Industrial Cybersecurity Market Expected to reach $22.5 billion in 2025

Northbrook, USA, 2021-Oct-13 — /EPR Network/ —

The report Industrial Cybersecurity Market by Security type (Network, Endpoint, Application, Cloud, Wireless and Others), Offering (Products and Solutions & Services), End-User (Power, Utilities, Transportation, Chemicals & Manufacturing and Others) & Geography – Global Forecast to 2025″, is expected to grow at a CAGR of 5.81% from USD 16.9 billion in 2020 to USD 22.5 billion in 2025. The primary reasons for this rise in demand is the increasing number of cyber-attacks on industrial control systems.

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Network security expected to witness the second largest market growth during the forecast period

Government utilities and production facilities and plants are exposed to danger, meddling, and unauthorized network access, putting the security of these facilities. Industrial control systems are deployed in smart grids, electrical power and energy production infrastructure, oil & gas infrastructure, and many other facilities. These systems rely on supervisory control and data acquisition (SCADA) technology. The introduction of new technologies such as artificial intelligence (AI), the Internet of Things (IoT), and 5G has led to an increased risk of cyberattacks. Components such as security software, hardware, and applications play a crucial role in combatting cyberattacks. For instance, the electrical power application involves very high-speed processes that are controlled by devices that are designed for the emergency protection of power equipment and automation. These devices are interconnected to operate in tandem with each other, thereby requiring network security. In general, network security includes security products and services that are adopted to detect and prevent cyber threats in computer networks and network-accessible resources. Network security solutions include firewalls, intrusion detection systems (IDS) and intrusion prevention systems (IPS), encryption software, identity and access management (IAM), united threat management (UTM) solutions, web and e-mail security solutions, antivirus software, and antispyware software. These solutions help protect data from threats such as SQL injection, cross-site scripting attacks, and DDoS attacks.

Transportation application to grow at highest CAGR during forecast period

The growing dependence of people on technologies and web-based applications has led to an increase in the risk of cyber threats. Road, rail, and metro networks are physically integrated with each other and with other modes of transport. In all transportation modes, such as highways, aviation, maritime, surface transportation pipelines and industrial control systems, are used.

Cyberattacks on transportation systems can lead to a delay in operation, theft of data, and passenger injury, among others. With the adoption of new technologies in transportation, the complexity has increased. This has raised security challenges in terms of response to threats and prevention of threats by using the available resources. The Department of Homeland Security (DHS) (US) has introduced several relevant security rules and regulations to secure transportation systems from cyberattacks. Companies such as Transdyn (US) and GE Transportation (US) help transit authorities to control real-time train power control systems, wayside signals, create new train schedules, automatically change tracks, and monitor trains from a single control unit.

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North America to hold largest share of ICS market in 2020

The industrial cybersecurity market in North America, based on country, can be segmented into the US, Canada, and Mexico. The rising number of cybercrimes in the US has resulted in increased demand for industrial cybersecurity solutions. Organizations in the US are more focused on saving their data and prevent cybercrimes, which is the prime reason for the US to hold the largest market share in 2025.

A few key players operating in the TIC market are IBM Corporation (US); Cisco Systems, Inc. (US); Honeywell International Inc., Fortinet (US); Splunk (US), Broadcom INC (US); Fireeye (US); Proofpoint (US); Microsoft (US); Palo Alto Networks (US); and Dell, Inc. (US).

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