Market Research Future published a half-cooked research report on “Global Industrial Cyber Security Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Trends and Forecast to 2023.
IBM Corporation (US), Honeywell International Inc. (US), ABB ltd (Switzerland), Cisco Systems, Schneider Electric (France), Rockwell Automation (US), Dell In, Bayshore Networks (US) and Kaspersky labs (Russia) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Industrial Cyber Security Market.
Industrial Cyber Security Market – Overview
The Global Industrial Cyber Security Market is growing with the rapid pace; mainly due to the augmented advent technological advancement that suffice the increased demand for in vehicle Cyber security systems. According to a recent study report published by the Market Research Future, the global market of Industrial Cyber Security is booming and expected to gain prominence over the forecast period. The market is projected to demonstrate a spectacular growth by 2023, surpassing its previous growth records in terms of value with a striking CAGR during the anticipated period (2017 – 2023). The Industrial Cyber Security Market is estimated to accrue approximately 24.41 Billion USD by 2023, at a whopping double digit CAGR of 10.97 % during 2017 to 2023.
Over the next decade or two, Cyber security is the paramount concerns the industries are facing today with telematics and embedded modems make M2M Communication an attractive target to cyber criminals and terrorists. Cyber Security, as a technology is gaining a huge traction in the Industrial industry as M2M Communication grow. The global market of Industrial Cyber Security is majorly driven by the augmented adoption of telematics services in the M2M Communication. Additionally, increasing demand for Industrial Cyber Security systems attributed to the increasing threats of cyber-attacks in the Industrial systems; is fostering the market growth of Industrial Cyber Security market. Moreover, the heavy investments transpired in to the R&D sector in the field of connected machines is providing impetus to the market growth up to a large extent.
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, Transportation industry is prone to cyber threats due to increase in the Whole connected systems rather than standalone systems followed by power grid.
Industrial cyber security is a highly growing and dynamic area of concern including the industrial control systems, network security, the hardware and the network solutions which is designed for the secured operation of machines and plants in the industries.
Industrial Cyber Security Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Market of Industrial Cyber Security appears to be highly competitive. To maintain their market position and to drive the market growth, these players are focusing upon developing their product portfolio with the help of advance technologies. Various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. The leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Since many different industries such as Transportation, Power grid, oil & gas and manufacturing are turning to whole connected systems rather than stand alone, these industries are moving towards the cyber-attacks. The Industrial Cyber Security market is highly competitive due to the increase in web based applications and Government funding towards secured centrally connected systems.
Major players are investing on internal R&D and, most of all, in acquiring other firms. Prominent manufacturers of Industrial Cyber Security targeting to invest more in technology and research and development activities to innovate their already existing products. The rising government funding is also expected to motivate key companies to manufacture new Industrial Cyber Security Equipment that match the changing trends and needs across industries. These players possess state of art R&D labs and strong sales and distribution network which have helped them to gain leadership position in the market. An ever-increasing emphasis has been observed among Industrial Cyber Security Equipment industry marketers on inbound lead generation over branding-oriented efforts.
Industrial Cyber Security Market – Segmentation
Segmentation By Product: Comprises Gateway, Routers and Ethernet switches and other.
Segmentation By Solutions: Comprises Antivirus, firewall, DDOS, Data loss Prevention (DLP) and SCADA.
Segmentation By Organization Size: Comprises Large & SME’s.
Segmentation By Industries: Comprises Manufacturing, Transportation, Power grid, Oil & Gas.
Segmentation By Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Industrial Cyber Security Market – Regional Analysis
The global Industrial Cyber Security market is studied for the regions North America, Europe, Asia Pacific, and Middle East & Africa. Among all the regions North America is the hub for a large number of industries and due to early adoption of innovative technology. The Industrial Cyber Security market growth is higher in North America in the terms of advancements in technology, manufacturing process operations and industrial infrastructure. Also, Asia Pacific is following the lead because of increasing opportunities in emerging countries of Middle East, their adoption towards cloud services and inclination to industrial automation.