Market Highlights
The Industrial Cyber Security Market is predicted to achieve approximately 24.41 USD billion by the year 2023. The global market has aimed to achieve a 10.97 % CAGR during the forecasted period of 2017 to 2023. Geographically, the North American region is registered to generate the highest Industrial Cyber Security Market Growth for the forecast period of 2023 due to the better manufacturing process operations, advancements in technology, and industrial infrastructure in this region. Moreover, this region is the early adopter of innovative technology and has become the hub for a large number of industries. Along with that, the Asia-Pacific region is predicted to dominate the global Industrial Cyber Security Market for the forecast period due to their inclination to industrial automation, adoption towards cloud services, and increasing opportunities in emerging countries of the Middle East.
Drivers and Restraints
Cyber protection, as technology is gaining tremendous traction in the industrial sector as M2 M Communication is increasing. Industrial Information Security's global demand is primarily driven by the growing adoption of M2 M Communication telematics services. In addition, rising demand for Industrial Cyber Security systems is due to the growing threats of cyber-attacks in Industrial Systems; is fostering the growth of the Industrial Cyber Security sector. The rising instances of cyber-attacks have led to industrial-level interference by governments. The governments are developing a fund to avoid these cases from ensuring that their country's commercial cyberspace remains protected. And this government intervention will push the machine safety market over the review period.
Costs and infrastructure associated with cybersecurity, however, are obscurely substantial due to which management is faced with a tough decision at their side. Companies often tend to have an in-house cybersecurity division, but the innovation costs are high. This element could stand in the way of global market growth.
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Segmentation:
By Product:
- The global Industrial Cyber Security Market has been classified into Router, Ethernet Switches, and Gateway based on the product segmentation.
- In 2019, the routers and Ethernet switches were predicted to generate a larger market share of 58.6% CAGR, and further, it has aimed to generate higher market growth in the upcoming years.
By Solutions:
- According to the solutions segment, the global Industrial Cyber Security Market has been classified into Data Loss Prevention (DLP), SCADA, Antivirus, Firewall, and DDoS.
- The supervisory control and data acquisition (SCADA) technology is expected to increase the global market demand across various regions.
By Organisation Size:
- According to the organization size segmentation, the global h Industrial Cyber Security Market has been classified into Large Enterprises, Small enterprises, and Medium Enterprises (SMEs).
- A large number of small and medium-sized enterprises (SMEs) in the Asia Pacific region are generating more market share for the forecast period.
By Industries:
- According to the industry segmentation, the global Industrial Cyber Security Market Segments as been classified into the Power grid, Oil & Gas, Manufacturing, and Transportation.
- All these industrial segments are playing an important role in enhancing the global growth of the global Industrial Cyber Security Market.
Regional Analysis
The geographical analysis of the global market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
The Industrial Cyber Security Market Size is divided into four major regions, such as North America, Europe, Asia Pacific, and the rest of the world. The growth of the cyber security market in North America is higher from these geographies in terms of technological developments, manufacturing process operations, and better industrial infrastructure. North America is the center for a large number of industries and because of the early acceptance of new technologies by all the regions. Several governments and large organizations raise funds to resolve security vulnerabilities and increase web-based software adoption for more connected devices for easier and safer transmission of data over the secured networks. Industrial cybersecurity faces multiple threats, and the biggest challenge to date is IoT and connected devices vulnerability. The Industrial cyber security market is anticipated to develop at a higher pace each year as the technology for connected devices is on boom via a central management system and more connected devices are rising significantly each year. However, Asia – pacific is following the lead due to increasing opportunities in emerging Middle East countries, their adoption of cloud services, demand for digitalization market for data processing, and inclination to industrial automation. Also, the emerging economies like India, China, and Japan contribute substantially to the overall market share.
Competitive Analysis
The major market players operating in the global market as identified by MRFR are Schneider Electric (France),Rockwell Automation (US),Dell In,Bayshore Networks (US),ABB Ltd (Switzerland),Cisco Systems,Kaspersky Labs (Russia),IBM Corporation (US),Honeywell International Inc (US)
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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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