The global industrial cyber security solutions and services market is estimated to grow at a CAGR of ~5% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for cyber security amongst industries, backed by the growing cases of cybercrimes, security threats, and privacy breaches. Incidences of cybercrimes are increasing, which raises the demand for efficient security solutions. Increasing investments by governments worldwide to improve the cybersecurity at industrial environments, in order to reduce the losses caused by cybercrimes, is estimated to significantly boost the market growth. Moreover, the growing overall penetration of internet in various industrial verticals is further expected to boost the market growth. Government agencies, healthcare and financial institutions, and small businesses suffer the most cyber attacks every year. In 2018 there were more than 78,000 cyberattacks per day or over 25 million attacks per year globally. Furthermore, the rapid digitalization of industries has raised the risk of cyber security threats, which is also estimated to boost the market growth.
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The market is segmented by type into network, application, cloud, wireless, and others, out of which, the cloud segment is anticipated to hold the largest share in the global industrial cyber security solutions and services market over the forecast period on account of increasing adoption of cloud-based services and solutions amongst the end-user industries. Moreover, growing penetration of internet and installation of cloud servers are estimated to boost the growth of the segment. Along with this, the growing technical research and innovation, and upgrades in cloud technology are estimated to further boost the segment growth.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the global industrial cyber security solutions and services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness modest growth over the forecast period, owing to the increasing investment in technological development in the countries, such as, India, Japan, and China. Moreover, emergence of new industries, and up-surge in the cybercrimes are estimated to boost the market growth.
The market in North America region is estimated to garner the largest share over the forecast period on the back of increasing adoption of novel technologies by the government as well as the privately owned industries. The government IT expenditure in the U.S. crossed USD 86 billion in 2019, which is projected to cross USD 92 billion by the end of 2021.
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The global industrial cyber security solutions and services market is further classified on the basis of region as follows:
Our in-depth analysis of the global industrial cyber security solutions and services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing privacy threats and data theft due to rising internet penetration is one of the major factors promoting the growth of the market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2030.
Lack of awareness about the importance of cybersecurity is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities over the forecast period owing to the increasing expenditure in the IT sector.
The major players in the market are Cisco Systems, Inc., ABB Ltd., Schneider Electric SE, CyberArk Software Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, offering, end-user industry, and by region.
The cloud segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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