The Global Industrial Cybersecurity Market size is expected to reach $22. 8 billion by 2026, rising at a market growth of 7. 2% CAGR during the forecast period. Industrial Cybersecurity is meant to safeguard industrial conditions from cyber risks across different phases.
New York, Feb. 10, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Industrial Cybersecurity Market By Offering Type, By Security Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p06021889/?utm_source=GNW
The protection of industrial networks is an extremely developing and primary zone of concern. It includes organization security, advanced control frameworks, and product & equipment arrangements.
These cybersecurity solutions are meant to ensure the safety of plants and machines in enterprises. In order to prevent any danger or attack, controlling physical establishments, modern systems must be broken down, monitored, and ensured. Risks associated with network safety are expanding, boosted by global utilization and availability of cloud administrations such as Amazon Web Services, to store sensitive and individual information.
Growing modern digital crooks combined with the inescapable helpless arrangements of cloud services means the risk that a company experiences, an efficient digital attack or data breach is on the rise. Gone are the days of simple antivirus and firewall software as it only provides safety to the data and systems. Currently, leading companies do not rely on online protection experts for data security. Digital risks can appear with any extent in the company. It should be taught to the employees about simple social designing tricks like phishing and advanced online protection attacks such as ransom ware assaults (think WannaCry) or other malware, designed to get licensed innovation or individual data.
By Offering Type
Based on Offering Type, the market is segmented into Products and Solution & Services. Elements like hardware, security software, and applications play a significant role in addressing cyberattacks. For example, the electrical power application includes extremely high-speed processes that are regulated with the help of devices that are manufactured for the emergency protection of power equipment and automation. These devices are interconnected to work together, hence need network security.
By Security Type
Based on Security Type, the market is segmented into Network Security, Endpoint Security, Application Security, Cloud Security, Wireless Security and Others. Based on service type, Application security will develop with the largest growth rate in the industrial cybersecurity market in 2020. Application security is considered as the security of software and code from external and internal threats that include web attacks, DDoS attacks, site scraping, and fraud. It includes security policies to safeguard industrial applications and sensitive data from both random and targeted application security attacks.
By End User
Based on End User, the market is segmented into Power, Utilities, Transportation, Chemicals & Manufacturing and Others. The market for Transportation applications will grow at the highest growth rate over the forthcoming years. Globally, individuals have been increasingly depending on technologies and web-based applications resulting in an increased risk of cyber threats. Road, rail, and metro networks are interconnected to each other and with other modes of transport.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. APAC is expected to showcase the highest growth rate of the industrial cybersecurity market during the forecast period. APAC consists of developing countries like China and India. These economies consist of the majority of small and medium enterprises (SMEs), which together responsible for the employment of above 70% of the total population in the countries.
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation is the major forerunner in the Industrial Cybersecurity Market. Companies such as Honeywell International, Inc., IBM Corporation, Cisco Systems, Inc., Siemens AG, Schneider Electric SE, Broadcom, Inc., ABB Group, Palo Alto Networks, Inc., and Rockwell Automation, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include ABB Group, IBM Corporation, Honeywell International, Inc., Cisco Systems, Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Microsoft Corporation, Palo Alto Networks, Inc. and Broadcom, Inc.
Recent strategies deployed in Industrial Cybersecurity Market
Partnerships, Collaborations, and Agreements:
Nov-2020: Honeywell partnered with Nozomi Networks, the leading solution for OT & IoT security. The partnership helps in delivering more comprehensive, end-to-end cybersecurity for Operational Technology (OT) environments.
Oct-2020: IBM signed a collaboration agreement with ABB, a Swedish-Swiss multinational corporation. The collaboration integrated cybersecurity and operational technology (OT). Under this collaboration, ABB developed an OT Security Event Monitoring Service that integrates ABB’s process control system domain expertise with IBM’s security event observing portfolio to help in enhancing security for industrial operators.
Oct-2020: ABB collaborated with Forescout, a company that actively defends Enterprise of Things. Following this collaboration, ABB integrated Forescout’s cyber technology within its portfolio of industrial expertise and cybersecurity solutions for enhancing operators’ abilities to detect known and unknown control system threats.
Sep-2020: Palo Alto Networks and OPSWAT, the leader in critical infrastructure protection extended their partnership to keep on improving secure access solutions. The expansion helps in incorporating support for new endpoint platforms and IoT devices in GlobalProtect and Prisma Access for branch offices, retail locations, and mobile users.
Aug-2020: Schneider Electric signed a partnership agreement with Fortinet, a global leader in broad, integrated, and automated cybersecurity solutions. This partnership provided cybersecurity solutions that address the unique needs of OT networks.
Jul-2020: Siemens came into collaboration with The New York Power Authority. The collaboration aimed to defend the public utility’s operational technology (OT) assets and could ultimately help other power providers in securing the grid.
May-2020: Broadcom signed a partnership agreement with HCL Technologies. Under this partnership, Broadcom deployed its security solutions to HCL that broadened its professional services offerings.
Jun-2019: Palo Alto Networks and Retarus announced their partnership. The partnership was focused on providing secure email communication from European data centers. The WildFire malware prevention technology from Palo Alto Networks is now part of Retarus’ exhaustive email security portfolio.
Jan-2019: Schneider Electric came into partnership with Nozomi Networks, the leading solution for OT & IoT security. Under this partnership, the companies aimed to provide customers in the industrial manufacturing and critical infrastructure segments advanced anomaly detection, vulnerability assessment, and other cybersecurity solutions. It also helped them to control, preserve, and mitigate risks to their operations and business performance.
Acquisition and Mergers:
Oct-2020: Rockwell Automation acquired Oyla, a privately-held industrial cybersecurity services provider. Following the acquisition, Oyla further stimulated the global delivery capability and expanded the portfolio of cybersecurity services available by Rockwell Automation to the industrial market.
May-2020: Rockwell Automation took over Kalypso, an Ohio-based company. The acquisition helped in providing a complete suite of digital innovation, business process management, consulting, and enterprise technologies that allowed the conversion of production management, client service models, and product design & development.
Dec-2019: Cisco acquired Exablaze, an Australia-based designer and manufacturer of advanced network devices. The acquisition focused on reducing latency and improving the performance of networks.
Nov-2019: Broadcom acquired Symantec Enterprise, an established leader in the growing enterprise security space. This acquisition expanded its footprint of mission-critical infrastructure software for the Global 2000.
Jul-2019: IBM took over Red Hat, an American multinational software company. The acquisition helped in adopting cloud-related technologies and securely moving all business applications to the cloud.
Jun-2019: Cisco took over Sentryo, a pioneer in the market for cybersecurity protection. The acquisition offers device visibility and security solutions for industrial control system (ICS) networks.
Apr-2018: Palo Alto Networks completed its acquisition of Secdo, an Israel-based security company. It performs endpoint detection and response. These capabilities combined Palo Alto Networks’ Traps endpoint protection product and its new Application Framework, an exhaustive security platform.
Aug-2017: Honeywell took over Nextnine Ltd., a leader in Operational Technology (OT) security management software for industrial and critical infrastructure. The acquisition strengthened Honeywell’s capability to provide multi-vendor, multi-site secure remote access, monitoring, and aid to preserve industrial control systems and critical infrastructure against a growing threat of cyber-attacks.
Jun-2017: Microsoft announced the acquisition of Hexadite, a cybersecurity startup providing a security orchestration and automation platform. The platform utilizes artificial intelligence technologies to examine and respond to security alerts. Hexadite’s technology and talent increased Microsoft’s existing capabilities and enabled its capability to add new tools and services to Microsoft’s reliable enterprise security offerings.
Product Launches and Product Expansions:
Nov-2020: Rockwell Automation launched New Security Certifications and Products. These products expanded the product line of Rockwell to help in protecting industrial operations and customer information.
Sep-2020: Siemens launched its technologically advanced cyber test range. The cyber test range focused on prevention, detection, and response solutions. The Siemens cyber test range is designed to test increasing cybersecurity technologies against real-world scenarios to assist detection and mitigation of potential vulnerabilities.
Jun-2020: Broadcom introduced a solution named BizOps. The solution aimed to boost decision-making across multiple businesses and technology domains that helped digital transformation initiatives.
Feb-2020: Microsoft launched various enterprise security solutions. It includes Microsoft Threat Protection GA, Microsoft 365 Insider Risk Management GA, Microsoft 365 Communication Compliance GA, Office 365 ATP Campaign Views GA, Office 365 ATP Compromise Detection and Response GA, Azure Sentinel Enhancements, Microsoft Defender ATP for Linux Previews, Azure Active Directory and FIDO2 Preview, Azure Security Center for IoT Perks.
Nov-2019: IBM introduced Cloud Pak for Security that features industry-first innovations to connect with any security tool, cloud, or on-premise system. The platform consists of open-source technology for hunting threats, an automation portfolio to assist speed response to cyberattacks, and the ability to run in any environment.
Sep-2019: Honeywell launched new software that strengthened, simplified, and scaled cybersecurity for asset-intensive businesses and critical infrastructure facing cyber threats. The Cybersecurity Platform enhanced cybersecurity performance at a single site or covering an enterprise by escalating visibility of vulnerabilities and threats, mitigating risks, and improving cybersecurity management efficiency.
Jun-2019: Palo Alto Networks launched Prisma, a new cloud security suite aimed at helping its customers live a safer digital life. It becomes the new benchmark in cloud security, changing the cloud journey by streamlining access, data protection, and application security. Prisma was developed based on Palo Alto Networks cloud security products and offers new experiences with the Prisma suite.
Apr-2019: Rockwell Automation launched a new industrial control system security solution. The solution helped to deliver built-in security based on globally accepted security standards to protect control-level communications and overall system integrity.
Scope of the Study
Market Segments covered in the Report:
By Offering Type
• Solution & Services
By Security Type
• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Wireless Security
By End User
• Chemicals & Manufacturing
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• ABB Group
• IBM Corporation
• Honeywell International, Inc.
• Cisco Systems, Inc.
• Schneider Electric SE
• Rockwell Automation, Inc.
• Siemens AG
• Microsoft Corporation
• Palo Alto Networks, Inc.
• Broadcom, Inc.
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