- Industrial cyber-security solutions are specifically designed to protect industries from cyber threats at different stages. Industrial cyber-security is rapidly gaining importance and it includes industrial control systems, software and hardware solutions, and network security. Cyber-security solutions are designed for the secure operation of machines and plants in industries.
Impact of Coronavirus (COVID-19) on the Industrial Cyber-security Market
Lockdowns across major regions (Europe, Asia, and North America) due to an increase in the spread of Coronavirus (COVID-19), has a negative impact on the industrial cyber-security market. Industries across the globe have completely shut down their operations and factories have forced their employees to stay at home. This is negatively impacting the adoption of industrial cyber-security worldwide.
Increasing Government Funding to Tackle Security Breaches and Improve Industrial Cyber-security Driving the Market
- Various government organizations are focusing on raising funds to control & manage security breaches and increase cloud-based applications for more connected devices to enable safer & easier transmission of data over secured networks. In February 2017, the U.K. government announced plans to invest US$ 2.62 Bn to significantly transform the country’s cyber security landscape. Thus, government initiatives and funding are expected to bring about significant improvement in industrial cyber-security during the forecast period. In addition, the U.K. government showed its resolve to counter cyber-attacks and threats with the opening of a cyber-security innovation center in London in 2018. Therefore, rise in government funding to tackle security breaches is expected to drive the global industrial cyber-security market.
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Rise in Demand for Industrial Cyber-security in Developing Regions: Opportunity
- In South America, protection against cyber-crime is gaining significance as the region’s telecommunication industry expands. Economic growth in many countries across the region has led to a rise in investment in the energy & power sector, oil & gas sector, automotive sector, and aerospace and defense sector, among others. The industrial cyber-security market in South America is constantly expanding, with more and more countries in the region adopting these systems.
- Additionally, Employees from different end-use industries such as automotive, aerospace & defense, energy & power, food & beverages, oil & gas, and metal & mining are generally on the move. Therefore, companies provide their employees access to databases, e-mail, and stored documents through the cloud.
- Therefore, rise in demand for protection against cyber threats from emerging regions is expected to propel the global industrial cyber-security market during the forecast period.
High Cost of Devices Expected to Hamper the Global Industrial Cyber-security Market
- A cyber-attack is a cautious exploitation of computer systems, networks, and technology-dependent enterprises. Lack of training and awareness among end-users about cyber-attacks is a significant restraint of network security. Organizations do not impart appropriate training to educate their employees about malware and mail hacking. This is expected to hinder the global industrial cyber-security market during the forecast period.
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North America to Account for Major Share of the Global Industrial Cyber-security Market
- In terms of region, the global industrial cyber-security market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global industrial cyber-security market during the forecast period due to upsurge in use of cloud security solutions, and rise in BYOD applications, indicating potential growth of the industrial cyber-security market in the region. Europe is expected to be the second largest market for industrial cyber-security from 2023 to 2030.
- Asia Pacific is projected to be a rapidly growing market for industrial cyber-security during the forecast period due to improving IT infrastructure, specifically in India, Japan, and China.