Industrial Cyber Security Market - Snapshot

Today, cyber-attacks are more sophisticated and targeted, resulting in financial and reputation loss. It has become easy for hackers to monetize their attacks using zero-day malware. Traditional cyber security solutions such as intrusion detection solutions and firewalls are unable to provide adequate protection for industrial control systems. The increase in number of cyber-attacks on industrial facilities has resulted in their impairment, led to disruption of production, compromised their safety, and damaged equipment. The market for industrial cyber security is expected to experience strong growth over the forecast period due to increasing number of cyber-crimes across process and discrete industries. The market for industrial cyber security is forecast to reach US$ 29.97 Bn by 2026 from US$ 13.75 Bn in 2017, recording a CAGR of 9.2%.

Industrial cyber security solutions are designed to protect industrial environments from cyber threats at all stages. Industrial cyber security is a highly growing and dynamic area of concern. It includes industrial control systems, the software and hardware solutions, and network security. These cyber security solutions are designed for the secured operation of machines and plants in industries. Increasing adoption of cloud security solutions; growing adoption of IoT in industrial control systems; rising number of cyber-crime related incidents in different end use industries such as energy and power, aerospace and defense, oil and gas, and automotive sector; and rise in internet penetration across the world has led to the expansion of the industrial cyber security market. Moreover, rise in BYOD applications is one of major factors responsible for the growth of the industrial cyber security market over the forecast period. The industrial cyber security market, as a result, is expected to witness an increase in market growth between 2018 and 2026. However, lack of awareness and proper knowledge among users about cyber-attacks is projected to hamper the growth of the industrial cyber security market.

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Based on component, the industrial cyber security market is segmented into hardware solutions, software solutions, and services. Under the hardware solutions segment, Ethernet switches segment accounted for significant market share globally in 2017 and is projected to hold its leading position over the forecast period. On the other hand, gateways segment is estimated to witness significant growth over the forecast period due to increasing application in different end use industries. Among software solutions sub-segment, antivirus/malware held the largest market share in the global industrial cyber security market in 2017. DDoS sub segment is expected to see strong growth over the forecast period. In terms of services segment, the managed services segment accounted for major share of the market and is estimated to see robust growth over the forecast period. Rising number of cyber-attacks is expected to propel managed services demand over the forecast period. Risk management services are one of the most favored cyber security technologies and are evolving rapidly due to ease of operations and management in different end use industries.

The global industrial cyber security market is expected to witness steady growth during 2018 – 2026. Remarkable number of existing users across North America is anticipated to generate maximum revenue for the industrial cyber security market over the forecast period. Europe is anticipated to follow a similar trend during 2018 – 2026. Middle East & Africa is forecasted to witness highest CAGR growth after APAC.

Attracted by this steadily expanding market and underlying embryonic demand, many players are driven to invest in the market for industrial cyber security solutions and services. Right from platform/software developers to integrators and professional services providers across industries are strengthening their position in the industrial cyber security market. Product innovation and upgrade of research and development are constantly taking place in the industrial cyber security market. For instance, in May 2016, Schneider Electric SE introduced PowerTag, the smallest wireless power meter designed to enhance the monitoring and security of electrical assets.

Some of the prominent players identified in the industrial cyber security market and profiled in the study include Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks, Inc., Kaspersky Lab, McAfee, LLC, Cisco Systems, Inc., Symantec Corporation , IBM Corporation, Dell Inc., Honeywell International Inc., Siemens AG, Lockheed Martin Corporation, and Maverick Technologies.

Industrial Cyber Security Market: Overview

This comprehensive report on Industrial Cyber Security (Solutions and Services) Market [(By Component – Hardware Solutions, Software Solutions, and Services; By Security Layer – Network Security, End-point Security, Cloud Security, Application Security and Others; By End Use Industry - Process Industries and Discrete Industries)] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026 by Transparency Market Research, analyzes and provides growth forecast for the industrial cyber security market at the global and regional level which includes Asia Pacific, South America, North America, Middle East & Africa (MEA), and Europe. The report provides analysis for the period 2016–2026, wherein 2018 to 2026 is the forecast period and the base year is 2017. An in-depth and unbiased market assessment has been made to offer readers insightful and accurate analysis. The report focuses on all the major trends and services playing a key role in industrial cyber security market growth over the period 2018 - 2026. It also focuses on restraining factors, market drivers, and opportunities of the industrial cyber security market’s growth during the said period.

The report includes a detailed ecosystem analysis, which offers a widespread view of the global industrial cyber security market. Porter’s Five Forces analysis is also provided to understand the competitive scenario in the global industrial cyber security market. The study incorporates market attractiveness analysis of the industrial cyber security market, wherein the segments, for instance software solutions, hardware solutions, and services, are benchmarked based on their market size, growth rate, and attractiveness in terms of opportunity. In order to give a complete analysis of the overall competitive scenario in the industrial cyber security market, every geographic region mentioned in the report, is provided with an attractiveness analysis.

Overview of the industrial cyber security market, detailing key market trends and dynamics has been included to provide a clear understanding of ecosystem forces. Dynamics includes impact analysis of market restraining factors, drivers and opportunities of the industrial cyber security market. Additionally, the report also provides analysis of different business strategies being adopted by market leaders of this market. Trends and services related to industrial cyber security solutions along with their applications have also been explained in the report.

Global Industrial Cyber Security Market: Scope of the Report

The study provides a decisive view on the global industrial cyber security market, broadly segmented by component as software solutions, hardware solutions, and services, by security layer as network security, end-point security, cloud security, application security and others, and by end use industry as process industries and discrete industries. Further, the report provides detailed breakdown of the industrial cyber security market across geographic regions, which include North America, Europe, Asia Pacific, Middle East & Africa, and South America, thus providing valuable insights at micro and macro levels.

The report highlights the competitive scenario within the industrial cyber security market, thus ranking all the major players according to their key recent developments and their geographic presence. Insights for the industrial cyber security market are the result of our extensive primary interviews, secondary research, and in-house expert panel reviews. These market estimates have been analyzed by considering the impact of different economic, political, social, legal and technological factors.

On the basis of country, the North America market is segmented into the U.S., Canada, and Rest of North America. Furthermore, the Europe market is analyzed across France, Germany, U.K., and Rest of Europe. APAC industrial cyber security market is also segmented at country level which includes China, Japan, India, and Rest of Asia Pacific. Middle East & Africa covers the G.C.C., South Africa, and Rest of Middle East & Africa. Similarly, South America region includes Brazil and Rest of South America. This report provides all the strategic information required to understand the industrial cyber security market along with its components, security layer, and end-use industry.

Global Industrial Cyber Security Market: Research Methodology

The research methodology is a perfect combination of primary research, secondary research, and expert panel reviews. Secondary sources such as annual reports, company websites, SEC filings and investor presentations, internal and external proprietary databases, statistical databases, relevant patent and regulatory databases, market reports, government publications, World Bank database, and industry white papers are usually referred for developing preliminary market understanding. Further, for this report we have specifically focused on data from cyber security breaches survey and industry bodies.

Primary research involves telephonic interviews, e-mail interactions, and face-to-face interviews for detailed and unbiased reviews on the industrial cyber security market across geographies. Primary interviews are usually conducted on an ongoing basis with industry experts and participants in order to get latest market insights and validate the existing data and analysis. Primary interviews offer new and fresh information on important factors such as market trends, market size, competitive landscape, growth trends, etc. These factors help to validate and strengthen secondary research findings. Moreover, the data collected and analyzed from secondary and primary research is again discussed and examined by our expert panel.

Global Industrial Cyber Security Market: Competitive Dynamics

The research study includes profiles of major companies operating in the global industrial cyber security market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments. Parameters such as investment & spending and developments by major players of the market are tracked. Some of the key players in the industrial cyber security market are Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Cisco Systems, Inc., Symantec Corporation, IBM Corporation, Dell Inc., Honeywell International Inc., Siemens AG, Lockheed Martin Corporation, and Maverick Technologies among others.

The industrial cyber security market has been segmented as follows:

Global Industrial Cyber Security Market

By Component

  • Hardware Solutions
    • Routers
    • Gateways
    • Ethernet Switches
    • Other Networking Devices
  • Software Solutions
    • Intrusion Detection Systems/Intrusion Prevention Systems (IDS/IPS)
    • Firewall
    • Backup And Recovery
    • Antivirus/Malware
    • Security Information and Event Management (SIEM)
    • Supervisory Control and Data Acquisition (SCADA)Encryption
    • Virtualization Security
    • Data Loss Prevention (DLP)
    • Identity and Access Management (IAM)
    • Unified Threat Management (UTM)
    • Application Whitelisting
    • Distributed Denial of Service (DDoS)
    • Others (Patch Update Management, Database Activity Monitoring (DAM))
  • Services
    • Maintenance & Integration
    • Consulting & Training
    • Assessments and Audits
    • Managed Services
    • Risk Management Services

By Security Layer

  • Network security
  • End-point security
  • Cloud security
  • Application security
  • Others (database security and web security)

By End Use Industry

  • Process Industries
    • Oil and Gas
    • Chemical
    • Food and Beverages
    • Pulp and Paper
    • Pharmaceutical
    • Energy and Power
    • Water and Wastewater Treatment
  • Discrete Industries
    • Automotive
    • Aerospace and Defense
    • Electronics and Electrical
    • Medical Devices
    • Metal and Mining
    • FMCG

By Geography

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • The U.K.
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • GCC Countries
    • South Africa
    • Rest of MEA
  • South America
    • Brazil
    • Rest of South America