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Industrial Cyber Security Market (Component - Hardware, Software, and Service; Security Type - Network Security, Cloud Security, End-point Security, Application Security, and Others; Organization Size - Small and Medium Scale Enterprise, and Large Scale Enterprise; End User - Chemical and Manufacturing, Energy and Utility, Transportation, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : December, 2020

  • Rep Id : ICT1375

  • Category : Electronics, ICT and Semiconductors

  • Status : Published

A recent report published by Infinium Global Research on industrial cyber security market provides in-depth analysis of segments and sub-segments in the global as well as regional industrial cyber security market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial cyber security market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global industrial cyber security market. According to the report, the global industrial cyber security market is projected to grow at a CAGR of 8.7% over the forecast period of 2020-2026.

 

Market Insight

Advancements in technology and development in information technology have transformed several industries. However, the devices and the data stored on the devices are prone to cyber-attacks, which makes the organizations more vulnerable to data breaches. Industrial cybersecurity provides protection for network and data against cyber-attacks. Security concern has become an important aspect of the information technology (IT) and operational technology (OT) environment. The integrated hardware and software are intended to monitor and control several operations in the industry. Digitization has increased the risk of cyber-attacks and the need for cyber security in the industrial environment. Industrial cyber security improves information security, organization's credentials, and data. Furthermore, it provides faster recovery in case of a data breach.

 

The demand for industrial cybersecurity declined during the pandemic. Many end-users of industrial cybersecurity have either registered lower revenues or have stopped their business operations during the pandemic. Lockdown orders by the governments of many countries have compelled several organizations in various industries to reduce or close their business operations, reducing the revenue of the organizations. Furthermore, the global economy has been hit hard by the COVID19 pandemic leading to growing unemployment and lowered incomes. Weak economic conditions discouraged organizations to spend on non-essential products and services and save money on essential goods and services. This, in turn, has hampered the demand for industrial cybersecurity over a short term.

 

The industrial cyber security market is majorly driven by the increasing concern regarding data security. The increased use of internet-based technologies and solutions has amplified the risk of data theft and concern for data privacy. Furthermore, government regulation on data security, increasing cyber threats, and growing data centers are fueling the market. Moreover, the emergence of technologies in cyber security is propelling the growth of the market. The technologies include cloud, bring your own device (BYOD) and wireless technologies are boosting the market growth. The major restraint for the market is the lack of professionals with IT skills. The cyber security solutions are developed by skilled IT professionals. Lack of such skilled professionals acts as an obstacle for companies to develop innovative cyber security solutions. The establishment of advanced technologies in the industrial environment is expected to propel the market growth. The emergence of the Industrial Internet of Things (IoT), Industry 4.0, and cloud-based services are projected to boost the market. These technologies include databases, servers, storage, and software applications. Moreover, this advancement in technologies projected to reduce cyber-attacks and provide effective industrial cyber security solutions.

 

In terms of region, North America generated the largest revenue in the global industrial cybersecurity market. The increasing cases of cyber theft and the adoption of advanced technologies are boosting the demand for the industrial cybersecurity market. Moreover, the increased spending by the private and public sectors on developing cybersecurity solutions is anticipated to drive the market further. On the other hand, the Asia Pacific region is projected to grow at the fastest rate in the global industrial cybersecurity market. The increasing digitization and concern for data security are propelling the growth of the market in this region. Additionally, the European region predicted a promising growth of the industrial cyber security market owing to the higher adoption of automation and higher industrialization.

 

Segment Covered

The report on global industrial cyber security market covers segments such as component, security type, organization size, and end user. On the basis of component, the sub-markets include hardware, software, and service. On the basis of security type, the sub-markets include network security, cloud security, end-point security, application security, and others. On the basis of organization size, the sub-markets include small and medium scale enterprise, and large scale enterprise. On the basis of end user, the sub-markets include chemical and manufacturing, energy and utility, transportation, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as International Business Machines Corporation, Honeywell International Inc, ABB Ltd, Cisco Systems, Inc., Schneider Electric SE, Rockwell Automation, Inc., Dell Inc., McAfee, LLC, Symantec Corporation, and Kaspersky Lab.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of industrial cyber security market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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