Northbrook, IL -- (SBWIRE) -- 02/07/2021 -- The industrial cybersecurity market is expected to grow at a CAGR of 5.81% from USD 16.9 billion in 2020 to USD 22.5 billion in 2025. The primary reasons for this rise in demand is the increasing cyber-attacks on industrial control systems.
Network security expected to witness the second largest market growth during the forecast period
Government utilities and production facilities and plants are exposed to danger, meddling, and unauthorized network access, putting the security of these facilities. Industrial control systems are deployed in smart grids, electrical power and energy production infrastructure, oil & gas infrastructure, and many other facilities. These systems rely on supervisory control and data acquisition (SCADA) technology. The introduction of new technologies such as artificial intelligence (AI), the Internet of Things (IoT), and 5G has led to an increased risk of cyberattacks. Components such as security software, hardware, and applications play a crucial role in combatting cyberattacks. For instance, the electrical power application involves very high-speed processes that are controlled by devices that are designed for the emergency protection of power equipment and automation. These devices are interconnected to operate in tandem with each other, thereby requiring network security. In general, network security includes security products and services that are adopted to detect and prevent cyber threats in computer networks and network-accessible resources. Network security solutions include firewalls, intrusion detection systems (IDS) and intrusion prevention systems (IPS), encryption software, identity and access management (IAM), united threat management (UTM) solutions, web and e-mail security solutions, antivirus software, and antispyware software. These solutions help protect data from threats such as SQL injection, cross-site scripting attacks, and DDoS attacks.
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The market for products to grow at highest CAGR in ICS market, by offering, in 2025
Networking devices (routers and industrial Ethernet switches) accounted for the larger share of 58.6% of the industrial cybersecurity market, in terms of value, in 2019, while gateways are likely to witness a higher growth rate in the coming years. With the introduction of IoT-enabled devices and industry 4.0, networks are now more exposed to cyber threats. This has also boosted the demand for secure hardware, along with software. Gateways help prevent cyberattacks on SCADA systems by allowing them to securely connect with management information systems. Gateways help manage network user access by directly accessing the networks in the industrial zone. With the evolution of automation and the IoT ecosystem, companies are developing intelligent gateways capable of encrypting data and data analytics before sending the data outside a particular network or to the cloud for storage.
The market for Transportation application to grow at highest CAGR during forecast period
The growing dependence of people on technologies and web-based applications has led to an increase in the risk of cyber threats. Road, rail, and metro networks are physically integrated with each other and with other modes of transport. In all transportation modes, such as highways, aviation, maritime, surface transportation pipelines and industrial control systems, are used.
APAC to hold largest share of ICS market in 2020
APAC comprises emerging economies such as China and India. These countries have the presence of a large number of small and medium-sized enterprises (SMEs), which collectively account for the employment of more than 70% of the total population in the countries. These SMEs provide growth opportunities for vendors in the industrial cybersecurity market who provide solutions and services to the customers from the manufacturing, transportation, and energy industries. In the 2017 Union Budget, the Singaporean government announced an investment of USD 1.76 billion in economy strategies for the next 4 years. Some portion of this investment is also dedicated to the Cybersecurity Agency (CSA) of Singapore. However, the need for huge investment associated with the successful deployment of an industrial control system security project restricts SMEs from adopting a strong security practice within their organizations, but factors such as increasing complexity of businesses, rapid shifting toward digitization and virtualization, and growing trend of BYOD are expected to encourage SMEs to adopt various industrial control solutions and services.
Asia Pacific is the leading airbags & seatbelts market, globally, by volume as well as value, in 2019
Many economically advanced countries have their manufacturing units in the developing economies of APAC, especially in China and India. These units are required to manufacture products in compliance with internationally accepted standards. The domestic markets in APAC are growing rapidly owing to the rising per capita income among the middle-class population. Moreover, there is growing consumer awareness about the importance of certification. More than 45 countries, including China, Japan, India, Hong Kong, Taiwan, Singapore, Thailand, and Australia, are taken into consideration for the analysis of the TIC market in APAC.