In today's digitally
interconnected world, industrial cybersecurity has emerged as a critical
concern for organizations across various sectors. With the increasing reliance
on interconnected systems and the proliferation of IoT devices, ensuring the
security of industrial networks and systems has become paramount.
Industrial Cybersecurity
Industry Size:
The industrial
cybersecurity market has experienced robust growth in recent years, driven by
factors such as the rising frequency of cyber threats, stringent regulatory
requirements, and the growing adoption of industrial automation and IoT
technologies. According to MarketsandMarkets latest market research report, the
global industrial cybersecurity market size is expected to grow at a CAGR of
7.7%, from USD 16.3 billion in 2022 to USD 24.4 billion in 2028.
Global
Industrial Cybersecurity Market Share
Asia Pacific to hold the
largest share of Industrial cybersecurity market.
Asia Pacific 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 to the
providers of industrial cybersecurity solutions and services to customers from
the manufacturing, transportation, and energy industries.
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Industrial Cybersecurity
Market Growth Analysis:
Several key factors are
driving the growth of the industrial cybersecurity market:
Increasing Cyber
Threats: The escalating frequency and sophistication of cyber-attacks targeting
industrial systems have heightened the demand for robust cybersecurity
solutions.
Stringent Regulatory
Mandates: Governments and regulatory bodies worldwide are implementing
stringent cybersecurity regulations to safeguard critical infrastructure and
sensitive industrial assets, driving the adoption of cybersecurity solutions.
Growing Adoption of IoT
and IIoT: The proliferation of IoT devices and Industrial Internet of Things
(IIoT) technologies has expanded the attack surface for cyber threats,
necessitating enhanced cybersecurity measures across industrial environments.
Rising Awareness Among
Enterprises: Enterprises are increasingly recognizing the importance of
investing in cybersecurity to mitigate the risks associated with cyber threats,
thereby fueling market growth.
Key Companies in Global Industrial
Cybersecurity Market
A few key industrial
cybersecurity companies players are IBM (US), Honeywell International (US), ABB
(Switzerland), Schneider Electric
(France), Cisco System (US), and Rockwell Automation (US) are among a
few key players in this market.
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