Growing adoption of Internet of Things (IoT) in industrial control systems; Increasing adoption of cloud security solutions; rising number of cyber-crime related incidents in different end-use industries such as aerospace and defense, oil and gas, and automotive sector; along with rise in internet penetration globally has led to the augmentation of the cyber security market. Furthermore, rise in Bring your own Device (BYOD) applications is one of the main factors responsible for the market growth over the forecast period. Many government organizations are raising funds to tackle the situation of security breaches and increase in the web-based application for a greater number of connected devices for easier and safer transmission of data over the secured networks.
The Industrial Cyber Security market is projected to reach approximately 24.41 USD billion with 10.97% CAGR during the forecasted period of 2017– 2023. Industrial cyber security solutions are designed to safeguard industrial environments from cyber threats. Industrial cyber security market is a highly dynamic area of concern. It includes the software and hardware solutions, industrial control systems, and network security. These cyber security solutions deal with secured operation of machines and plants in industries.
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.
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The Industrial cyber security market is segmented into four major regions which are North America, Asia Pacific, Europe and rest of the world.
Among all regions, North America has the lead in terms of advancements in the technology, manufacturing process operations along with better industrial infrastructure. North America is the hub for a large number of industries. As a result of the growing proliferation of digitization, the demand for cyber security solutions is increasing at a high rate, thereby driving the growth of the global industry cyber security market.
On the other hand, Asia Pacific is just below North America in the market owing to increasing opportunities in emerging countries of Middle East, growing popularity of cloud services, demand for digitalization demand for data management and inclination to industrial automation. The rising cyber threats have given way to many government regulations. Business enterprises are coerced to meet mandatory security standards, and failure to comply with these regulations will result in a certain amount of fine to be paid to the government. Thus, strict government regulations across the globe are compelling enterprises to deploy cyber security solutions for data privacy. Also, the emerging economies like China, India, and Japan contribute a lot 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 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.
The Industrial Cyber Security market has key players such as Honeywell International Inc. (US), ABB Ltd (Switzerland), Schneider Electric (France), Rockwell Automation (US), IBM Corporation (US), Cisco Systems, Dell Inc., Bayshore Networks (US) and Kaspersky labs (Russia).
PTC Inc. and Rockwell Automation, Inc. have announced that they have agreed to a strategic partnership, this agreement is expected to accelerate growth for both companies and enable them to be the partner of choice for customers around the world who want to transform their physical operations with digital technology. Rockwell Automation will make a $1 billion equity investment in PTC, and Rockwell Automation’s Chairman and CEO, Blake Moret, will join PTC’s board of directors.
Kaspersky Lab has planned to move core components of its infrastructure from Russian shores to Switzerland. By the end of 2019, Kaspersky Lab has planned to move the infrastructure used for US customer data storage and processing to Zurich.
A lot of key vendors are innovating continuously and seeking market expansion through various strategic mergers and acquisitions, increasing investments in research and development and cost-effective product portfolio and innovation. Many different industries such as transportation, power grid, oil & gas, and manufacturing are turning to whole connected systems and moving towards the cyber-attacks.
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