Press release
Industrial Cybersecurity Market is growing at a high CAGR during the forecast period (2023-2030).
Industrial Cybersecurity Market-DataM Intelligence 4Market Research
The field of cyber security encompasses the use of technological tools, procedural measures, and regulatory frameworks in order to prevent and mitigate cyberattacks targeting various components such as systems, networks, programs, devices, and data. The primary aim of this initiative is to mitigate the potential risks associated with cyberattacks and safeguard technology, systems, and networks from unauthorized use.
During the anticipated timeframe, a number of industries will need strong cybersecurity measures, including sectors such as energy and utilities, healthcare, small businesses, government, financial services, and several others.
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Market Drivers: The growing use of IoT and cloud-based services
The expanding industrial digitalization and the adoption of IoT applications in manufacturing sectors are the key reasons driving the development of the industrial cybersecurity market. Furthermore, many organizations across the world are investing in cybersecurity solutions to prevent hackers from entering into devices linked to the sector's network and stealing data, which is expected to drive market growth.
Furthermore, rising demand for industrial services such as employee training, cybersecurity defense, and penetration testing, as well as increased adoption of cloud-based services and industrial robots based on AI platforms among manufacturing and industrial plants, are the primary factors driving the growth of the industrial cybersecurity market during the forecast period.
Market Segmentation: The increasing prevalence of cloud technology adoption
The worldwide industrial cybersecurity market is projected to see rapid expansion and achieve a higher compound annual growth rate (CAGR) for cloud application security during the forecast period of 2023-2030. The increasing use of cloud services within the manufacturing industry is a contributing element to the expansion of cloud security within the industrial cybersecurity market.
Market Companies:
Major global industrial cybersecurity market companies include Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks, Inc., Kaspersky Lab, McAfee, LLC, Cisco Systems, Inc., NortonLifeLock and IBM Corporation.
By Component
• Hardware
• Software
• Services
By Security Layer
• Network security
• End-point security
• Cloud Security
• Others
By End-User
• Process Industries
o Oil and Gas
o Chemical
o Food and Beverages
o Pulp and Paper
o Pharmaceutical
o Energy and Power
• Discrete Industries
o Automotive
o Aerospace and Defense
o Electronics and Electrical
o Medical Devices
o Metal and Mining
o FMCG
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East and Africa
Geographical Share: The presence of top market players in North America
North America accounts for a sizeable portion of the global industrial cybersecurity market. Rockwell Automation, Inc., Cisco System, Inc. and CyberArk Software Ltd. are some prominent software firms in North America, contributing to its growth. In addition to offering highly secure firewall, web and email services, Cisco System, Inc. also supports teleworking and mobility.
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