Industrial Cyber Security Market Size, Growth Factors and Upcoming Trends by 2023 End

Market Highlights

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.

On the contrary, lack of proper knowledge and awareness regarding cyber-attacks, and obscurely high cost and infrastructure related to cybersecurity are factors that are likely to impede the industrial cyber security market growth over the forecast period.

The global industrial cyber security market is expected to reach approximately 24.41 USD billion by 2023. It can register 10.97 % CAGR during the forecasted period. The use of cyber security for protecting critical infrastructure is the major driver of the market. This is attributed to the spate of cyber attacks on industrial systems causing a loss in production. The penetration of web based applications and safe transmission of data over secure networks can fuel the market demand. Funds raised by government organizations and rise of connected devices for preventing security breaches can accelerate market demand.

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Regional Analysis:

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.

Segmentation:

On the basis of the components, the cyber security market is divided into gateways, routers and Ethernet switches. Out of these, routers and Ethernet switches hold the largest market share of in the industrial cyber security market. This is majorly due the breaches in the security targeting the infrastructure of the industries and the operation process of plants for gaining access to sensitive data. Also, with the advancements in connected systems, internet penetration, and IIoT, usage of gateways results in the growth of cyber security market. Many government organizations are raising funds to tackle the situation of security breaches and increase in the web based application for a more number of connected devices for easier and safer transmission of data over the secured networks.

On the basis of industries, the transportation industry is prone to cyber threats due to increase in the whole connected systems rather than standalone systems followed by power grids. The industry has gained the advantage of favorable government regulations for integrating cyber security into their processes. The integration of rail, road, and metro systems with other modes of transport and its vulnerability to cyber criminals can induce the demand for such systems.

Competitive Dashboard:

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.

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