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According to this research, the industrial cybersecurity market is expected to witness a significant growth rate, with a projected compound annual growth rate (CAGR) of 14.8% between 2023 and 2030. The market size is set to reach $49.53 billion by 2030. The rapid increase in cyber threats, alongside the rise of disruptive technologies such as artificial intelligence (AI) and blockchain, are key drivers of this growth. The adoption of cloud-based security solutions, particularly by small and medium-sized enterprises (SMEs), also contributes significantly to market expansion. However, the limited availability of skilled professionals in the field poses a challenge to sustaining this growth.
The report categorizes the industrial cybersecurity market by component, security type, deployment mode, and end user, and provides detailed analyses at the regional and national levels.
Component Breakdown: The market is segmented into solutions and services. In 2023, the solutions segment is anticipated to account for a major portion of the market. This is due to rising concerns regarding data security, the need for enhanced privacy protocols, and ongoing efforts within the industrial sector to optimize operational efficiency while ensuring comprehensive security measures. Additionally, this segment is projected to grow at the highest CAGR over the forecast period.
Security Type Analysis: The market is divided into various security types, including network security, endpoint security, cloud security, application security, and others. In 2023, endpoint security is expected to dominate the market due to the growing number of endpoint devices and the increasing need to protect these devices from cyber threats. Endpoint security is also projected to experience the highest growth rate, as businesses seek to enhance network security by securing endpoint access points.
Deployment Mode Overview: The market is also analyzed based on deployment modes, including on-premise and cloud-based models. The cloud-based deployment model is anticipated to lead the market in 2023, driven by factors such as the flexibility, affordability, and scalability offered by cloud-based solutions. The rising preference for cloud-based cybersecurity tools, especially among SMEs, further bolsters this segment. Additionally, the cloud-based model is expected to grow at the highest CAGR during the forecast period.
End User Segmentation: The market is segmented by end user into industrial manufacturing, energy & utilities, transportation & logistics, and others. Industrial manufacturing is forecast to lead the market in 2023, spurred by the rising need for real-time monitoring and cybersecurity incident responses. Moreover, the increasing adoption of smart manufacturing technologies and devices enhances the demand for cybersecurity solutions. Nonetheless, the transportation & logistics sector is expected to record the highest growth rate over the forecast period due to rising demand for securing transportation networks and supply chains.
Geographical Breakdown: The industrial cybersecurity market is regionally segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the market in 2023, primarily due to government initiatives and the adoption of advanced cybersecurity technologies across industries. However, the Asia-Pacific region is projected to grow at the highest CAGR due to the rapid pace of digital transformation and industrialization, coupled with increasing cybersecurity investments across key sectors.
Key Players:
The key players operating in the industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, 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.).
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Key questions answered in the report:
- Which are the high-growth market segments in terms of component, security type, deployment mode, end user, and countries?
- What is the historical market for industrial cybersecurity across the globe?
- What are the market forecasts and estimates for 2023–2030?
- 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 shares do they hold?
- Who are the major players in various countries, and what shares do they hold?
- How is the competitive landscape?
- What are the recent developments in the global industrial cybersecurity market?
- What are the different 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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