The
industrial
cybersecurity market was valued at USD
12.72 Billion in 2016 and is expected to reach USD 22.79 Billion by 2023, at a
CAGR of 8.6% during the forecast period. The growth of the market is driven by
the rising governments funding to tackle security breaches and improve industrial
cybersecurity, growing number of connected devices, and increasing adoption of
IoT in industrial control systems.
Of
all the major end-user industries, the power industry held the largest share of
the industrial cybersecurity market in 2016. Technological advancements are
being carried out in the power industry to increase the production efficiency.
The increasing dependence on technologies is making the power sector more prone
to cyber threats. These advancements would significantly increase the demand for
industrial cybersecurity solutions. Industry players are developing various
products for the security of the industrial sector.
The
industrial cybersecurity market for the transportation systems industry is
expected to grow at a high rate between 2017 and 2023. The growing penetration
of advanced technologies is resulting in the shift of transportation systems
from stand-alone type to newer inter-connected systems. The increasing
dependence of transportation modes on new technologies has led to the exposure
of transportation control systems to cyberattacks; this is boosting the demand
for cybersecurity solutions.
One
of the major factors restraining the growth of the global industrial
cybersecurity market is the high costs of innovation pertaining to cybersecurity.
Several organizations consider the cost of innovation pertaining to advanced
cybersecurity as a financial constraint, which is limiting the growth of the
market.
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The
companies profiled in this report include International Business Machines (IBM)
Corporation (US), Honeywell International Inc. (US), ABB Ltd (Switzerland),
Cisco Systems, Inc. (US), Schneider Electric (France), Rockwell Automation,
Inc. (US), Dell Inc. (US), McAfee, LLC (US), Symantec Corporation (US), and
Kaspersky Lab (Russia). The report also includes profiles of new entrants such
as Indegy (Israel), SecurityMatters (Netherlands), CyberX (US), Bayshore
Networks, Inc. (US), and Sentryo (France).
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