The industrial
cybersecurity market 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 cyber-attacks on industrial control systems.
The market
for products to grow at highest CAGR in ICS market, by offering, in 2025
Networking devices
(routers and industrial Ethernet switches) accounted for the larger share of
58.6% of the industrial cybersecurity market, in terms of value, in 2019, while
gateways are likely to witness a higher growth rate in the coming years. With
the introduction of IoT-enabled devices and industry 4.0, networks are now more
exposed to cyber threats. This has also boosted the demand for secure hardware,
along with software. Gateways help prevent cyberattacks on SCADA systems by
allowing them to securely connect with management information systems. Gateways
help manage network user access by directly accessing the networks in the
industrial zone. With the evolution of automation and the IoT ecosystem,
companies are developing intelligent gateways capable of encrypting data and
data analytics before sending the data outside a particular network or to the
cloud for storage.
The market
for 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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APAC to hold
largest share of ICS market in 2020
APAC comprises
emerging economies such as China and India. These countries have the presence
of a large number of small and medium-sized enterprises (SMEs), which
collectively account for the employment of more than 70% of the total
population in the countries. These SMEs provide growth opportunities for
vendors in the industrial cybersecurity market who provide solutions and
services to the customers from the manufacturing, transportation, and energy
industries. In the 2017 Union Budget, the Singaporean government announced an
investment of USD 1.76 billion in economy strategies for the next 4 years. Some
portion of this investment is also dedicated to the Cybersecurity Agency (CSA)
of Singapore. However, the need for huge investment associated with the
successful deployment of an industrial control system security project
restricts SMEs from adopting a strong security practice within their
organizations, but factors such as increasing complexity of businesses, rapid
shifting toward digitization and virtualization, and growing trend of BYOD are
expected to encourage SMEs to adopt various industrial control solutions and
services.
Many
economically advanced countries have their manufacturing units in the
developing economies of APAC, especially in China and India. These units are
required to manufacture products in compliance with internationally accepted
standards. The domestic markets in APAC are growing rapidly owing to the rising
per capita income among the middle-class population. Moreover, there is growing
consumer awareness about the importance of certification. More than 45
countries, including China, Japan, India, Hong Kong, Taiwan, Singapore,
Thailand, and Australia, are taken into consideration for the analysis of the
TIC market in APAC.
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