The global Industrial Cyber Security Market size is excepted reach to reach USD 29.41 billion by 2027, states Fortune Business Insights in their published report. Â
Implementation of Cloud-Based Security Solutions to Boost Growth
The demand in Asia Pacific is expected to rise due to existing companies in China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN countries. The heavy investments in cloud-based security applications will contribute positively to the entire growth. The emergence of new companies coupled with small and medium enterprises (SMEs) will foster the healthy development of the market. Europe is expected to expand radically during the forecast period owing to the rising investment for secure IT infrastructure across industries. For instance, according to UBS Group AG, in Europe, the estimated electric vehicle revenue is likely to reach around 6.33 million units by 2025.
COVID-19 Impact:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too, shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling, and some are thriving.
Overall, almost every sector is anticipated to be impacted by the pandemic.
Increasing Acceptance of AI-based Industrial Robots to Bolster Growth
The growing implementation of cloud-based ICS-as-a-service and industrial robots across manufacturing and industrial plants will contribute positively to the market’s growth. According to the International Federation of Robotics, in 2018, there were around 125.6 thousand industry robots deployed across the automotive industry, 105.2 thousand deployed across the electronic industry, and 43.6 thousand deployed across the metal and mining industry worldwide. Similarly, as per the Robotic Industries Association (RIA) report, in 2018, around 422,000 industry robots shipped globally. Cybersecurity solutions secure industrial robots from cyber-attacks, thus supporting smooth operations. Moreover, governments’ heavy investments in cybersecurity will foster the market’s healthy growth in the forthcoming years.
For instance, in May 2017, the Singaporean government declared an investment for four years (2017 – 2021) of around USD 1.76 billion in economic strategies. This investment includes the advancement of various Cybersecurity Agency (CSA) of Singapore.
Investment Plans of Prominent Companies to Uplift Market Amid Coronavirus
The coronavirus has adversely affected the IT sector around the world, consequently hampering the market. However, noteworthy companies are focused on investment strategies to improve the market scenario.
According to IDC, worldwide IT spending is expected to decline by 2.7% due to COVID-19. Moreover, the expenditure on infrastructure as a service (IaaS) and cloud computing tools is projected to increase in the near future.
For instance, in May 2020, Rockwell Automation, Inc., announced that it has acquired Kalypso, LP., a software delivery and consulting organization. The company intends to provide control products and solutions using Kalypso’s abilities to develop security solutions. Moreover, the temporary closure of manufacturing facilities, industrial plants, factories, and other industries has restricted the market’s expansion.
Other prominent global companies include IBM Corporation, ABB Ltd., Check Point Software Technologies Ltd., Schneider Electric, Mcafee, LLc, Cisco Systems.
Source: https://www.fortunebusinessinsights.com/industrial-cybersecurity-market-104557
