Home Budget Industrial cybersecurity market to be worth $22.79 billion by 2023, study says

Industrial cybersecurity market to be worth $22.79 billion by 2023, study says

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PRNEWSWIRE: According to the latest market research report “Industrial Cybersecurity Market by Type (Network, Application, Endpoint, Wireless, Cloud, Others), Product (Gateways and Networking Devices), Solution and Service, End-User Industry, and Region – Global Forecast to 2023”, published by MarketsandMarkets, the market is expected to be valued at USD 22.79 Billion by 2023, growing at a CAGR of 8.6% from 2017 to 2023. The market has a huge potential across various industries, such as power and energy & utilities. The major factors driving the growth of the industrial cybersecurity market include the increasing government funding to improve the cybersecurity of the industrial environment and the growing incidents of data security breaches due to the rising number of connected devices in industrial control systems.

The industrial cybersecurity market, by product, is expected to grow at a high rate during the forecast period. As the incidents of cyber breaches have increased, vendors are focusing on developing advanced hardware with security capabilities. In addition to gateways, the demand for routers and industrial Ethernet switches will continue to proliferate in the wake of increasing cyberattacks owing to the growing number of connected and remotely managed industrial systems.

The power industry held the largest share of the industrial cybersecurity market in 2016. The major factors driving the growth of the market for this industry include the rising number of attacks, such as Dragonfly and Energetic Bear, on power industrial infrastructure, which have led to the increasing implementation of cybersecurity solutions in the power sector. Further, the proliferating number of nuclear reactors and thermal & hydro power plants in the South Asian regions, comprising China, India, and South Korea, is driving the demand for secure industrial control systems for critical infrastructure.

North America held the largest share of the industrial cybersecurity market in 2016. The region is one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. It is an early adopter of innovative technologies and is home to a large number of industrial cybersecurity solution providers. This is contributing to the growth of the market in the region.

The companies that are profiled in the report are International Business Machines (IBM) Corporation (US), Honeywell International Inc. (US), ABB Ltd (Switzerland), Cisco Systems, Inc. (US), Schneider Electric (France), Rockwell Automation, Inc. (US), Dell Inc. (US), McAfee, LLC (US), Symantec Corporation (US), and Kaspersky Lab (Russia).

This report describes the market trends, drivers, restraints, opportunities, and challenges pertaining to the industrial cybersecurity market and forecast the size of the market till 2023. The report also includes a detailed view of the market across four major regions North America, Europe, Asia Pacific (APAC), and Rest of the World (Latin America and MEA). The report profiles 11 most promising players and 5 new entrants in the industrial cybersecurity market.

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