise, and there is also a growing proliferation of digitization that is boosting the market growth.

The industrial cyber security market in the APAC region will have the second largest share in the market over the forecast period. This is on account of the growing popularity of cloud services, burgeoning need for digitalization demand for data management, inclination towards industrial automation, and rising cyber threats that has given way to various government regulations. Strict government regulations are compelling organizations in deploying cyber security solutions for data privacy. Moreover, the emerging economies such as Japan, China, as well as India, are contributing adequately to the market.

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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