According to a new market research report published by Credence Research “Global Industrial Cyber Security Solutions and Services Market (Component (Hardware, Software, Services); Type ( Network Security, Application Security, Endpoint Security, Wireless Security, Cloud Security, Others); End-User (FMCG, Healthcare, Energy & Power, Oil & Gas, Aerospace and Defence, Automotive, Chemicals, Others)) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the overall industrial cyber security solutions and services market worldwide is expected to register a market value of US$ 32.26 Bn by 2027 and is set to grow with a CAGR of 10.3% during the forecast period.
Advancement in technology has increased cloud adoption by various industries to share and store the data on the cloud platform. Additionally, the rise in the number of cyber-attacks and data breaches has increased the requirement for industrial cyber security solutions and services across the globe. Additionally, the rise in the IoT devices within the industry is also boosting the growth of the market as all the devices are connected and share the information or important data within the premise and of the industries situated at a different location with the help of cloud and on-premise deployments.
Based on end-user, the industrial cyber security solutions and services market has been segmented as FMCG, healthcare, energy & power, oil & gas, aerospace and defense, automotive, chemicals, and others. The energy and power segment is the dominating segment in 2018 with a market share of more than 25.0% and is expected to dominate the market during the forecast period. This is due to advancements in the technology in the power industry and the adoption of IoT devices for sharing the data in real-time leading to increase cyber threats across the industry.
Asia-Pacific is expected to account to be the fastest-growing region for the industrial cybersecurity solutions and services market due to increasing cyber-attacks on the industries, increasing breaches and other issues related to security and important data which is expected to drive the market in the Asia-Pacific region. Additionally, the rising adoption of IoT and connected devices within the industries is a major factor driving the market. Moreover, various policies are introduced including bring your own a (BYOD), which are results in improving the work culture across organizations. Similarly, the rising awareness associated with the threat to business data and growing data access points is also expected to drive the market.
Some of the prominent players operating in industrial cyber security solutions and services market are Symantec Corporation, Schneider Electric SE, IBM Corporation, Honeywell International Inc., Dell Inc., Siemens AG, Maverick Technologies, Lockheed Martin Corporation, Rockwell Automation, Inc., ABB Ltd., CyberArk Software Ltd., Bayshore Networks, Inc., McAfee, LLC, Kaspersky Lab, and Cisco Systems, Inc.
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