Industrial Cyber Security Market to Reach $29.41 Billion by 2027; Integration of AI and IoT in Cloud Security Applications to Favor Growth

The global industrial cybersecurity market size is expected to reach USD 29.41 billion by 2027. The increasing acceptance of internet of things (IoT) solutions in cloud security applications will have a tremendous impact on the market growth, mentioned in a report, titled “Industrial Cyber Security Market Size, Share & COVID-19 Impact Analysis, By Component (Product, Software and Services), By Security Type (Network Security, Cloud Application Security, End-point Security, Internet Security, and Others), By Industry (Process Industry and Discrete Industry) and Regional Forecasts, 2020-2027.” The market size stood at USD 15.84 billion in 2019 and is expected to exhibit a CAGR of 8.2% between 2020 to 2027.

Collaboration of Check Point Software and (ISC)² to Propel Market

Check Point® Software Technologies Ltd, an American-Israeli multinational provider of software, announced that it had signed an agreement with (ISC)², a world-class leader in certified cyber-security professionals to deliver top-notch security certifications to cyber leaders.  The collaboration will aid in a full range of leading (ISC)² professional certification training programs and exam preparation courses via Check Point’s training portal to Check Point customers globally. Thus, accelerating the company’s portfolio. Through this venture, both Check Point and (ISC)² are able to offer CISOs and senior-level security leaders’ new options to develop certified cyber skills, harboring the heavy demand and shortage in certified cybersecurity professionals. Moreover, it will also improve Point’s commitment to offering cyber-security education and training at all levels, from recent graduates all the way up to C-level professionals. The partnership between the companies can have an incredible impact on the global market owing to the robust training portfolio of (ISC)² and Point’s cyber-security learning credits.

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Lack of Awareness about Cyber Security to Hamper Growth

The lack of knowledge about cybersecurity solutions and its numerous advantages in developing countries across Asia Pacific, Middle East and Africa, and South America can dampen the growth of the market growth during the forecast period. Lack of experts and professionals to operate industrial cybersecurity solutions in the developing countries will consequently restrict the market's growth in the foreseeable future. The new threats associated with cybercrime can further limit the growth of the market. Also, the complexity associated with traditional cybersecurity solutions can further hamper the scope of business.

Expansion Strategies of Companies to Strengthen Industry

Renowned companies such as IBM Corporation, Check Point Software Technologies Ltd., Cisco System, Inc., ABB Ltd., Schneider Electric, McAfee LLC, and others are currently controlling the global market.  The key players are adopting marketing strategies such as acquisition, collaboration, partnership, and investment to fortify their market position. For instance, in February 2020, Cisco System, Inc., completed the acquisition of Exablaze, an Australia-based developer and manufacturer of advanced network devices. The acquisition will aid the companies to improve their performance of security networks.

The Report Lists the Key Companies in the Industrial Cyber Security (ICS) Market:

• IBM Corporation (New York, United States)
• ABB Ltd. (Switzerland)
• Check Point Software Technologies Ltd. (Israel)
• Schneider Electric (Rueil-Malmaison, France)
• Mcafee, LLC (Intel Security) (California, United States)
• Cisco Systems, Inc. (California, United States)
• Honeywell International Inc. (North Carolina, United States)
• Microsoft Corporation (Washington, United States)
• Siemens AG (Munich, Germany)
• Trend Micro, Inc. (Tokyo, Japan)
• Splunk Inc. (California, United States)
• Rockwell Automation, Inc. (Wisconsin, United States)
• Bayshore Networks, Inc. (North Carolina, United States)
• Broadcom Inc. (California, United States)
• Kaspersky Lab (Moscow, Russia)
• Dell Inc. (Texas, United States)
• Proofpoint, Inc. (California, United States)
• FireEye, Inc. (California, United States)
• Symantec Corporation (NortonLifeLock Inc.) (Arizona, United States)
• Palo Alto Networks (California, United States)

Further Report Findings:

• Regional Analysis: Europe is expected to account for the largest share during the forecast period due to the heavy investment in the advancement of secure IT infrastructure in the region. The excessive demand for robots in automobile production will further aid the expansion of the market in Europe.
• Leading Segment:  The discrete industry is expected to experience a rapid growth rate owing to the heavy demand for IoT-enabled devices, 5G networks, and industry 4.0 solutions across sectors.

The Industrial Cyber Security (ICS) Market is Segmented into: