According to a report on Radiant Insights, Inc., the worldwide industrial cyber security market is anticipated to expand lucratively by 2022. It is estimated to display a significant growth rate from 2017 to 2022 (forecast period). Factors driving market growth include rising incidence of cyber security attacks, rise of industrial connected systems, and increase in government budgets to improve cyber security.
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Industrial control systems (ICS) are machines that can control different types of processes. These systems can range from small mounted controllers to larger interconnected systems. Industrial cyber security is essential for safeguarding these systems from online threats that can range from shutdown of these systems to putting workers at risk. Emergence of advanced systems and rise in security threats are expected to drive the demand for industrial cyber security during the forecast period.
Awareness regarding cyberattacks as well as adopting latest methodologies in network security can help in safeguarding ICS from online threats. Advent of smart technologies such as smart grids and Industrial Internet of Things (IIoT) are expected to augur well for market growth. For instance, Cisco Systems has an array of services that can ensure security of networks. Some of its services are asset identification and management and improved network design and architecture. Lack of cyber security experts may hamper future market growth.
The global industrial cyber security market is segmented by type, application, and region. Types in the market include Ethernet switches, gateways, and routers. Major applications include oil and gas, power grid, manufacturing, and transportation.
Regions covered in the market report include India, Japan, China, Southeast Asia, and United States (U.S.). The U.S. market is projected to expand exponentially since it is an early adopter of latest trends and is also home to leading cyber security solution providers. The Japan market may witness high demand due to its inability to prevent past cyberattacks in industrial sectors, like the 2011 Mitsubishi Heavy Industries incident. The passing of the Cyber Security Basic Law in 2014 as well as additional powers given to the National Center of Incident Readiness and Strategy for Cybersecurity (NISC) to create laws pertaining to cyber security are expected to influence regional market growth.
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The India market is anticipated to present great potential for growth due to recent Ransomware attacks. In addition, border tensions from neighboring countries are expected to influence the integration of improved infrastructure to protect industrial sectors from attacks. Other markets are expected to invest in industrial cyber security to prevent similar attacks on sectors vital to the functioning of an economy, such as transportation, oil and gas, and energy.
Prominent market players include Siemens AG; Honeywell International Inc.; Cisco Systems, Inc.; Symantec Corporation; and Maverick Technologies. Strategic acquisitions are seen as a go-to strategy for large players to sustain their market hold. For instance, Honeywell is expected to acquire Nextnine, a prominent security solutions provider. This acquisition is estimated to extend the product portfolio of the former while increasing the number of services it can provide to end users. In addition, lack of standards can make room for novel small participants in the market. Integrating Internet technologies with operational technologies is the best way to ensure industrial cyber security in the current age.
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