Redding, California, June 28, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Industrial Cybersecurity Market by Component (Solutions, Services), Security Type (Endpoint Security, Network Security), End User (Industrial Manufacturing, Transportation & Logistics) and Geography - Global Forecasts to 2030,’ the global industrial cybersecurity market is expected to reach $49.53 billion by 2030, growing at a CAGR of 14.8% during the forecast period 2023 -2030.
The growth of this market is attributed to the emergence of disruptive digital technologies. Additionally, the growing need for cloud-based security solutions among SMEs is expected to offer significant growth opportunities for this market. However, the increasing use of mobile devices as an attack vector and the vulnerability issues with IoT devices are major challenges for market growth. Additionally, the consistently rising adoption of cloud technologies and industrial cybersecurity-as-a-service are prominent trends in the industrial cybersecurity market.
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The global industrial cybersecurity market is segmented by component (Solutions (Encryption, Data Loss Prevention, Unified Threat Management, Firewalls, Antivirus/Antimalware, Intrusion Detection/Prevention Systems, Security & Vulnerability Management, Disaster Recovery, Web Filtering, Identity & Access Management, Risk & Compliance Management, DDS Management) Services (Professional Services, Managed Services)), Security Type (Network Security, Application Security, Cloud Security, Endpoint Security, Other Security Types), Deployment Mode (On-premise deployment, Cloud-based deployment), and End User (Industrial Manufacturing (Automotive, Aerospace & Defense, Electronics & Electrical, Chemicals, Heavy Metals & Machinery, FMCG, Other Manufacturing Industries) Energy & Utilities, Transportation & Logistics, Other End Users). The study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on component, the global industrial cybersecurity market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the larger share of the overall industrial cybersecurity market. Additionally, this segment is projected to grow at the highest CAGR during the forecast period. The increasing concerns regarding data security and privacy and the consistent efforts by shareholders in the industrial sector to improve efficiency, reduce costs, and increase security are expected to drive the growth of this market.
Based on security type, the global industrial cybersecurity market is segmented into network security, application security, cloud security, endpoint security, and other security types. In 2023, the endpoint security segment is expected to account for the largest share of the industrial cybersecurity market. Additionally, this segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the exponential rise in the number of endpoint devices and rising demand for endpoint security solutions to secure various enterprise networks.
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Based on deployment mode, the market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for the larger share of the industrial cybersecurity market. Additionally, this segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility & affordability offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions among small and medium-sized enterprises.
Based on end user, the global industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other end users. The industrial manufacturing segment is further sub-segmented into automotive, aerospace & defense, electronics & electrical, chemicals, heavy metals & machinery, FMCG, and other manufacturing industries. In 2023, the industrial manufacturing segment is expected to account for the largest share of the overall industrial cybersecurity market. The growth of this segment is attributed to the rising demand for real-time security monitoring from manufacturers, growing cybersecurity incidents, and the increasing use of smart devices.
However, the transportation & logistics segment is expected to grow at a higher CAGR during the forecast period. The growth of this segment is driven by the technological advancements in the transportation sector, increasing sophistication of cyber risk and penetration of data breaches, and the rising need to secure supply chain & logistics systems.
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Based on geography, the global industrial cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global industrial cybersecurity market. The large market share of this segment is attributed to the increasing government initiatives, growing advanced technologies in the region, and rising cyber-attacks in the industrial sector.
However, Asia-Pacific is projected to register the highest CAGR during the forecast period. However, Asia-Pacific is projected to register the highest CAGR of 20.7% during the forecast period. The growth of this segment is driven by the high penetration of connected devices in the industrial sector, the advent of Industry 4.0, the growing adoption of cloud-based solutions, and increasing cyberattacks in Asia-Pacific.
The key players operating in the global industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, 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
- Solutions
- Encryption
- Data Loss Prevention
- Unified Threat Management
- Firewalls
- Antivirus/Antimalware
- Intrusion Detection/Prevention Systems
- Security & Vulnerability Management
- Disaster Recovery
- Web Filtering
- Identity & Access Management
- Risk & Compliance Management
- DDS Management
- Services
- Professional Services
- Managed Services
Industrial Cybersecurity Market by Security Type
- Network Security
- Application Security
- Cloud Security
- Endpoint Security
- Other Security Types
Industrial Cybersecurity Market by Deployment Mode
- On-premise Deployment
- Cloud-based Deployment
Industrial Cybersecurity Market by End User
- Industrial Manufacturing
- Automotive
- Aerospace & Defense
- Electronics & Electrical
- Chemicals
- Heavy Metals & Machinery
- FMCG
- Other Manufacturing Industries
- Energy & Utilities
- Transportation & Logistics
- Other End Users
Industrial Cybersecurity Market by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- South Korea
- India
- Japan
- Taiwan
- Singapore
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- The Middle East and Africa
- Israel
- UAE
- Rest of MEA
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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
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