Industrial Cybersecurity Market Size, Share, Growth | Industry Report, 2018-2023
Industrial Cybersecurity Market by Type & Region - Global Forecast 2023 | MarketsandMarkets
United States, 11 January 2019 -- Industrial Cybersecurity Market categorizes global market by Type (Network, Application, Endpoint, Wireless, Cloud, Others), Product (Gateways and Networking Devices), Solution and Service, End-User Industry, and Region
The industrial cybersecurity market was valued at USD 12.72 Billion in 2016 and is expected to reach USD 22.79 Billion by 2023, at a CAGR of 8.6% during the forecast period. The growth of the market is driven by the rising governments funding to tackle security breaches and improve industrial cybersecurity, growing number of connected devices, and increasing adoption of IoT in industrial control systems.
Of all the major end-user industries, the power industry held the largest share of the industrial cybersecurity market in 2016. Technological advancements are being carried out in the power industry to increase the production efficiency. The increasing dependence on technologies is making the power sector more prone to cyber threats. These advancements would significantly increase the demand for industrial cybersecurity solutions. Industry players are developing various products for the security of the industrial sector.
The industrial cybersecurity market for the transportation systems industry is expected to grow at a high rate between 2017 and 2023. The growing penetration of advanced technologies is resulting in the shift of transportation systems from stand-alone type to newer inter-connected systems. The increasing dependence of transportation modes on new technologies has led to the exposure of transportation control systems to cyberattacks; this is boosting the demand for cybersecurity solutions.
One of the major factors restraining the growth of the global industrial cybersecurity market is the high costs of innovation pertaining to cybersecurity. Several organizations consider the cost of innovation pertaining to advanced cybersecurity as a financial constraint, which is limiting the growth of the market.
The companies profiled in this report include 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). The report also includes profiles of new entrants such as Indegy (Israel), SecurityMatters (Netherlands), CyberX (US), Bayshore Networks, Inc. (US), and Sentryo (France).
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