Industrial Cyber Security Market: Industry Analysis And Detailed Profiles Of Top Industry Players

The Industrial Internet of Things (IIoT), which is also known as industry 4.0, is connecting modern machinery and manufacturing equipment across networks and the web. There are various cyber security risks associated with it, which need to be addressed despite considering the operational advantages of digital revolution. According to the U.S. government, there has been advancements in sophistication of increasing cyber-attacks. Therefore, industrial control systems are evaluated to ensure decreasing downtime, increased reliability, mitigating risk, preventing asset damages, and improving the security.

Increasing usage of network components and industrial control systems in manufacturing and the utility sector is expected to drive the cyber security demand from 2017 to 2025. Industrial cyber security provides protection against cyber-attacks such as stuxnet, brute force, shamoon, and spear-phishing. Emergence of advanced systems, which are creating network security threats in varied applications, is expected to boost the industrial cyber security market during the forecast period.

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Expansion of the industrial cyber security market due to the increase in government funding for tackling security breaches and improving the industrial cyber security, rising adoption of IoT in industrial control systems, and increasing number of connected devices. Unified Threat Management (UTM), security incident management, and Identity and Access Management (IAM) solutions enable organizations to secure data and infrastructure from harmful vulnerabilities and threats. Increasing adoption of smartphones and rising reliability on internet services in various industries such as healthcare, BFSI, retail, energy, and utilities are estimated to fuel the industrial cyber security market during the forecast period.

Cyber security regulations and standards are commonly applicable to all industries, regardless of the organization size. The regulatory and comprehensive security management is expected to be essential for all organizations since cyber-attacks have become progressively dominant. Additionally, business supportive organizations such as banks and other institutions are being asked to regularly scrutinize their rules amenability as well as information security strategies when desired for loans or insurance renewals.

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Malwares in the form of Trojans and other viruses continue to be some prominent forms of hacking. In 2016, publicly engineered phishing mails were a major concern along with other email attacks. These attacks are expected to continue due to the increasing usage of mobile devices and growing internet reliability in the corporate environment. Moreover, phishing attacks are the most common security challenges faced by organizations, which enable access to their credit card information and other sensitive information regarding emails, phone calls, and social media accounts.

Lack of awareness regarding the implementation of effective security solutions and their benefits is expected to restrict the market during the forecast period, especially in small and medium enterprises (SMEs). Increasing adoption of cloud-based security tools and solutions and emergence of big data analytics adoption for gathering critical data on cyber threat are anticipated to generate numerous opportunities for the industrial cyber security market from 2017 to 2025.

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In terms of solution, the industrial cyber security market is segmented into risk and compliance management, unified threat management (UTM), identity and access management (IAM), security incident management, and intrusion prevention systems. Based on services, the market can be classified into managed and professional services. In terms of deployment, the market is segmented into on-premise and cloud.

Based on end-user, the industrial cyber security market can be segregated into SMEs and large enterprises. In terms of application, the market can be classified into manufacturing, aerospace and defence, and energy and utilities. Security solutions in the energy sector are utilized to avert attacks which result in infrastructure powercut, thereby generating financial and economic interferences. The most common attacks in the utilities and energy sector include virus, malware, phishing, Trojan, and Advanced Persistent Threat (APT).

Prominent players operating in the industrial cyber security market are Cisco Systems, Intel Corporation, IBM Corporation, Symantec Corporation, Trend Micro, HPE, Sophos, FireEye, Dell EMC (RSA Security) and Verizon Corporation.

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