Global Industrial Cybersecurity Market: Snapshot
The global industrial cybersecurity market is prognosticated to gain impetus due to the rising incidence of cybercrimes across discrete and process management industries. The expansion of the global industrial cybersecurity market could be a result of increase in internet penetration in different parts of the world. Rise in demand for industrial cybersecurity in other end-use industries, viz. automotive, oil and gas, aerospace and defense, and energy and power is expected to push the growth of the global market. On the other hand, increasing adoption of IoT in industrial control systems and cloud security solutions could stoke the demand in the global industrial cybersecurity market.
The global industrial cybersecurity market is predicted to log a 9.2% CAGR during the forecast period 2018-2026 to reach a valuation of US$29.97 bn by the end of 2026. In 2017, the global industrial cybersecurity market bagged a US$13.75 bn.
Antivirus/Malware Gathers Significant Share to Push Software Solution Higher
On the basis of end-use industry, the global industrial cybersecurity market is classified into two main segments, i.e. discrete and process industries. Discrete industries are further bifurcated into FMCG, metal and mining, medical devices, electrical and electronics, aerospace and defense, and automotive. Process industries are also further classified, where key sub-segments are water and wastewater treatment, energy and power, pharmaceutical, pulp and paper, food and beverages, chemical, and oil and gas. By security layer, the global industrial cybersecurity market is divided into application, cloud, end-point, and network securities.
On the basis of component, the global industrial cybersecurity market is segregated into three chief classifications, viz. services, software solution, and hardware solution. Among these, software solution is prophesied to secure a lion’s share of the global industrial cybersecurity market in the coming years. Software solution is further segmented into DDoS, application whitelisting, UTM, IAM, DLP, virtualization security, SCADA encryption, SIEM, antivirus/malware, backup and recovery, firewall, and IDS/IPS. Among these, antivirus/malware could gain a larger share of the global industrial cybersecurity market.
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Hardware solution is further cataloged into Ethernet switches, gateways, routers, and other networking devices. Among these, Ethernet switches are foreseen to dominate the global industrial cybersecurity market in the near future. Services are also further classified into risk management, managed services, assessments and audits, consulting and training, and maintenance and integration. Among these, managed services are projected to collect a king’s share of the global industrial cybersecurity market as the number of cyberattacks increases in the coming years.
Strong Increase in User Base Pans Out for North America to Lead Market
Geographically, North America is envisaged to lead the global industrial cybersecurity market, taking into account the massive count of users existing in the region. In 2017, the regional industrial cybersecurity market could rise at an 8.4% CAGR. Europe could follow suit as it shows a similar growth trend during the course of the aforementioned forecast period. After Asia Pacific, the MEA is anticipated to exhibit a higher CAGR in the global industrial cybersecurity market. The growth in the Asia Pacific industrial cybersecurity market could not be turned a blind eye to. The emerging region is forecast to show a promising rise in the global industrial cybersecurity market owing to its aggressive rate of industrialization.
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The global industrial cybersecurity market witnesses the presence of prominent names of the industry such as CyberArk Software Ltd., Rockwell Automation, Inc., and Schneider Electric SE.