Industrial Cybersecurity Market Size worth USD 29.41 Billion by 2027 | Fortune Business Insights
Fortune Business Insights
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Fortune Business Insights
According to Fortune Business Insights, the global industrial cybersecurity market size is projected to reach USD 29.41 billion by 2027 from its value USD 15.84 billion in 2019, at CAGR of 8.2% during forecast period.
Pune, India, April 21, 2023 (GLOBE NEWSWIRE) -- The global industrial cybersecurity (ICS) market size is excepted reach to reach USD 29.41 billion by 2027, exhibiting a CAGR of 8.2% during the forecast period. The integration of cybersecurity solutions and advanced cloud services by various industries will spur opportunities for the global market during the forecast period, states Fortune Business Insights, in a report, titled “Industrial Cyber Security (ICS) Market Size, Share & COVID-19 Impact Analysis, By Component (Product, Software and Services), By Security Type (Network Security, Cloud Application Security, End-point Security, Internet Security, and Others), By Industry (Process Industry and Discrete Industry) and Regional Forecasts, 2020-2027.” The market size stood at USD 15.84 billion in 2019.
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The report on industrial cyber security incorporates essential understandings of the market, all-inclusive data about prominent players, distinguished facts and figures, latest developments, key drivers and restraints, along with imperative information about dominant regions. Moreover, the report also provides a brief study regarding the impact of the COVID-19 pandemic impact on the industry.
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Increasing Acceptance of AI-based Industrial Robots to Bolster Growth
The growing implementation of cloud-based ICS-as-a-service and industrial robots across manufacturing and industrial plants will contribute positively to the market’s growth. According to the International Federation of Robotics, in 2018, there were around 125.6 thousand industry robots deployed across the automotive industry, 105.2 thousand deployed across the electronic industry, and 43.6 thousand deployed across the metal and mining industry worldwide. Similarly, as per the Robotic Industries Association (RIA) report, in 2018, around 422,000 industry robots shipped globally. Cybersecurity solutions secure industrial robots from cyber-attacks, thus supporting smooth operations. Moreover, governments’ heavy investments in cybersecurity will foster the market's healthy growth in the forthcoming years. For instance, in May 2017, the Singaporean government declared an investment for four years (2017 – 2021) of around USD 1.76 billion in economic strategies. This investment includes the advancement of various Cybersecurity Agency (CSA) of Singapore.
Investment Plans of Prominent Companies to Uplift Market Amid Coronavirus
The coronavirus has adversely affected the IT sector around the world, consequently hampering the market. However, noteworthy companies are focused on investment strategies to improve the market scenario. According to IDC, worldwide IT spending is expected to decline by 2.7% due to COVID-19. Moreover, the expenditure on infrastructure as a service (IaaS) and cloud computing tools is projected to increase in the near future. For instance, in May 2020, Rockwell Automation, Inc., announced that it has acquired Kalypso, LP., a software delivery and consulting organization. The company intends to provide control products and solutions using Kalypso’s abilities to develop security solutions. Moreover, the temporary closure of manufacturing facilities, industrial plants, factories, and other industries has restricted the market's expansion.
Quick Buy Industrial Cyber Security (ICS) Market Research Report:
Mcafee, LLc (Intel Security) (California, United States)
Cisco Systems, Inc. (California, United States)
Honeywell International Inc. (North Carolina, United States)
Microsoft Corporation (Washington, United States)
Siemens AG (Munich, Germany)
Trend Micro, Inc. (Tokyo, Japan)
Splunk Inc. (California, United States)
Rockwell Automation, Inc. (Wisconsin, United States)
Bayshore Networks, Inc. (North Carolina, United States)
Broadcom Inc. (California, United States)
Kaspersky Lab (Moscow, Russia)
Dell Inc. (Texas, United States)
Proofpoint, Inc. (California, United States)
FireEye, Inc. (California, United States)
Symantec Corporation (NortonLifeLock Inc.) (Arizona, United States)
Palo Alto Networks (California, United States)
Regional Analysis:
Implementation of Cloud-Based Security Solutions to Boost Growth in Asia Pacific The market Asia Pacific is expected to rise excellently during the forecast period due to existing companies in China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN countries. The heavy investments in cloud-based security applications will contribute positively to the growth of the market in Asia Pacific. The emergence of new companies coupled with small and medium enterprises (SMEs) will foster the healthy development of the market in Asia Pacific. Europe is expected to expand radically during the forecast period owing to the rising investment for secure IT infrastructure across industries. For instance, according to UBS Group AG, in Europe, the estimated electric vehicle revenue is likely to reach around 6.33 million units by 2025. North America is expected to hold a significant share during the forecast period due to major players such as CyberArk Software Ltd., Rockwell Automation, Inc., Cisco System, Inc., and others. The introduction of innovative AI-based security solutions by major companies will aid expansion in North America. In November 2020, CyberArk Software Ltd. launched CyberArk, Cloud Entitlements Manager, a service based on artificial intelligence.
Key Development:
August 2019: Cisco System Inc., an American multinational technology conglomerate headquartered in San Jose, California, completed the acquisition of Sentryo, a Lyon, France-based company. Sentryo offers cybersecurity solutions and asset visibility for industrial control systems (ICS).
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