Industrial Cybersecurity Market Worth $49.53 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Industrial Cybersecurity Market by Component (Solutions, Services), Security Type (Endpoint Security, Network Security), End User (Industrial Manufacturing, Transportation & Logistics) and Geography-Global Forecasts to 2030.'

According to this latest publication from Meticulous Research®, the global industrial cybersecurity market is projected to grow at a CAGR of 14.8% from 2023-2030, to reach $49.53 billion by 2030. The emergence of disruptive digital technologies and the increasing frequency & sophistication of cyberattacks are the major factors driving the growth of this market. Additionally, the growing need for cloud-based security solutions among SMEs and the increasing use of Artificial Intelligence, Machine Learning, and Blockchain technologies for cyber defense are expected to offer significant opportunities for market growth. However, the shortage of trained professionals can restrain the growth of this market to a certain extent.

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The global industrial cybersecurity market is segmented by component, security type, deployment mode, and end user. The study also evaluates industry competitors and analyses the market at the country and regional levels.

Based on component, the global industrial cybersecurity market is segmented into solutions and services. In 2023, the solutions segment is expected to account for a larger share of the overall industrial cybersecurity market. Factors such as increasing concerns regarding data security and privacy and the consistent efforts by shareholders in the industrial sector to improve efficiency, reduce costs, and increase security are expected to drive the growth of this segment. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.

Based on security type, the global industrial cybersecurity market is segmented into network security, application security, cloud security, endpoint security, and other security types. In 2023, the endpoint security segment is expected to account for the largest share of the overall industrial cybersecurity market. The growth of this segment is attributed to the exponential rise in the number of endpoint devices and rising demand for endpoint security solutions to secure various enterprise networks. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.

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Based on deployment mode, the global industrial cybersecurity market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for a larger share of the industrial cybersecurity market. The large market share of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility & affordability offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions among small and medium-sized enterprises. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.

Based on end user, the global industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other end users. In 2023, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The growth of this segment is attributed to the rising demand for real-time security monitoring from manufacturers, growing cybersecurity incidents, and the increasing use of smart devices. However, the transportation & logistics segment is expected to grow at a higher CAGR during the forecast period.

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Geographic Review:

Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account largest share of the global industrial cybersecurity market. The large market share of this segment is attributed to the increasing government initiatives, growing advanced technologies in the region, and rising cyber-attacks in the industrial sector. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

Key Players:

The key players operating in the industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), Cyberark Software Ltd. (U.S.), and RSA Security LLC (U.S.).

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Key questions answered in the report:

Which are the high-growth market segments in terms of component, security type, deployment mode, end user, and countries?
What is the historical market for industrial cybersecurity across the globe?
What are the market forecasts and estimates for 2023-2030?
What are the major drivers, restraints, and opportunities in the global industrial cybersecurity market?
Who are the major players in the global industrial cybersecurity market, and what shares do they hold?
Who are the major players in various countries, and what shares do they hold?
How is the competitive landscape?
What are the recent developments in the global industrial cybersecurity market?
What are the different strategies adopted by the major players in the market?
What are the geographic trends and high-growth countries?
Who are the local emerging players in the global industrial cybersecurity market, and how do they compete with the other players?

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