Industrial Cyber Security Market Research Report- Forecast till 2023
In its research report, Market Research Future (MRFR), emphasizes that the global industrial cybersecurity market 2020 is expected to grow exponentially over the review period, securing a substantial market valuation of USD 24 billion and a healthy 10% CAGR over the review period.
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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The global industrial cybersecurity market is segmented based on products, solutions, industries, and organization size.
The market, based on the product, the market is segmented into gateway, router, ethernet switches.
The market based on solutions is segmented into antivirus, firewall, DDoS, Data Loss Prevention, and SCADA.
The market based on the organization size is bifurcated into large and SMEs.
The market based on the industries is segmented into manufacturing, transportation, power grid, oil, and gas.
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 Information Security Industrial Market 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.
The major market players operating in the global market as identified by MRFR are Rockwell Automation (US), IBM Corporation (US), ABB Ltd (Switzerland), Honeywell International Inc (US), Cisco Systems, Schneider Electric (France), Dell In, Bayshore Networks (US) and Kaspersky Labs (Russia).
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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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