According to the latest market research report “Industrial Cybersecurity Market by Type (Network, Application, Endpoint, Wireless, Cloud, Others), Product (Gateways and Networking Devices), Solution and Service, End-User Industry, and Region – Global Forecast to 2023″, published by MarketsandMarkets,the industrial cybersecurity market comprises products such as gateways, routers, and industrial Ethernet switches; solutions such as antivirus, data loss prevention, and identity and access management; and services. The market is expected to grow at a CAGR of 8.6% during the forecast period to reach USD 22.79 Billion by 2023 from USD 12.72 Billion in 2016. The base year used for this study is 2016 and the forecast period is between 2017 and 2023.
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Some of the major players in the industrial cybersecurity market are 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), and McAfee, LLC (US).
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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.
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Industrial cybersecurity market, by product, to witness a high growth between 2017 and 2023
The industrial cybersecurity market, by product, is expected to grow at a high rate during the forecast period. As the incidents of cyber breaches have increased, vendors are focusing on developing advanced hardware with security capabilities. In addition to gateways, the demand for routers and industrial Ethernet switches will continue to proliferate in the wake of increasing cyberattacks owing to the growing number of connected and remotely managed industrial systems.
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This report describes the market trends, drivers, restraints, opportunities, and challenges pertaining to the industrial cybersecurity market and forecast the size of the market till 2023. The report also includes a detailed view of the market across four major regions North America, Europe, Asia Pacific (APAC), and Rest of the World (Latin America and MEA). The report profiles 11 most promising players and 5 new entrants in the industrial cybersecurity market.
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