According to a new report Global Industrial Cybersecurity Market, published by KBV research, The Global Industrial Cybersecurity Market size is expected to reach $22.8 billion by 2026, rising at a market growth of 7.2% CAGR during the forecast period.
Network security is anticipated to observe the second-highest growth during the forecast period. Government utilities and manufacturing facilities and plants are vulnerable to danger, meddling, and unapproved network access, putting the security of these facilities at risk. Industrial control systems are installed in smart grids, electrical power and energy production infrastructure, oil & gas infrastructure, and many other facilities. These systems depend on supervisory control and data acquisition (SCADA) technology.
The Power market dominated the Global Industrial Cybersecurity Market by End User 2019. The Transportation market is expected to witness a CAGR of 6.2% during (2020 - 2026). Cyberattacks on transportation systems can result in the delay in operation, theft of data, and passenger injury, among others. The complications have increased with the deployment of new technologies in transportation. This has increased security challenges with respect to response to and prevention of threats with the help of available resources.
The majority of developed countries have their production facilities in the emerging countries of APAC, particularly in China and India. These facilities are expected to manufacture products as per the internationally accepted standards. The local markets in APAC are increasing rapidly due to the increasing average income among the middle-class population. Furthermore, there is increasing consumer awareness about the importance of certification. The increasing number of cybercrimes across the US has led to an upsurge in demand for industrial cybersecurity solutions. Companies in the US are inclined towards saving their data and reduce cybercrimes, which is the main reason for the US to garner the highest market share during the forecast period.
Full Report: https://www.kbvresearch.com/industrial-cybersecurity-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of ABB Group, IBM Corporation, Honeywell International, Inc., Cisco Systems, Inc., Schneider Electric SE, Rockwell Automation, Inc., Siemens AG, Microsoft Corporation, Palo Alto Networks, Inc. and Broadcom, Inc.
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