Industrial Cybersecurity Market Size Worth USD 362.55 Billion at CAGR of 8.5%, By 2028 – Reports and Data

08-24-2021 07:54 PM CET | IT, New Media & Software

Press release from: Reports and Data

Surge in adoption of IoT devices in industrial control systems is likely to stimulate demand.

– USD 189.02 Billion in 2020, Market Growth – CAGR of 8.5%, Market Trends – Investment by governments to deter industrial cyber-attacks.

The global Industrial Cybersecurity Market is expected to reach USD 362.55 Billion by 2028, according to a new report by Reports and Data. An upsurge in the demand for connected devices in the industries to deploy automation has led to an increase in the online security threats which would play a crucial role in driving the growth of industrial cyber security.

Industries are the backbone of a nations’ economy and the loss suffered by industries as a result of industrial cyber-attacks would be reflected on the economy of the country, thereby pulling governments attention to invest in the industrial cybersecurity to ensure the safety of the industrial operations.

High cost involved in doing innovations in industrial cyber security may restrict the growth of the market in the forecast period.

Asia Pacific is expected to be the highest growing region in the forecast period. The market in this region is projected to grow at a CAGR of 8.7% in the forecast period. Rise in industrialization and a boom in automation in countries like China and India would play a crucial role in the growth of the industrial cybersecurity market in this region.

Key participants include IBM Corporation, ABB Ltd., Cisco Systems Inc., Honeywell International Inc., Siemens AG, Schneider Electric, Dell Inc., Symantec Corporation, Kaspersky Lab and Rockwell Automation Inc.

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Further key findings from the report suggest

• SCADA encryption solutions is projected to grow at highest grate of CAGR 8.59% during the forecast period. The encryption of sensitive and confidential data by industries is required to make sure that their internal data information is not getting into the hands of an unauthorized personnel who may make use of the accessed data to the disadvantage of an organization and thus resulting in the organization’s loss.
• The oil and gas industries would have the growth rate of 8.5% in the forecast period. As the industry of oil and gas is attempting to increase its operational efficiency with the help of automation, the risk of cybersecurity has also increased. Information related to exploration of oil and gas, investment information, information on bidding amounts and various other information related with intellectual property may be stolen by means of cyber-attack and make a company lose its competitive advantage
• North America would be the region to hold the largest share of the market and would grow at a rate of CAGR 8.35% during the forecast period. In terms of adoption of latest technological developments North America has always been at forefront and with adoption of machine to machine communication came the threat of industrial cyber-attacks. Further, countries in this region mainly US and Canada are make huge investment to ensure security from industrial cyber threats which in turn, would propel the market for industrial cyber security in this region.

To identify the key trends in the industry, click on the link below: