Data has become the lifeline of industrial operations. The growth in the data products and its application in various sectors are tightening the cybersecurity in every aspect of the industrial application. Today, major enterprises are primarily adopting cloud computing technology due to flexibility in terms of resource utilization, configurable computing resources, including servers, storage capacity, computing power, databases, and software applications. However, increased adoption of cloud computing technology in the various industrial sector has also compelled the companies to focus on certain security measures owing to various cyber breaches. In February 2018, unidentified hackers broke into Tesla owned Amazon cloud service for mining cryptocurrency. Therefore, growing adaptation of cloud computing is increasing the need for the global industrial cyber security market.
Global Industrial Cyber Security market has been segmented majorly based on type, and end-users. Based on type, the market is segmented into network security, application security, endpoint security, wireless security, cloud security, and others. Network Security holds the major share in the market, owing to the adoption of advanced cyber attack techniques such as spear phishing, malware and others for targeting a specific network.
Based on end-user, the market is segmented into energy and power, manufacturing, transportation systems, chemicals, and others. Energy and power sector possess the major risk of cyber threats, thus holds the major share in the market during the forecast period. Growing risk of cyber-attacks as malicious software are taking control of energy equipment and resulting in huge data theft is increasing the need for the cybersecurity in Energy and Power sector. For instance, in February 2011, McAfee announced the discovery of a series of coordinated attacks against oil, energy, and petrochemical companies originated primarily from China with the purpose of extracting information.
North America holds largest market share in the global industrial cybersecurity market, mainly due to Growing cyber threats are the harsh reality of present situations, which cannot be ignored. According to a survey conducted by Kaspersky Lab in 2018, around 77% of overall organizations in the world are focusing on the industrial cybersecurity issue and for 21% industries, cybersecurity is a minor concern.
European market is primarily influenced by strict laws and regulations to prevent the theft of data across the region and the European Commission has already invested more than €600 million in research and innovation cybersecurity projects for 2014–2020.
Asia Pacific is estimated to emerge as a fastest growing region, mainly due to rapid growth in digital connectivity coupled with inadequate awareness about cybersecurity.
LAMEA holds the least share of the global industrial cybersecurity market. However, Most of the Middle East countries are functioning to defend themselves against cyber-attacks.
The major companies operating in the market are IBM Corporation, Honeywell International, ABB, Cisco Systems, Symantec Corporation, Kaspersky Lab McAfee, LLC, Dell Inc., Rockwell Automation, Inc., Schneider Electric, Siemens AG.
Numerous companies in the market are providing cybersecurity services and solutions to help organizations in aligning and complying with contemporary guidelines, best-practices, and standards. Various start-ups have raised billions of dollars in venture funding to enter into the industrial cyber security market. Tech giants like Cisco Systems and IBM Corporation also have grown their security businesses through merger and acquisition. For instance,