The industrial cyber security industry is expected to experience strong growth over the forecast period due to increasing number of cyber-crimes across process and discrete industries. The market for industrial cyber security is forecast to reach US$ 29.97 Bn by 2026 from US$ 13.75 Bn in 2017, recording a CAGR of 9.2%.
Presently, rising cybercrime incidences has led to the adoption of effective security solution across various industries. In a recent analysis, it has been clearly mentioned that increasing government funding to tackle cybersecurity breaches is expected to lead to the growth of the industrial cyber security market over the forecast period.
To pour more light on this, Market Research Hub (MRH) has announced the inclusion of a study to its vast archive which is titled as “Industrial Cyber Security Solutio… Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026”. This extensive research gives a whole new wide view of the markets based on its growth and development in different regions of the world like North America, Japan, the Middle East and Africa, Europe, South America and the Asia Pacific.
The market has been forecast based on revenue (US$ Mn) and volume (Million Units) from 2017 to 2025.
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According to the research projections, the market for industrial cyber security is forecast to reach US$ 29.97 Bn by 2026 from US$ 13.75 Bn in 2017, recording a CAGR of 9.2%. Growing cybercrime across the world and increasing adoption of IoT in industrial control systems driving the global industrial cyber security market.
The research study further states that the increase in the number of cyber-attacks on industrial facilities has resulted in their deficiency, led to disruption of production, compromised their safety, and damaged equipment. This is why the need for cyber security solutions has increased.
Cyber security solutions are primarily designed for the secured operation of machines and plants in industries. Presently, rising number of cyber-crime related incidents in different end use industries such as energy and power, aerospace and defense, oil and gas, and the automotive sector has led to the expansion of the industrial cyber security market.
Besides, the rise in BYOD applications is one of major factors responsible for the growth of the industrial cyber security market over the forecast period.
The research also analyses market behavior on the basis of major segments, such as component, security layer and end-use industries. The report has categorized the 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 until 2026.
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Based on security layer, the study covers network security, cloud security, end-point security and application security. Amongst, application security segment is expected to witness robust growth due to its greater adoption rate among users.
The geographical segmentation of the study finds that North America held the largest market revenue share of the industrial cyber security market in 2016 and is anticipated to expand at an impressive rate in the coming years.
At last, the vendor landscape section is also provided which throws light on the chief player’s dominant in this market. They are Honeywell International Inc., Schneider Electric SE, Rockwell Automation, Inc., Symantec Corporation, Dell Inc., CyberArk Software Ltd., ABB Ltd., Cisco Systems, Inc., IBM Corporation, Siemens AG, Lockheed Martin Corporation, and Maverick Technologies among others.
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