Industrial Cybersecurity Market to Reach $135.11 Billion by 2029 at a CAGR of 9.8%
Industrial Cybersecurity Market by Antivirus/Malware, Firewall, Data Loss Prevention (DLP), SCADA, Security Information and Event Management (SIEM), Identity and Access Management, and Distributed Denial of Service (DDoS) - Global Forecast to 2029
(EMAILWIRE.COM, October 26, 2024 ) The industrial cybersecurity market was USD 84.54 billion in 2024 and is expected to reach up to USD 135.11 billion by 2029, growing at a CAGR of 9.8 %. Rising government and private investments to create safe and secure industrial environment, deployment of AI/Gen AI, and increased cyberattacks on critical industrial infrastructure are attributed to the growing demand for industrial cybersecurity.
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The growth is particularly evident in the growing use of computers in industries and the emergence of IoT gadgets and operational technology (OT) and information technology (IT) systems, this interconnectivity broadened the opportunities for threats. New risks of industrial cybersecurity attacks, like disruptions in the infrastructure and production, significant financial losses, and damage to reputation made organizations attentive to cybersecurity issues. Moreover, legal requirements like the General Data Protection Regulation (GDPR) and the Critical Infrastructure Security and Resilience Act (CISRA) have generated awareness of cybersecurity protocols.
The Healthcare & Lifesciences segment accounted for the largest share of the Industrial cyber security Market in 2023. Healthcare is expected to have the highest share and growth in industrial cybersecurity due to rising cyber threats targeting sensitive patient data and medical devices, alongside increased digitalization and strict regulatory requirements mandating robust protection. Sectors that use interconnected medical devices and digital health records have become dedicated targets for hackers. The potential implications of such assaults have become more acute on patient safety, data leakage, and financial losses that have increased demand for stronger cybersecurity. Also, many governments are coming up with high standards of regulatory measures for the protection of the personal information of patients. For example, the US Health Insurance Portability and Accountability Act (HIPAA) specifies guidelines for maintaining the privacy of a patient’s health information. Same as this, the General Data Protection Regulation (GDPR) in the European Union also has similar conditions concerning data privacy and security.
The market for cloud security is expected to hold the largest market during the forecast period. Cloud security solutions ensure data safety for end users and service providers. The adoption rate of cloud security solutions and services is high in small and medium-sized enterprises (SMEs) owing to their cost- effectiveness and ease of use. Big companies are also using cloud services to mitigate costs on elements like hardware, hosted software, and personnel to manage on-site installations.
Key Market Players
The major players of cloud security solutions are McAfee (US), Symantec Corporation (US), IBM Corporation (US), Cisco Systems, Inc. (US), and Trend Micro Inc. (Japan).
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North America is an early adopter of new technologies like artificial intelligence loT, etc.; it has a number of industrial cybersecurity solution providers like CISCO, IBM, and Rockwell Automation, thus fueling the growth of the industrial cybersecurity market in the region. Furthermore, the high internet usage and relatively fast adoption of IoT-based products and services in the major sectors like oil & gas, power generation & chemicals are driving forces for the increasing market demand for cybersecurity solutions. Specific government appropriations for industrial cybersecurity initiatives and required policies for the protection of industrial control networks are expected to create attractive opportunities for North America’s industrial cybersecurity solution vendors.
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MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Download PDF Brochure @
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=37646764
The growth is particularly evident in the growing use of computers in industries and the emergence of IoT gadgets and operational technology (OT) and information technology (IT) systems, this interconnectivity broadened the opportunities for threats. New risks of industrial cybersecurity attacks, like disruptions in the infrastructure and production, significant financial losses, and damage to reputation made organizations attentive to cybersecurity issues. Moreover, legal requirements like the General Data Protection Regulation (GDPR) and the Critical Infrastructure Security and Resilience Act (CISRA) have generated awareness of cybersecurity protocols.
The Healthcare & Lifesciences segment accounted for the largest share of the Industrial cyber security Market in 2023. Healthcare is expected to have the highest share and growth in industrial cybersecurity due to rising cyber threats targeting sensitive patient data and medical devices, alongside increased digitalization and strict regulatory requirements mandating robust protection. Sectors that use interconnected medical devices and digital health records have become dedicated targets for hackers. The potential implications of such assaults have become more acute on patient safety, data leakage, and financial losses that have increased demand for stronger cybersecurity. Also, many governments are coming up with high standards of regulatory measures for the protection of the personal information of patients. For example, the US Health Insurance Portability and Accountability Act (HIPAA) specifies guidelines for maintaining the privacy of a patient’s health information. Same as this, the General Data Protection Regulation (GDPR) in the European Union also has similar conditions concerning data privacy and security.
The market for cloud security is expected to hold the largest market during the forecast period. Cloud security solutions ensure data safety for end users and service providers. The adoption rate of cloud security solutions and services is high in small and medium-sized enterprises (SMEs) owing to their cost- effectiveness and ease of use. Big companies are also using cloud services to mitigate costs on elements like hardware, hosted software, and personnel to manage on-site installations.
Key Market Players
The major players of cloud security solutions are McAfee (US), Symantec Corporation (US), IBM Corporation (US), Cisco Systems, Inc. (US), and Trend Micro Inc. (Japan).
Ask for Sample Report @
https://www.marketsandmarkets.com/requestsampleNew.asp?id=37646764
North America is an early adopter of new technologies like artificial intelligence loT, etc.; it has a number of industrial cybersecurity solution providers like CISCO, IBM, and Rockwell Automation, thus fueling the growth of the industrial cybersecurity market in the region. Furthermore, the high internet usage and relatively fast adoption of IoT-based products and services in the major sectors like oil & gas, power generation & chemicals are driving forces for the increasing market demand for cybersecurity solutions. Specific government appropriations for industrial cybersecurity initiatives and required policies for the protection of industrial control networks are expected to create attractive opportunities for North America’s industrial cybersecurity solution vendors.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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Mr. Rohan Salgarkar
Tel: 1-888-600-6441
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MarketsandMarkets™
Mr. Rohan Salgarkar
Tel: 1-888-600-6441
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results