Industrial Cyber Security Solutions and Services Market Size will Escalate Rapidly in the Near Future

The global industrial cyber security market is expected to reach US$ 29.97 Bn by 2026, expanding at a CAGR of 9.2% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. North America will continue to be at the forefront of global demand, with the market in the region growing at above 8.4% through 2026. Technical advancements, increased digitization, presence of large number of industrial cyber security solution providers, and online browsing are anticipated to significantly influence the global industrial cyber security market growth across the North America region.

Growing cybercrime across the world and increasing adoption of IoT in industrial control systems driving the global industrial cyber security market

Rise in use of industrial control systems and network components in the manufacturing and utility sectors is responsible for the increase in demand for industrial cyber solutions globally. The ability of industrial cyber security systems to offer protection from various forms of cyber-attacks is fuelling demand for them. Most of the industries today employ advanced industrial control systems. This, in turn, is expected to drive demand for industrial cyber security.

Increasing government funding to tackle cyber security breaches is expected to lead to the growth of the industrial cyber security market over the forecast period. Furthermore, rise in use of cloud security solutions is projected to fuel the growth of the market in the near future. Many companies have started to develop and deploy cyber security techniques due to the increasing cyber-crime and strict government rules & regulations to combat it. Furthermore, increased presence of a number of cyber security solutions and services providers across different regions is likely to supplement the market growth during the forecast period.

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North America and Europe are both matured market in terms of cyber security protection systems owing to high awareness among users and technological development. However, Asia Pacific is expected to witness strong growth during the forecast period from 2018 to 2026. Rising penetration of internet as well as significant investments in energy and power infrastructures and digitization across countries such as the U.S., U.K, Germany, France, China, India, South Africa, and Brazil is anticipated to offer prominent opportunities for industrial cyber security providers in the near-term.

Industrial Cyber Security Market: Scope of the Report

The global Industrial Cyber Security Solutions and Services Market is broadly segmented by component into software solutions, hardware solutions, and services. According to the research study, the software solutions segment of the market held the maximum market share and is anticipated to remain dominant over the forecast period. The software solutions segment is further sub-segmented into intrusion detection systems/intrusion prevention systems (IDS/IPS), firewall, backup and recovery, antivirus/malware, security information and event management (SIEM), identity and access management (IAM), supervisory control and data acquisition (SCADA) encryption, virtualization security, unified threat management (UTM), data loss prevention (DLP), application whitelisting, distributed denial of service (DDoS) and others.

Among the sub-segments, antivirus/malware segment accounted for largest market share globally followed by IAM in terms of revenue, whereas the DDoS segment is expected to expand significantly over the forecast period. In 2017, among the hardware solutions segment, ethernet switches occupied the largest market share of the global industrial cyber security market in terms of revenue followed by routers. Gateways segment is projected to witness significant growth over the forecast period. Furthermore, in terms of revenue, services segment is projected to expand at a faster rate in the Industrial Cyber Security Solutions and Services Market. Services segment is also sub segmented into maintenance & integration, consulting & training, assessments and audits, managed services, and risk management services. Based on services sub-segment, managed services segment is projected to not only contribute major revenue share in the global industrial cyber security market but expected to expand at a significant pace during the forecast period from 2018 to 2026, due to the strong focus of enterprises on increasing efficiency, reducing operational costs, and providing quality services. The research study includes industrial cyber security market analysis by regions segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Based on security layer, the network security segment accounted for the major market share in the global Industrial Cyber Security Solutions and Services Market in 2017. However, application security segment is expected to witness robust growth due to its greater adoption rate among users. On the basis of end use industry, the discrete industries segment is expected to contribute major revenue share in the global industrial cyber security market whereas process industries segment is projected to expand at a significant pace during the forecast period from 2018 to 2026. Discrete industries are segmented into automotive, aerospace and defense, electronics and electrical, medical devices, metal and mining, and FMCG. Among these, the aerospace and defense sector held major market share in the global Industrial Cyber Security Solutions and Services Market in 2017 in terms of revenue. On the other hand, process industries are further categorized into oil and gas, pulp and paper, pharmaceutical, chemical, food and beverages, energy and power, and water and wastewater treatment. Among the sub segments, energy and power segment accounted for the major market share whereas oil and gas segment is projected to expand at a significant pace during the forecast period from 2018 to 2026.

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North America held the largest market revenue share of the Industrial Cyber Security Solutions and Services Market in 2016 and is anticipated to expand at a CAGR of 8.4% during the forecast period. Analyzing the North America industrial cyber security market at a country level, the U.S. held the majority of revenue share followed by Canada in 2016. However, in terms of growth rate, Asia Pacific is anticipated to show strong CAGR over the forecast period.

Global Industrial Cyber Security Market: Competitive Dynamics

The research study includes profiles of leading companies operating in the global Industrial Cyber Security Solutions and Services Market. Profiles of market players highlight company business overview, broad financial overview, business strategies, and recent developments. Some of the key players in the industrial cyber security marketas profiled in the study are Cisco Systems, Inc., Symantec Corporation, IBM Corporation, Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks, Inc., Kaspersky Lab, and McAfee, LLC among others.