Global Industrial Cyber-security Market - Introduction

  • 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.

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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.

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 2020 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.

Key Players Operating in the Global Industrial Cyber-security Market

  • 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
  • Others

Global Industrial Cyber-security Market: Research Scope

Global Industrial Cyber-security Market, by Component

  • Hardware
    • Routers
    • Gateways
    • Ethernet Switches
    • Other Networking Devices
  • Software/ Platform
    • IDS/IPS
    • Firewall
    • Backup and Recovery
    • Antivirus/Malware
    • SIEM
    • SCADA Encryption
    • Others
  • Services
    • Professional
      • Maintenance & Integration
      • Consulting & Training
    • Managed

Global Industrial Cyber-security Market, by Security Layer

  • End-point security
  • Cloud Security
  • Application security

Global Industrial Cyber-security Market, by End-user

  • Oil & Gas
  • Chemical
  • Food & Beverages
  • Pulp & Paper
  • Pharmaceutical
  • Energy & Power
  • Automotive
  • Aerospace & Defense
  • Electronics & Electrical
  • Medical Devices
  • Metal & Mining

Global Industrial Cyber-security Market, by Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • U.K.
    • France
    • Russia
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Singapore
    • Rest of Asia Pacific
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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