The 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", is expected to
grow at a CAGR of 5.81% 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.
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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