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Redding, California - August 30, 2022

Industrial Cybersecurity Market to be Worth $42.96 Billion by 2029

Industrial Cybersecurity Market by Component (Solution, Service), Type (Network Security, Cloud Security), Deployment Mode, Industry Vertical (Industrial Manufacturing, Energy & Utilities, Transportation) and Geography — Global Forecasts to 2029


Meticulous Research®—leading global market research company published a research report titled, ‘Industrial Cybersecurity Market by Component (Solutions, Services), Type (Network Security, Cloud Security), Deployment Mode (On-premise, Cloud-based), Industry Vertical (Industrial Manufacturing, Energy & Utilities), and GeographyGlobal Forecast to 2029.’

According to this latest publication from Meticulous Research®, the Industrial Cybersecurity Market is projected to reach $42.96 billion by 2029, at a CAGR of 14.2% from 2022 to 2029. The adoption of disruptive digital technologies, government initiatives to promote industrial automation, and the increase in the frequency and sophistication of cyberattacks are the major factors driving the growth of this market. In addition, the growing need for cloud-based security solutions among SMEs and the rising trend of leveraging AI, machine learning, and blockchain technologies for cyber-defense is expected to offer significant opportunities for market growth. However, the lack of preventive firewall maintenance infrastructure and the lack of trained professionals are expected to restrain the growth of this market to a notable extent.

The industrial cybersecurity market is segmented based on component, security type, deployment mode, industry vertical, and geography. The study also evaluates industry competitors and analyses the market at the country level.

Based on component, the industrial cybersecurity market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the industrial cybersecurity market. Factors such as increasing concerns regarding data security and privacy and the increasing need to improve efficiency, reduce costs, and increase security in the industrial sector drive the growth of this segment. However, the services segment is projected to grow at the higher CAGR during the forecast period.

Based on security type, the industrial cybersecurity market is segmented into network security, application security, cloud security, and endpoint security. In 2022, the network security segment is expected to account for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the increasing adoption of cloud computing, big data, and IoT in industrial sectors; and the increasing need for network security and privacy. However, the cloud security segment is slated to register the highest CAGR during the forecast period. Cloud technology is incorporated into industries across different applications to provide flexibility and efficiency. Thus, the cloud security segment is expected to grow considerably over the forecast period.

Based on deployment mode, the industrial cybersecurity market is segmented into on-premise and cloud-based. In 2022, the on-premise segment is expected to account for the larger share of the industrial cybersecurity market. However, the cloud-based segment is projected to grow at the higher CAGR during the forecast period. The growth of this segment is attributed to the increasing adoption of cloud computing in the industrial sector.

Based on industry vertical, the industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other industry verticals. In 2022, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The growth of this segment is attributed to the growing industrial automation with the advent of Industry 4.0, the rising threat of cyberattacks in the industrial sector, and the increasing number of smart factories. Furthermore, government initiatives for promoting cybersecurity for industries further contribute to the growth of this segment.

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Geographic Review:

Based on geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the industrial cybersecurity market.The countries in North America are experiencing incremental growth in cyberattacks. The growth of the industrial cybersecurity market in North America is attributed to the increasing investments in security fortification and initiatives across various industries to boost digitalization. However, the industrial cybersecurity market in Asia-Pacific is slated to register the highest CAGR during the forecast period. The rapid incorporation of disruptive technologies across different sectors in Asia-Pacific is driving the growth of this market in the region.

Key Players:

The key players operating in the industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco System, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Network, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), CyberArk Software Ltd. (U.S.), and RSA Security LLC (U.S.).

Key questions answered in the report:

  • Which are the high-growth market segments in terms of component, type, deployment mode, industry vertical, and country?
  • What is the historical market for industrial cybersecurity across the globe?
  • What are the market forecasts and estimates for 2022–2029?
  • What are the major drivers, restraints, and opportunities in the global industrial cybersecurity market?
  • Who are the major players in the global industrial cybersecurity market, and what are their market shares?
  • Who are the major players in various countries, and what are their market shares?
  • How is the competitive landscape?
  • What are the recent developments in the global industrial cybersecurity market?
  • What are the different growth strategies adopted by the major players in the market?
  • What are the geographic trends and high-growth countries?
  • Who are the local emerging players in the global industrial cybersecurity market, and how do they compete with the other players?

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Industrial Cybersecurity Market - Global Opportunity Analysis and Industry Forecast (2022-2029)
Report ID: MRICT - 104630 Pages: 250 Formats*:PDF Category: Information and Communications Technology
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