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.
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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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Discrete industries are segmented into automotive, aerospace and defense, electronics and electrical, medical devices, metal and mining, and FMCG. Among these, the aerospace and defense sector held major market share in the global industrial cyber security market in 2017 in terms of revenue. On the other hand, process industries are further categorized into oil and gas, pulp and paper, pharmaceutical, chemical, food and beverages, energy and power, and water and wastewater treatment. Among the sub segments, energy and power segment accounted for the major market share whereas oil and gas segment is projected to expand at a significant pace during the forecast period from 2018 to 2026.