Industrial Cybersecurity Market, 2023: Government Organizations' Support to Secure Industrial Control Systems

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Sep 06, 2017, 11:00 ET

DUBLIN, September 6, 2017 /PRNewswire/ --

The "Industrial Cybersecurity Market by Type (Network, Application, Endpoint, Wireless, Cloud, Others), Product (Gateways and Networking Devices), Solution and Service, End-User Industry, and Region - Global Forecast to 2023" report has been added to Research and Markets' offering.

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 industrial cybersecurity 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.

On the basis of type, the industrial cybersecurity market has been segmented into network security, endpoint security, application security, cloud security, wireless security, and others (database security and web security). Network security held the largest share of the industrial cybersecurity market in 2016. The growth of this market can be attributed to the increasing number of web-based applications and the rising security breaches targeting industrial infrastructure and plant operations, wherein hackers try to gain access to sensitive data.

The industrial cybersecurity market, on the basis of region, has been segmented into North America, Europe, Asia Pacific, and Rest of the World. Of all the regions, North America held the largest share of the industrial cybersecurity market in 2016. The region is an early adopter of innovative technologies and is home to a large number of industrial cybersecurity solution providers. It is also is one of the fastest-growing markets in terms of technological advancements, manufacturing operations, and infrastructure. The market in APAC is expected to grow at the highest rate between 2017 and 2023 owing to the improving IT infrastructure, rising adoption of cloud-based services, and growing trend of industrial automation in the region

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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Process Automation Market, By Technology

7 Industrial Cybersecurity Market, By Type

8 Industrial Cybersecurity Market, By Product

9 Industrial Cybersecurity Market Analysis, By Solution And Service

10 Industrial Cybersecurity Market Analysis, By End-User Industry

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

Abb Ltd
Bayshore Networks Inc.
Belden Inc. (Us)
Cisco Systems Inc.
Cyberx
Dell Inc.
General Electric Company (Us)
Honeywell International Inc.
Indegy
International Business Machines (Ibm) Corporation (Us)
Juniper Networks Inc. (Us)
Kaspersky Lab
Lanner Electronics Incorporated (Taiwan)
Mcafee Llc (Intel Security)
Nexdefense Inc (Us)
Palo Alto Networks Inc. (Us)
Phoenix Contact (Germany)
Rockwell Automation Inc.
Schneider Electric
Securitymatters
Sentryo
Siemens Ag
Startup Ecosystem
Symantec Corporation
Thales Group (France)
Trend Micro Incorporated (Japan)
Westermo (Sweden)

For more information about this report visit https://www.researchandmarkets.com/research/2j4nj7/industrial

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SOURCE Research and Markets