Industrial Cybersecurity Market worth $22.5 billion in 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 11, 2020 /PRNewswire/ -- According to the new market research report "Industrial Cybersecurity Market by Security type (Network, Endpoint, Application, Cloud, Wireless and Others), Offering (Products and Solutions & Services), End-User (Power, Utilities, Transportation, Chemicals & Manufacturing and Others) & Geography - Global Forecast to 2025", published by MarketsandMarkets™, the Industrial Cybersecurity Market is expected to grow at a CAGR% of 5.8% from USD 16.9 billion in 2020 to USD 22.5 billion in 2025. The primary reasons for this rise in demand is the increasing number of cyber-attacks on industrial control systems.
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Application Security to grow at highest CAGR of ICS market, by service type, in 2020
Application security refers to the security of software and code from external and internal threats, including web attacks, DDoS attacks, site scraping, and fraud. It involves security policies to protect industrial applications and confidential information from both random and targeted application security attacks. It is a structured practice for the protection of applications, using hardware, software, and operational policies. Application security comprises the protection of SCADA applications and critical controllers, which are responsible for the proper running of industrial processes. A few of the major players who offer application security are CyberArk Software Inc. (US), Belden Incorporated (US), and Cisco Systems Inc. (US). Application security is important because more applications are available, nowadays, over various networks that can be connected to the cloud due to which there might be increased attacks and data breaches. Application security is of different types, namely, authentication, authorization, encryption, logging, and application security testing. Application developers that create different applications use application security for testing the software solutions they develop to ensure that there are no vulnerabilities in the newly developed application.
Transportation application to grow at highest CAGR during forecast period
The growing dependence of people on technologies and web-based applications has led to an increase in the risk of cyber threats. Road, rail, and metro networks are physically integrated with each other and with other modes of transport. In all transportation modes, such as highways, aviation, maritime, surface transportation pipelines and industrial control systems, are used.
Cyberattacks on transportation systems can lead to a delay in operation, theft of data, and passenger injury, among others. With the adoption of new technologies in transportation, the complexity has increased. This has raised security challenges in terms of response to threats and prevention of threats by using the available resources. The Department of Homeland Security (DHS) (US) has introduced several relevant security rules and regulations to secure transportation systems from cyberattacks. Companies such as Transdyn (US) and GE Transportation (US) help transit authorities to control real-time train power control systems, wayside signals, create new train schedules, automatically change tracks, and monitor trains from a single control unit.
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North America to hold largest share of ICS market in 2020
The industrial cybersecurity market in North America, based on country, can be segmented into the US, Canada, and Mexico. The rising number of cybercrimes in the US has resulted in increased demand for industrial cybersecurity solutions. Organizations in the US are more focused on saving their data and prevent cybercrimes, which is the prime reason for the US to hold the largest market share in 2025.
A few key players operating in the TIC market are IBM Corporation (US); Cisco Systems, Inc. (US); Honeywell International Inc., Fortinet (US); Splunk (US), Broadcom INC (US); Fireeye (US); Proofpoint (US); Microsoft (US); Palo Alto Networks (US); and Dell, Inc. (US).
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