A recent report by Meticulous Research®, a prominent market research firm, titled, ‘Industrial Cybersecurity Market by Component (Solutions, Services), Security Type (Endpoint Security, Network Security), End User (Industrial Manufacturing, Transportation & Logistics) and Geography—Global Forecasts to 2030.’
As per the latest report by Meticulous Research®, the global industrial cybersecurity market is anticipated to experience a compound annual growth rate (CAGR) of 14.8% between 2023 and 2030, reaching a valuation of $49.53 billion by 2030. The market's expansion is primarily fueled by the rise of disruptive digital technologies and the escalating frequency and complexity of cyber threats. Furthermore, the increasing demand for cloud-based security solutions among small and medium enterprises (SMEs) and the adoption of Artificial Intelligence, Machine Learning, and Blockchain technologies for enhancing cyber defense are poised to present significant growth prospects. Nonetheless, the shortage of skilled professionals may pose a constraint on market growth to some extent.
The industrial cybersecurity market is categorized based on components, security types, deployment modes, and end users globally. The report also assesses competitors within the industry and examines market dynamics at both country and regional levels.
Based on component, in the global industrial cybersecurity market, there are two main segments: solutions and services. By 2023, it is anticipated that the solutions segment will dominate the market. This growth is attributed to rising concerns about data security and privacy, as well as ongoing efforts by industrial stakeholders to enhance efficiency, cut costs, and bolster security measures. Furthermore, the solutions segment is predicted to experience the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on security type, the global industrial cybersecurity market is divided into various security types, including network security, application security, cloud security, endpoint security, and others. By 2023, it is anticipated that the endpoint security segment will hold the largest portion of the market. This growth is linked to the significant increase in the quantity of endpoint devices and the growing need for endpoint security solutions to safeguard diverse enterprise networks. Moreover, the endpoint security segment is forecasted to exhibit the highest compound annual growth rate (CAGR) over the forecast period.
Based on deployment mode, in the global industrial cybersecurity market, there are two deployment segments: on-premises and cloud-based. By 2023, it is projected that the cloud-based deployment segment will dominate the market. This dominance can be attributed to several factors, including the emergence of new opportunities for cloud-based deployments, the enhanced flexibility and cost-effectiveness associated with cloud-based solutions, and the growing adoption of cloud-based solutions among small and medium-sized enterprises. Furthermore, the cloud-based deployment segment is expected to experience the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on end user, the global industrial cybersecurity market is divided into various end-user segments, including industrial manufacturing, energy and utilities, transportation and logistics, and others. By 2023, it is projected that the industrial manufacturing segment will hold the largest portion of the market. This growth is driven by increased demand for real-time security monitoring among manufacturers, the escalation of cybersecurity incidents, and the expanding usage of smart devices. However, the transportation and logistics segment are anticipated to experience a higher compound annual growth rate (CAGR) during the forecast period.
Geographic Review:
Based on geography, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa regions. By 2023, North America is forecasted to dominate the global industrial cybersecurity market. This dominance is linked to escalating government initiatives, the proliferation of advanced technologies in the region, and the mounting cyber threats in the industrial sector. Conversely, Asia-Pacific is expected to exhibit the highest compound annual growth rate (CAGR) throughout the forecast period.
Key Players:
The prominent players in the industrial cybersecurity market include Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Cyberark Software Ltd. (U.S.), F5, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), and RSA Security LLC (U.S.).
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Key questions answered in the report:
- Which segments show high growth potential in terms of components, security types, deployment modes, end users, and countries?
- What is the past performance of the global industrial cybersecurity market?
- What are the projected market figures and estimates for the period spanning from 2023 to 2030?
- What are the primary factors fueling growth, hindering progress, and presenting potential avenues for advancement in the worldwide industrial cybersecurity market?
- Who are the key players in the global industrial cybersecurity market, and what is their respective market share?
- Who are the primary players in different countries' industrial cybersecurity markets, and what portion of the market do they control?
- What does the competitive environment look like?
- What are the latest advancements or updates in the global industrial cybersecurity market?
- What strategies do major market players employ?
- What are the trends in different regions and countries experiencing significant growth?
- Who are the emerging local players in the global industrial cybersecurity market, and how do they compete with established competitors?
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