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Industrial Cybersecurity Market to reach USD 29.76 Billion by 2026, growing at a CAGR of 8.83% : Top Player Includes TomTom NV, HERE Technologies, Apple Inc., Navinfo Co., Ltd., INRIX Inc., Baidu, Inc. and MapBox Inc.
According to Verified Market Research, the Global Industrial Cybersecurity Market was valued at USD 15.07 Billion in 2018 and is projected to reach USD 29.76 Billion by 2026, growing at a CAGR of 8.83% from 2019 to 2026.
Over the next decade or two, Cybersecurity is the paramount concerns the industries are facing today with telematics and embedded modems make M2M Communication an attractive target to cybercriminals and terrorists. Cyber Security, as technology is gaining 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 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.
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Global Industrial Cybersecurity Market Overview
Over the past years, digital technologies have become the backbone of our economy and are a critical resource all economic sectors rely on. Many business models are built on the uninterrupted availability of the internet and the smooth functioning of information systems. Cybersecurity incidents, be they intentional or accidental, could disrupt the supply of essential services. The growing instances of cyber-attacks have led to government intervention at the industrial level. The governments are creating a fund to prevent such instances to assure that the industrial cyberspace in their country remains protected. Thus, this initiative by the government will drive the market for machine safety.
However, the cost and infrastructure associated with cybersecurity are obscurely high owing to which management faces a tough decision at their hands. Mostly, companies prefer to have an in-house cybersecurity division, but the costs of innovation are high. This factor might hinder the overall growth of the market at a global level.
Global Industrial Cybersecurity Market: Segmentation
The Industrial Cybersecurity market is segmented on the basis of type, end use, and geography. On the basis of end users, the market is bifurcated into Energy & Utilities, Transportation Systems, Chemicals and Manufacturing, and Others.
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Industrial Cybersecurity Market By End Use
The market for Transportation Systems is expected to grow at the highest CAGR over the forecast period. Transport networks have become increasingly digital, with a wide range of data flowing across systems, tracking and monitoring both digital and physical networks. As more devices and control systems are connected online, more vulnerabilities will appear, increasing the potential for disruption to physical assets. Public transport operators have an important role to enable this smartness. The integration of several ICT systems enables “Intelligent Public Transport” (IPT), where cyber-physical devices, communication networks, and central servers optimize the transport service up to a certain degree of automation.
Industrial Cybersecurity Market By Geography
On the basis of regional analysis, the global Industrial Cybersecurity market is classified into North America, Europe, Asia Pacific, Latin America and Rest of the world. The Asia Pacific region is projected to grow at the highest CAGR over the forecast period. This region is dominated by emerging economies such as China and India.
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The major players in the market are TomTom NV, HERE Technologies, Apple Inc., Navinfo Co., Ltd., INRIX Inc., Baidu, Inc. and MapBox Inc.
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