BANGALORE, India, March 17, 2021 /PRNewswire/ -- The Industrial Cyber Security Market is Segmented by Type (Network Security, Application Security, Endpoint Security, Wireless Security, Cloud Security, Others), by Application (Power, Energy & Utilities, Transportation Systems, Chemical and Manufacturing, Others), Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Computer Security Category.
The global Industrial Cyber Security market size is projected to reach USD 19220 Million by 2026, from USD 12000 Million in 2019, at a CAGR of 6.9% during 2021-2026.
Rising investment by key players to develop and launch advanced industrial cybersecurity solutions that help protect zero day malware attack etc & prevent huge losses.
TRENDS INFLUENCING THE INDUSTRIAL CYBER SECURITY MARKET
The increasing risk of cyberthreats for industries is expected to fuel the industrial cybersecurity market size. Cyberattacks have cost companies millions of dollars through the disruption of services and critical operations. It's essential to improve industrial cybersecurity to keep critical systems running and protect the financial data and reputation of any organization.
The growing investment by key players to develop and launch advanced industrial cybersecurity solutions that can protect against zero-day malware attacks is anticipated to drive the industrial cybersecurity market size. A zero-day attack exploits an unpatched vulnerability and could adversely affect organizations and bring forth huge losses. Until a patch becomes available, it is often a race between threat actors trying to exploit the flaw and vendors or developers rolling out a patch to fix it.
Furthermore, the increasing adoption of the internet of things (IoT) solutions in industrial control systems and cloud security applications is expected to fuel the growth of the industrial cybersecurity market size.
On the basis of type, network security held the largest market share in 2017. The increasing number of web-based applications and the growing number of security breaches targeting industrial infrastructure and plant operations are driving the network security market share.
Based on application, the market for transportation Systems is one of the fastest-growing segments in the industrial cybersecurity market. Road, rail, and metro networks are physically integrated with each other. Industrial control systems are used in the surface of all these modes of transportation, including roads, aviation, marine, and surface transportation pipelines.
Based on region, the APAC is expected to hold one of the major industrial cybersecurity market shares. China and India are major countries in the APAC region. These countries have a large number of small and medium-sized enterprises (SMEs), which collectively employ more than 70% of the country's total population. Vendors in the industrial cybersecurity sector who offer solutions and services to customers in the manufacturing, transportation, and energy industries may benefit from these SMEs.
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