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Global Industrial Cyber Security Solutions and Services Market Key Insights
During the forecast period of 2023-2035, the global industrial cyber security solutions and services market is expected to reach an estimated value of ~USD 45 billion by 2035, by expanding at a CAGR of ~9%. The market further generated revenue of ~USD 22 billion in the year 2022. Major key factors propelling the growth of the industrial cyber security solutions and services market worldwide are the increasing cases of cyber-attacks and digital threats in enterprises of various verticals.
Market Definition of Industrial Cyber Security Solutions and Services
Industrial cyber security solutions and services are the processes of protecting the various industrial control systems, computers, networks, and data from threats from cyber attackers. These services are beneficial in the detection and management of the vulnerability of digital assets. Moreover, industrial cyber security solutions and services are an ideal option in the information technology (IT) sector for assessment, planning, policy management, and defense methodologies to counter these digital threats.
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Global Industrial Cyber Security Solutions and Services Market: Growth Drivers
The growth of the global industrial cyber security solutions and services market can majorly be attributed to the increased cases of cybercrimes across industries and various other sectors. Moreover, another factor that is expected to expand the size of global industrial cyber security solutions and services is the rapid penetration of internet services, and increased usage of the Internet of Things (IoT) all over the world. Cyber security solutions and services are also being utilized in other end-use industries, viz. automotive, oil and gas, aerospace and defense, and energy and power which is anticipated to push the growth of the global market.
The global industrial cyber security solutions and services market is also estimated to grow majorly on account of the following:
Global Industrial Cyber Security Solutions and Services Market: Restraining Factor
There are various complications to understand the complexity of advanced threats. Also, enterprises are expected to face difficulties during the implementation of cybersecurity solutions and services. Hence these factors are expected to be the major hindrance to the growth of the global industrial cyber security solutions and services market during the forecast period.
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Global Industrial Cyber Security Solutions and Services Market Segmentation
Out of these, the cloud segment is attributed to garner the highest segment growth, owing to the rising adoption of cloud services and solutions in businesses. The easy user interference, rapid technological development in the field of cloud computing, and rising awareness are projected to increase segment growth. Recent calculations stated that in 2022, more than 90% of organizations use the cloud, and also the cloud adoption rate among enterprise organizations is more than 95%.
The North American industrial cyber security solutions and services market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions on the back of increasing novel technologies in the government as well as the privately-owned industries, along with the government support to increase digitization and expand IT sector. 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. Also, the emergence of malware attacks, digital thefts, and an upsurge in cybercrimes in the region is estimated to boost the market growth.
The market research report on global industrial cyber security solutions and services also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (the U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and the Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).
Key Market Players Featured in the Global Industrial Cyber Security Solutions and Services Market
Some of the key players of the global industrial cyber security solutions and services market are Broadcom Inc., Honeywell International Inc., Dell Technologies, Palo Alto Networks, Inc., International Business Machines Corporation, Cisco Systems, Inc., ABB Ltd., Schneider Electric SE, CyberArk Software Ltd., and others.
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