Industrial Cyber Security Market Research Report- Forecast till 2023
Industrial cyber security entails a range of safeguards implemented to protect operational technologies and internet technology. Firms involved in industrial cyber security provide industries of all sizes solutions for protecting critical equipment. The global industrial cyber security market report is aimed at large industries looking to scale their business by integrating automated technologies into their process. It covers drivers, challenges, opportunities, and trends for the period of 2017 to 2023 (forecast period) and provides projections on revenue and growth while taking into account the COVID-19 pandemic.
The global industrial cyber security market is expected to reach approximately 24.41 USD billion by 2023. It can register 10.97 % CAGR during the forecasted period. The use of cyber security for protecting critical infrastructure is the major driver of the market. This is attributed to the spate of cyber attacks on industrial systems causing a loss in production. The penetration of web based applications and safe transmission of data over secure networks can fuel the market demand. Funds raised by government organizations and rise of connected devices for preventing security breaches can accelerate market demand.
Adoption of computers and laptops for working from home due to the outbreak of the COVID-19 virus has led to companies adopting measures for protecting sensitive data. Use of cloud computing and management of information risks can spur the market growth during the assessment period.
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On the basis of the components, the cyber security market is divided into gateways, routers and Ethernet switches. Out of these, routers and Ethernet switches hold the largest market share of in the industrial cyber security market. This is majorly due the breaches in the security targeting the infrastructure of the industries and the operation process of plants for gaining access to sensitive data. Also, with the advancements in connected systems, internet penetration, and IIoT, usage of gateways results in the growth of cyber security market. Many government organizations are raising funds to tackle the situation of security breaches and increase in the web based application for a more number of connected devices for easier and safer transmission of data over the secured networks.
On the basis of industries, the transportation industry is prone to cyber threats due to increase in the whole connected systems rather than standalone systems followed by power grids. The industry has gained the advantage of favorable government regulations for integrating cyber security into their processes. The integration of rail, road, and metro systems with other modes of transport and its vulnerability to cyber criminals can induce the demand for such systems.
The industrial cyber security market growth is higher in North America in the terms of advancements in technology, manufacturing process operations, and industrial infrastructure. Among all regions, North America is the hub for a large number of industries and due to early adoption of innovative technology. The vulnerability of industrial systems and machines to cyber attacks and inclination towards automation due to IIoT can drive the market demand.
Asia Pacific will assume the second position due to increasing opportunities in emerging countries of Middle East, adoption towards cloud services, and inclination to industrial automation.
Rockwell Automation, Kaspersky Labs, Honeywell International Inc, Dell, IBM Corporation, ABB ltd, Bayshore Networks, Schneider Electric, and Cisco Systems are key players of the global industrial cyber security market.
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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)
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