REDDING, Calif., Sept. 5, 2022 /PRNewswire/ -- According to a new market research report titled, 'Industrial Cybersecurity Market by Component (Solutions, Services), Security Type (Network Security, Cloud Security, Application Security), Industry Vertical (Industrial Manufacturing, Automotive), and Geography - Global Forecast to 2029,' the industrial cybersecurity market is expected to reach $42.96 billion by 2029, at a CAGR of 14.2% from 2022 to 2029.
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Industrial cybersecurity involves the prevention of cyberattacks on systems, networks, programs, devices, and data. Organizations rely on data, information, and technologies to run their operations. Cyberattacks have the biggest impact on businesses, leading to operational disruption, loss of data, loss of sales, and reduction of profits. Cyberattacks are usually aimed at accessing, changing, damaging, or destroying sensitive data and interrupting business processes. Cybersecurity has become vital among organizations due to rapidly increasing cyberattacks. Cybersecurity solutions reduce the risk of cyberattacks and secure systems, networks, and technology from unauthorized access.
The increasing dependence on technology and data in the industrial sector has resulted in the need for cybersecurity solutions. Factors such as the increasing investments for fortifying digital infrastructure, the growing sophistication of cyberattacks, and the increasing demand for high-security solutions to prevent cyberattacks in the manufacturing industry drive the growth of this market. In addition, the advent of disruptive technologies, such as IoT, AI, ML, and Big Data, is expected to offer significant opportunities for the growth of this market.
Increasing Need for Cloud-based Security Solutions among SMEs Expected to Provide Growth Opportunities in the Industrial Cybersecurity Market
Cloud-based security solutions protect organizations from data breaches, malware, and other security threats. These solutions provide organizations with data security, social networking privacy, system optimization, online storage, and regulatory compliance. Emerging technologies such as 5G and Industry 4.0 have contributed to the increase in data stored on the cloud. Several organizations are rapidly implementing cloud security to prevent cloud threats and cyber risks and incorporate cloud-based tools as part of the infrastructure. For instance, in 2020, Fortinet, Inc. (U.S.) launched a networking and security solution, Fortinet Secure SD-WAN for Multi-Cloud, to provide secure and multi-cloud capabilities and offer disaster recovery, data backup, application resiliency, and global coverage.
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Cloud-based security solutions play a vital role against cyberattacks for business enterprises transitioning to cloud technology. In addition, the rising adoption of cloud-based security technologies in the industrial sector and the increasing use of cloud services for storage are expected to contribute to the growth of the industrial cybersecurity market.
Based on component, the industrial cybersecurity market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the industrial cybersecurity market. Factors such as increasing concerns regarding data security and privacy and the increasing need to improve efficiency, reduce costs, and increase security in the industrial sector drive the growth of this segment. However, the services segment is projected to grow at the higher CAGR during the forecast period.
Based on security type, the industrial cybersecurity market is segmented into network security, application security, cloud security, and endpoint security. In 2022, the network security segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the increasing adoption of cloud computing, big data, and IoT in industrial sectors; and the increasing need for network security and privacy. However, the cloud security segment is slated to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of cloud computing and storage systems among SMEs.
Based on deployment mode, the industrial cybersecurity market is segmented into on-premise and cloud-based. In 2022, the on-premise segment is expected to account for the larger share of the industrial cybersecurity market. The large market share of this segment is attributed to the increasing preference for on-premise deployments among large enterprises. However, the cloud-based segment is projected to grow at the higher CAGR during the forecast period. The growth of this segment is attributed to the increasing avenues for cloud-based deployments.
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Based on industry vertical, the industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other industry verticals. In 2022, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the rising number of cyberattacks in the industrial sector. Furthermore, government initiatives for promoting cybersecurity for industries contribute to the growth of this segment.
Based on geography, in 2022, North America is expected to account for the largest share of the industrial cybersecurity market. However, the industrial cybersecurity market in Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid incorporation of disruptive technologies across different sectors in Asia-Pacific is driving the growth of this market in the region.
The key players operating in the industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco System, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Network, 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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Scope of the Report:
Industrial Cybersecurity Market, by Component
Industrial Cybersecurity Market, by Security Type
Industrial Cybersecurity Market, by Deployment Mode
Industrial Cybersecurity Market, by Industry Vertical
Energy & Utilities
Transportation & Logistics
Other Industry Verticals
Industrial Cybersecurity Market, by Geography
Middle East & Africa
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Smart Manufacturing Market by Technology (Robotics, AI, IIoT, Cloud, AR/VR), Application (Machine Inspection; Energy, Quality, and Warehouse Management; Planning, Surveillance, Optimization), End-use Industry, and Geography - Global Forecast to 2029 https://www.meticulousresearch.com/product/smart-manufacturing-market-5265
Industrial IoT Market by Component (Hardware, Platform, Services, and Connectivity), Industry Verticals (Agriculture, Manufacturing, Energy & Utility, Oil & Gas, Aerospace, Retail, and Others) and Geography—Global Forecasts to 2029) https://www.meticulousresearch.com/product/industrial-iot-market-5102
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