Industrial Cyber Security Market Grows with Next Generation Technologies

Cyber security is the body of processes, practices, and technologies designed to protect programs, data, networks, and computers from damage, attack, or unauthorized access. Industrial cyber security is primarily a collaboration of ideas of security from the IT environment and principles of safety from the operations technology (OT) environment. A common industrial security framework termed Industrial Internet Security Framework (IISF) was designed to enable the convergence of OT and IT trustworthiness. Trustworthiness for OT environments involves availability, reliability, and safety of services while trustworthiness for IT environments involves securing networks, plant assets, and data generated by devices. Often companies underestimate the risk of cyber-attacks and invest in security measures only when a breach has happened.

Companies also underestimate the potential threats from within their organization networks. Very often, organizations may not always come to know that there has been a cyber-attack. Hence, there is a need to better understand the potential weaknesses and risks around industrial security. Organization have considered anti-malware solutions as the most effective measure to combat cyber security breaches in an industrial setting. There is also scope for companies to protect themselves with increased usage of patch management and vulnerability scans. Industrial cyber security protects from various cyber-attacks including stuxnet, shamoon, brute force, and spear-phishing. Industrial cyber security solutions help a plant’s critical infrastructure defend the reliability, safety, and availability of its industrial control systems.

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The potential damage from cyber-attacks are considerable and the consequences of such incidents are often greater than reputational damage and financial losses. Hence, there is a need to secure industrial control systems from cyber-attacks which is driving the industrial cyber security market. Moreover, rising government funding to tackle various security breaches to improve industrial cyber security and growing number of connected devices are driving the growth of the industrial cyber security market.

However, high cost associated with innovation pertaining to advanced cyber security solutions pertaining to cyber security is leading to financially constrained organizations limiting the growth of industry cyber security market. Increased frequency of cyber security breaches, growing number of connected devices in the industry, and increased adoption of IoT in industrial control systems are creating opportunities for the growth of the industry cyber security market. Moreover, proliferation of industrial Internet of things (IIoT) is exposing industrial devices to vulnerabilities through cyber-attacks, which is also creating opportunities for growth of the industrial cyber security market.

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The global industry cyber security market is segmented on the basis of type, component, end use, and region. In terms of type, the market can be segmented into application security, information security, network security, end point security, cloud security and others including wireless security etc. In terms of component, the market can be divided into solution and service. The service segment can be further segmented into professional services and managed services. On the basis of end use, the market is classified into power, energy and utility, transportation systems, chemicals and manufacturing among others.

The market is segmented in terms of geographical regions into North America, Asia Pacific, Middle East & Africa (MEA), South America, and Europe. North America is expected to be the largest region as it is home to many industrial cyber security providers and the region is also an early adopter of cyber security solutions. The market in the Asia Pacific region is expected to grow at the fastest rate due to improving IT infrastructure, growing trend of industrial automation, and adoption of cloud based services in the region.

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Industry participants dominating the industry cyber security market with significant developments are Honeywell International, Inc., International Business Machines (IBM) Corporation, ABB Ltd., Schneider Electric, Cisco Systems, Inc., Rockwell Automation, Inc., Dell Inc., Kaspersky Lab, Symantec Corporation, and Bayshore Networks, Inc. among others.

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