The Europe Cyber Security for Industrial Automation Market would witness market growth of 8.7% CAGR during the forecast period (2023-2030).
The Germany market dominated the Europe Cyber Security for Industrial Automation Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $1,004.1 million by 2030. The UK market is exhibiting a CAGR of 7.7% during (2023 - 2030). Additionally, The France market would experience a CAGR of 9.5% during (2023 - 2030).
Businesses are incorporating cybersecurity into their broader risk management strategies. Recognizing cybersecurity as a critical aspect of overall risk mitigation, companies align their cybersecurity efforts with their business goals. This holistic approach involves identifying and assessing cybersecurity risks, implementing preventive measures, and developing incident response plans to minimize the impact of potential breaches.
The rise of cyber insurance as a risk management tool has influenced the adoption of cybersecurity in industrial automation. Companies increasingly seek cyber insurance policies to transfer some financial risks associated with cybersecurity breaches. Insurers often require organizations to implement robust cybersecurity measures as a prerequisite for coverage, encouraging the adoption of proactive security measures.
As per International Trade Administration, the Digital Strategy 2025, which the Spanish government established in 2020, intends to advance the nation's digital transformation by utilizing artificial intelligence technology, bolstering cybersecurity, digitalizing public administrations, and promoting digital connectivity. Spain is adopting Industry 4.0 practices, integrating advanced technologies such as IoT, cloud computing, and AI into manufacturing processes. In the digital transformation journey, adopting secure-by-design principles is crucial in Span. Integrating cybersecurity from the start of the development lifecycle ensures that security is integral to industrial automation systems in Spain. Thus, all these factors will uplift the regional market’s expansion in the coming years.
Free Valuable Insights: The Global Cyber Security For Industrial Automation Market will Hit USD 17.4 Billion by 2030, at a CAGR of 9.2%
Based on Type, the market is segmented into Programmable Automation System, Fixed Automation System, Flexible Automation System and Integrated Automation System. Based on Security Type, the market is segmented into SCADA Security, Enterprise Security, Network Security, Device Security and Physical Security. Based on End Use, the market is segmented into Food & Beverage Processing, Automotive Manufacturing, Electronics & Telecommunication, Pharmaceuticals, and Others. Based on Technologies, the market is segmented into Programmable Logic Controllers, Computer Numerical Control (CNC) Systems, Industrial Sensors and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
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