The Industrial Cybersecurity Market is expected to reach $49.53 billion by 2030, at a CAGR of 14.8% during the forecast period 2023–2030. The emergence of disruptive digital technologies and the increasing frequency & sophistication of cyberattacks are the major factors driving the growth of this market. However, the shortage of trained professionals restrains the growth of this market. Additionally, the growing need for cloud-based security solutions among SMEs and the increasing use of Artificial Intelligence, Machine Learning, and Blockchain technologies for cyber defense are expected to offer significant growth opportunities for this market. However, the increasing use of mobile devices as an attack vector and the vulnerability issues with IoT devices are major challenges for market growth. Additionally, the consistently rising adoption of cloud technologies and industrial cybersecurity-as-a-service are prominent trends in the industrial cybersecurity market.

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Impact of COVID-19 on the Industrial Cybersecurity Market
Government bodies worldwide imposed restrictions during the COVID-19 pandemic, encouraging employees to work from home. The combat measures like complete lockdowns and quarantine have adversely impacted many industries, including a portion of the IT security industry.

The COVID-19 pandemic affected the industrial sector due to its impact on manufacturing operations. With the increasing adoption of advanced technologies, such as AI, machine learning, and IoT, manufacturing is becoming smarter through technology and connected devices. The heavy reliance on connected devices has made organizations more vulnerable to DDOS and phishing attacks, data theft, ransomware attacks, and data breaches. Organizations have started focusing on monitoring emails and active directories for anomalous logins, reviewing tactical actions, and implementing key security controls.

Based on security type, the global industrial cybersecurity market is segmented into network security, application security, cloud security, endpoint security, and other security types. In 2023, the endpoint security segment is expected to account for the largest share of the overall industrial cybersecurity market. The growth of this segment is attributed to the exponential rise in the number of endpoint devices and rising demand for endpoint security solutions to secure various enterprise networks. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.

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Based on deployment mode, the global industrial cybersecurity market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment is expected to account for a larger share of the industrial cybersecurity market. The large market share of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility & affordability offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions among small and medium-sized enterprises. Additionally, this segment is projected to grow at the highest CAGR during the forecast period.

Based on end user, the global industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other end users. In 2023, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The growth of this segment is attributed to the rising demand for real-time security monitoring from manufacturers, growing cybersecurity incidents, and the increasing use of smart devices. However, the transportation & logistics segment is expected to grow at a higher CAGR during the forecast period.

Geographic Review:
Based on geography, the market is broadly segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account largest share of the global industrial cybersecurity market. The large market share of this segment is attributed to the increasing government initiatives, growing advanced technologies in the region, and rising cyber-attacks in the industrial sector. However, Asia-Pacific is projected to register the highest CAGR during the forecast period.

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Key Players:
The key players operating in the industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), Cyberark Software Ltd. (U.S.), and RSA Security LLC (U.S.).

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