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.
However, lack of awareness and proper knowledge among users about cyber-attacks is projected to challenge the growth of the industrial cyber security market. Although attracted by this rapidly burgeoning market, many players are driven to invest in this market.
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.
Also Read: http://www.marketwatch.com/story/industrial-cyber-security-market-growth-business-opportunities-future-prospects-competitor-strategies-and-development-status-covid-19-analysis-of-industrial-cyber-security-market-2020-05-21
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.
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.
The market for industrial cyber security is segmented into product, solutions, industries, organization size and region. The product segment is fragmented into router, gateway and Ethernet switches. A router is a networking device that transmits data between computer networks; they perform the traffic directing functions on internet. Whereas the purpose of cyber security gateway is to provide an interactive information resource on cyber security related initiatives.
The solution industrial cyber security types are antivirus, firewall, DDoS, data loss prevention, supervisory control and data acquisition (SCADA). SCADA is useful in cyber security due to their cost-efficiency, effectiveness, and interoperability which accelerates the inevitable trend of the industrial cyber security market. Due to vulnerabilities in cyber security, governments and the general public are becoming more concerned about various scenarios of large-scale cyber-attacks. Therefore, elements like antivirus, firewall, and SCADA are utilized to prevent such threatening situations. The market is segmented on the basis of organization size, which is large, small and medium size.
The industrial cyber security market size is also segmented on the basis of industries, namely transportation, power grid, manufacturing and oil & gas. In various industries, the market has evolved to an established entity providing them with validated and applicable software security patches, help minimize operational risk by ensuring updates are tested, minimized risk from external cyber threats and many more. Each industry is striving to achieve cyber security excellence and strengthen their security efforts. These factors fuel the growth of industrial cyber security market in every sector globally.