The global industrial cybersecurity market accounted for a value of USD 14.3 billion in 2019. Industrial cybersecurity market projected to register growth at a CAGR of 4.9% during forecast period.
COVID-19 has impacted the industrial cybersecurity market. The demand for industrial cybersecurity is rising as these services and solutions are important for organizations to secure their confidential information and data by controlling and monitoring number of process outputs and inputs at the site. The outbreak of corona virus has forced organizations to adopt operating models faster in order to ensure sustenance. The work from home has become new normal across the world and this leads to wide increase in use of cloud services and connectivity devices as it ensures smooth operations. This leads to huge requirement of cybersecurity to protect company’s data and to serve their clients during work from mode. The ongoing pandemic boosts the growth of industrial cyber security market during forecast period.
For more details, visit: Global Industrial Cybersecurity Market By Security Type (Network Security, Cloud Security, Others), By Offering Type (Products, Services & Solutions), By Application (Utilities, Power, Others), By Region, Forecast & Opportunities to 2026
Countries critical resources rely on digital technologies and cyber threats can damage or disrupts plant operations and IT systems by hacking important information using phishing, spyware and malware. Cyber attacks on manufacturing and utilities plants caused huge looses. In order to protect cyber attacks, the adoption of industrial cybersecurity is increasing in the market and this drives growth in industrial cybersecurity market during forecast period.
On the basis of security type, the industrial cyber security market is segmented into products and solutions & services. The products segment is estimated to register growth at highest CAGR during forecast period. The adoption of industry 4.0 and IoT enabled devices is increasing across the end-users and the increases the cyber threats. The cyber threats can be prevented using cybersecurity products. This increases the demand and adoption for secure hardware and drives growth in products segment in industrial cybersecurity market during forecast period.
On the basis of application, the industrial cyber security market is segmented into transportation, utilities, power and chemicals & manufacturing. The transportation segment is estimated to grow at highest CAGR during forecast period. The dependencies on web-based applications and technologies are increasing and this lead to increase in risk of cyber threats. The metro, road and rail networks are physically integrated with each other and integrated with other models of transport. The industrial control systems and pipelines are used in almost all transport systems such as aviation, marine and highways. Cyberattcks on transportation systems leads to delay in operation, passenger injury and theft of data. This increases the adoption of cybersecurity in the transportation application and this drives growth in transportation application segment during forecast period.
Asia-pacific region is estimated to grow at highest CAGR during forecast period. The efforts to secure networks, cloud infrastructure and endpoints are increasing in this region. The adoption of smartphones is rapidly increasing along with the rise in usage of internet in this region. The adoption of digital and cloud services are increasing which increases the data thefts and cyber risks. The government is also spending in this segment in order to secure data and information. This increases demand and adoption of industrial cybersecurity and drives growth in Asia-Pacific region during forecast period.
The key market players in industrial cybersecurity sector are Honeywell International Inc., ABB Ltd., Cisco Systems Inc., Schneider Electric, Mcafee LLC, Siemens, Dell Inc., Symantec Corporation, Rockwell Automation, kaspersky Lab, Fortinet, Palo Alto Networks, Proofpoint, Fireeye, Trend Micro, Splunk, Broadcom Inc. and Microsoft.
- What are the expected industry trends over the next three to five years?
- Which of the industrial cybersecurity type is likely to lead by 2026?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?