Market For Industrial Cyber Security Is Expected To Experience Strong Growth Over The Forecast Period

The global industrial cybersecurity solutions and services market is anticipated in a report by Transparency Market Research (TMR) to find players investing heavily for securing a strong foothold in the industry. Players could be drawn to invest more in the market considering its steady expansion and gradually growing demand for industrial cybersecurity solutions and services. Some of the important players operating in the market are IBM, Symantec, and Cisco.

Increasing research and development and product innovation are foreseen to set the tone for valuable growth in the market. One instance could be the launch of a small wireless power meter PowerTag by Schneider Electric SE which helps to improve security and monitoring of electrical assets.

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TMR envisions the global industrial cybersecurity solutions and services market to bag a US$29.97 bn by the completion of 2026 while rising at a 9.2% CAGR during the forecast period 2018-2026. In 2017, the market collected revenue worth a US$13.75 bn. In terms of component, software solutions could account for a larger share of the market in the near term. By region, North America is predicted to take the lead in the market while expanding at an 8.4% CAGR.

Utility and Manufacturing Industries Increase Use of Industrial Control Systems
Demand for industrial cybersecurity solutions and services is envisaged to rise on the back of increase in application of network components and industrial control systems in the utility and manufacturing industries. Organizations could raise demand for industrial cybersecurity systems because of their ability to protect from different kinds of cyberattacks. Deployment of advanced industrial control systems is also expected to increase as organizations adopt them at a rising rate.

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Technological development and high awareness among end users in developed regions such as Europe and North America could help the world industrial cybersecurity solutions and services market to improve growth in the near future.

Improper Knowledge and Awareness about Cyberattacks Impede Market Growth
The international industrial cybersecurity solutions and services market is prognosticated to drop positive signs of growth during the course of the forecast period. However, lack of knowledge and awareness about cyberattacks could raise fears of slacked growth. Nevertheless, a wealth of business opportunities is prophesied to take shape in the market.

For instance, increase in online browsing, presence of a significant count of companies functioning in the industry, and magnifying rate of digitalization are projected to swell demand in the international industrial cybersecurity solutions and services market. Snowballing government funding to prevent cybersecurity breaches and increasing employment of cloud security solutions are forecasted to magnetize high demand from end users. Stringent government regulations to fight cybercrimes and increased interest in implementing cybersecurity techniques could be cashed in on as vendors look to increase their market shares.

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The information presented in this review is based on a TMR report, titled “Industrial Cybersecurity Solutions and Services Market (Component - Hardware Solutions, Software Solutions, and Services; Security Layer - Network Security, End-point Security, Cloud Security, Application Security, and Database Security and Web Security; End-use Industry - Process Industries and Discrete Industries) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026.”

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