According to a new report Industrial Cyber Security Solutions and Services Market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026, published by Transparency Market Research , the global industrial cyber security market is expected to reach US$ 29.97 Bn by 2026, expanding at a CAGR of 9.2% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. North America will continue to be at the forefront of global demand, with the market in the region growing at above 8.4% through 2026. Technical advancements, increased digitization, presence of large number of industrial cyber security solution providers, and online browsing are anticipated to significantly influence the global industrial cyber security market growth across the North America region.
Rise in use of industrial control systems and network components in the manufacturing and utility sectors is responsible for the increase in demand for industrial cyber solutions globally. The ability of industrial cyber security systems to offer protection from various forms of cyber-attacks is fuelling demand for them. Most of the industries today employ advanced industrial control systems. This, in turn, is expected to drive demand for industrial cyber security.
Increasing government funding to tackle cyber security breaches is expected to lead to the growth of the industrial cyber security market over the forecast period. Furthermore, rise in use of cloud security solutions is projected to fuel the growth of the market in the near future. Many companies have started to develop and deploy cyber security techniques due to the increasing cyber-crime and strict government rules & regulations to combat it. Furthermore, increased presence of a number of cyber security solutions and services providers across different regions is likely to supplement the market growth during the forecast period.
North America and Europe are both matured market in terms of cyber security protection systems owing to high awareness among users and technological development. However, Asia Pacific is expected to witness strong growth during the forecast period from 2018 to 2026. Rising penetration of internet as well as significant investments in energy and power infrastructures and digitization across countries such as the U.S., U.K, Germany, France, China, India, South Africa, and Brazil is anticipated to offer prominent opportunities for industrial cyber security providers in the near-term.
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The global industrial cyber security market is broadly segmented by component into software solutions, hardware solutions, and services. According to the research study, the software solutions segment of the market held the maximum market share and is anticipated to remain dominant over the forecast period. The software solutions segment is further sub-segmented into intrusion detection systems/intrusion prevention systems (IDS/IPS), firewall, backup and recovery, antivirus/malware, security information and event management (SIEM), identity and access management (IAM), supervisory control and data acquisition (SCADA) encryption, virtualization security, unified threat management (UTM), data loss prevention (DLP), application whitelisting, distributed denial of service (DDoS) and others.