Global Industrial Cybersecurity Market Expanding To Reach USD 20.5 Billion by 2030, With a Sustainable CAGR of 4.4%
PUNE, India, Sept. 14, 2022 /PRNewswire/ — According to a recent market study published by Growth Market Reports, titled, “Global Industrial Cybersecurity Market“ by Security Types (Wireless Security, Cloud Security, Application Security, Endpoint Security, Network Security, and Others), Offerings (Solutions & Services and Products), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), End-users (Power Grid, Transportation, Chemicals & Manufacturing, Utilities, and Others), and Regions: Size, Share, Trends, and Opportunity Analysis, 2021-2030, the market was valued at USD 16.09 billion in 2021 and is expected to grow at a healthy growth rate of 4.4% by the end of 2030. The global industrial cybersecurity market growth is attributed to the rising IoT integration into industrial control systems.
Key Market Players Profiled in the Report
- Rockwell Automation
- Microsoft Corporation
- McAfee Corp.
- Symantec Corporation
- FireEye Inc.
- Honeywell International
- Dell Inc.
- ABB Ltd.
- Schneider Electric
- Siemens AG
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
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This report also includes a complete analysis of industry players and covers their latest developments, product portfolio, pricing, mergers, acquisitions, and collaborations. Moreover, it provides crucial strategies that are helping them to expand their market share.
Highlights on the segments of the industrial cybersecurity Market
In terms of security types, the global industrial cybersecurity market is segmented into wireless security, cloud security, application security, endpoint security, network security, and others. The cloud security segment is anticipated to expand at a sustainable CAGR during the forecast period. Cloud security provides data security, higher availability, and effective protection against DDoS attacks. Cloud technologies are widely used in manufacturing industries to protect their sensitive data.
Based on offerings, the global industrial cybersecurity market is segmented into solutions & services, and products. The solution & services segment is expected to grow at a significant pace during the forecast period. Threats against critical infrastructure and cyberattacks have increased over the years, owing to the rising use of IT systems and connected devices. Control systems such as DCS, PLC, and SCADA are used in several sectors. Moreover, it is used in vital infrastructures such as medicine, oil & gas, electric utilities, and manufacturing.
Based on regions, the market is segmented into five major regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is projected to expand at a significant CAGR during the forecast period, owing to the presence of key players including Dell, Inc., IBM Corporation, FireEye, and Microsoft.
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Key Takeaways from the Study:
- According to the survey, in June 2020 and June 2021 there was a 186 percent rise in the number of weekly ransomware assaults on the transportation industry. Interconnected digital systems are becoming the new standard in the transportation industry, to protect the infrastructure from cyberattacks.
- Lack of knowledge about the need for cybersecurity in industrial control systems is expected to hamper small and medium-sized businesses. Major companies are collaborating with private software vendors to create new antivirus, which increases their vulnerability to cyber threats.
- The industrial cybersecurity market in North America is expanding and dominating as compared to other regional markets, owing to the rising government investments in industrial cybersecurity projects and mandatory adoption of industrial control system security policies.
- The market growth is anticipated to be hampered, as security solutions and software are developed without considering the possible dangers of future assaults or carefully analyzing the existing threat environment.
Read 180 Pages Research Report with Detailed ToC on “Global Industrial Cybersecurity Market” by Security Types (Wireless Security, Cloud Security, Application Security, Endpoint Security, Network Security, and Others), Offerings (Solutions & Services and Products), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), End-users (Power Grid, Transportation, Chemicals & Manufacturing, Utilities, and Others), and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2030
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Key Segments Covered
- Wireless Security
- Cloud Security
- Application Security
- Endpoint Security
- Network Security
- Solutions & Services
- Large Enterprises
- Small & Medium-sized Enterprises
- Power Grid
- Chemicals & Manufacturing
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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