REDDING, Calif., September 5, 2022 /PRNewswire/ — According to a new market research report titled, ‘Industrial Cybersecurity Market by component (solutions, services), security type (network security, cloud security, application security), vertical industry (industrial manufacturing, automotive), and Geography – World forecast until 2029,’ the industrial cybersecurity market is expected to reach $42.96 billion by 2029, at a CAGR of 14.2% from 2022 to 2029.
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Industrial cybersecurity involves the prevention of cyberattacks on systems, networks, programs, devices and data. Organizations depend on data, information and technologies to run their operations. Cyber attacks have the greatest impact on businesses causing operational disruptions, data loss, lost sales and reduced profits. Cyber attacks typically aim to access, change, damage, or destroy sensitive data and disrupt business processes. Cyber security has become vital among organizations due to the rapid increase in cyber attacks. Cybersecurity solutions reduce the risk of cyberattacks and protect systems, networks, and technology from unauthorized access.
The growing dependence on technology and data in the industrial sector has led to the need for cybersecurity solutions. Factors such as the growing investments to strengthen digital infrastructure, the increasing sophistication of cyber attacks and the growing demand for high security solutions to prevent cyber attacks in the manufacturing industry drive the growth of this market. In addition, the arrival of disruptive technologies, such as IoT, AI, ML and Big Data, is expected to offer significant opportunities for the growth of this market.
The growing need for cloud-based security solutions among SMEs is expected to provide growth opportunities in the industrial cybersecurity market.
Cloud-based security solutions protect organizations from data breaches, malware, and other security threats. These solutions provide organizations with data security, social media privacy, system optimization, online storage, and regulatory compliance. Emerging technologies like 5G and Industry 4.0 have contributed to the rise of data stored in the cloud. Several organizations are rapidly implementing cloud security to prevent cloud threats and cyber risks and incorporate cloud-based tools as part of the infrastructure. For example, in 2020, Fortinet, Inc. (USA) launched a network and security solution, Fortinet Secure SD-WAN for Multi-Cloud, to provide secure, multi-cloud capabilities and offer disaster recovery, backup data security, application resiliency and global coverage.
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Cloud-based security solutions play a vital role against cyber attacks for business enterprises transitioning to cloud technology. In addition, the increasing adoption of cloud-based security technologies in the industrial sector and the increasing use of cloud services for storage are expected to contribute to the growth of the industrial cybersecurity market.
Component based, the industrial cybersecurity market is segmented into solutions and services. By 2022, the solutions segment is expected to account for the largest share of the industrial cybersecurity market. Factors such as the growing concern for data security and privacy and the growing need to improve efficiency, reduce costs and increase security in the industrial sector drive the growth of this segment. However, the services segment is projected to grow at a higher CAGR during the forecast period.
Based on security write, the industrial cybersecurity market is segmented into network security, application security, cloud security, and endpoint security. By 2022, the network security segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the increasing adoption of cloud computing, big data and IoT in industrial sectors; and the growing need for online security and privacy. However, the cloud security segment is scheduled to post the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of cloud computing and storage systems among SMEs.
based on deployment mode, the industrial cybersecurity market is segmented into on-premise and cloud-based. By 2022, the local segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the growing preference for local implementations among large companies. However, the cloud-based segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing avenues for cloud-based deployments.
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Based on vertical industry, The industrial cybersecurity market is segmented into industrial manufacturing, energy and utilities, transportation and logistics, and other vertical industries. By 2022, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the increasing number of cyber attacks in the industrial sector. In addition, government initiatives to promote cybersecurity in industries contribute to the growth of this segment.
based on geographyBy 2022, North America is expected to account for the largest share of the industrial cybersecurity market. However, the industrial cybersecurity market in Pacific Asia is scheduled to record the highest CAGR during the forecast period. The rapid incorporation of disruptive technologies in different sectors in Pacific Asia is driving the growth of this market in the region.
The key players operating in the industrial cybersecurity market are Fortinet, Inc. (US), Cisco System, Inc. (US), Juniper Networks, Inc. (US), Palo Alto Network , Inc. (USA), IBM Corporation (USA), Check Point Software Technologies Ltd. (Israel), F5, Inc. (US), Splunk, Inc. (US), Mandiant, Inc. (US), Broadcom, Inc. (US), Oracle Corporation (US . USA), Microsoft Corporation (USA), Intel Corporation (USA), Imperva, Inc. (USA), CyberArk Software Ltd. (USA), and RSA Security LLC (USA). . USA).
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Scope of the Report:
Industrial Cybersecurity Market, per component
Industrial Cybersecurity Market, by security type
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network security
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Application security
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cloud security
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security endpoint
Industrial Cybersecurity Market, by Deployment Mode
Industrial Cybersecurity Market, by industry verticals
Industrial Cybersecurity Market, by Geography
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North America
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Europe
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Pacific Asia
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Latin America
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middle East & Africa
Related report:
Cybersecurity Market by Type (Network Security, Endpoint Security, Application Security, Cloud Security), Solution (Unified Threat Management, Antimalware, Firewall, Disaster Recovery, Web Filtering, DDS Management, Encryption) – Global forecast for 2027 https://www.meticulousresearch.com/product/cybersecurity-market-5069
Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-Use Industry, and Geography – Global Forecast by 2029 https://www.meticulousresearch.com/product/smart-manufacturing-market-5265
Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Power and Utilities, Oil and Gas, Aerospace, Retail, and Others), and Geography: Global Forecasts to 2029) https://www.meticulousresearch.com/product/industrial-iot-market-5102
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