Global Industrial Cyber Security Market to Reflect Impressive Growth Rate During 2026

 The Infinium Global Research analyzes the Industrial Cyber Security Market over the period of 2020 to 2026. This report also provides detailed qualitative and quantitative analyses of the market dynamics, market size and future trends in global industrial cyber security market. It will help a lot of decision makers to develop strategies and find new opportunities in the global markets of industrial cyber security. The report covers market changing aspects including drivers, restraints, opportunities, and trends expected to encouragement the expansion of the industrial cyber security market during the period. The global industrial cyber security market is projected to grow at a CAGR of 8.7% over the forecast period of 2020-2026.

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The demand for industrial cybersecurity declined during the pandemic. Many end-users of industrial cybersecurity have either registered lower revenues or have stopped their business operations during the pandemic. Lockdown orders by the governments of many countries have compelled several organizations in various industries to reduce or close their business operations, reducing the revenue of the organizations. Furthermore, the global economy has been hit hard by the COVID19 pandemic leading to growing unemployment and lowered incomes. Weak economic conditions discouraged organizations to spend on non-essential products and services and save money on essential goods and services. This, in turn, has hampered the demand for industrial cybersecurity over a short term.

Industrial Cyber Security Market is Majorly Driven by the Increasing Concern Regarding Data Security

The industrial cyber security market is majorly driven by the increasing concern regarding data security. The increased use of internet-based technologies and solutions has amplified the risk of data theft and concern for data privacy. Furthermore, government regulation on data security, increasing cyber threats, and growing data centers are fueling the market. Moreover, the emergence of technologies in cyber security is propelling the growth of the market. The technologies include cloud, bring your own device (BYOD) and wireless technologies are boosting the market growth. The major restraint for the market is the lack of professionals with IT skills.

The cyber security solutions are developed by skilled IT professionals. Lack of such skilled professionals acts as an obstacle for companies to develop innovative cyber security solutions. The establishment of advanced technologies in the industrial environment is expected to propel the market growth. The emergence of the Industrial Internet of Things (IoT), Industry 4.0, and cloud-based services are projected to boost the market. These technologies include databases, servers, storage, and software applications. Moreover, this advancement in technologies projected to reduce cyber-attacks and provide effective industrial cyber security solutions.

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North America Generated the Largest Revenue in the Global Industrial Cybersecurity Market

In terms of region, North America generated the largest revenue in the global industrial cybersecurity market. The increasing cases of cyber theft and the adoption of advanced technologies are boosting the demand for the industrial cybersecurity market. Moreover, the increased spending by the private and public sectors on developing cybersecurity solutions is anticipated to drive the market further. On the other hand, the Asia Pacific region is projected to grow at the fastest rate in the global industrial cybersecurity market. The increasing digitization and concern for data security are propelling the growth of the market in this region. Additionally, the European region predicted a promising growth of the industrial cyber security market owing to the higher adoption of automation and higher industrialization.

Industrial Cyber Security Market: Segmentation

The report on global industrial cyber security market covers segments such as component, security type, organization size, and end user. On the basis of component, the sub-markets include hardware, software, and service. On the basis of security type, the sub-markets include network security, cloud security, end-point security, application security, and others. On the basis of organization size, the sub-markets include small and medium scale enterprise, and large scale enterprise. On the basis of end user, the sub-markets include chemical and manufacturing, energy and utility, transportation, and others.

Industrial Cyber Security Market: Competitive Analysis

The report provides profiles of the companies in the market such as International Business Machines Corporation, Honeywell International Inc, ABB Ltd, Cisco Systems, Inc., Schneider Electric SE, Rockwell Automation, Inc., Dell Inc., McAfee, LLC, Symantec Corporation, and Kaspersky Lab.

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