The industrial
cybersecurity market 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 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 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 market. 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.
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The
companies profiled in this report include 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). The report also includes profiles of new entrants such
as Indegy (Israel), SecurityMatters (Netherlands), CyberX (US), Bayshore
Networks, Inc. (US), and Sentryo (France).
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