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.
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Power industry held the largest share of the industrial cybersecurity market in 2016
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 leads the industrial cybersecurity market in terms of size
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).
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Objectives of the Study
- To define, describe, and forecast the overall industrial cybersecurity market on the basis of type, product, solution and service, end-user industry, and geography
- To strategically analyze the micromarkets1 with respect to individual growth trends, prospects, and contribution to the total market
- To analyze the opportunities in the industrial cybersecurity market for stakeholders and detail the competitive landscape for market players
- To forecast the market size for various segments with respect to four main regions – North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW)
- To strategically profile the key players and comprehensively analyze their market rankings and core competencies2
- To provide detailed information regarding the major factors influencing the growth of the industrial cybersecurity market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze the competitive developments such as joint ventures, mergers & acquisitions, product launches, and research and development (R&D) carried out by the players in the Industrial cybersecurity market
- To map the competitive intelligence based on company profiles, key player strategies, and game-changing developments, such as product developments, collaborations, and acquisitions
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