New York, United States , April 22, 2024 (GLOBE NEWSWIRE) — The Global Industrial Cybersecurity Market Size is to Grow from USD 18.74 Billion in 2023 to USD 39.94 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.86% during the projected period.
Based on the component, the global industrial cybersecurity market is categorized into solutions, and services. Among these, the solutions segment is expected to hold the largest share of the global industrial cybersecurity market during the anticipation timeframe. Increasing worries about data security and privacy, as well as ongoing initiatives by individuals in the industrial sector to enhance efficiency, cut costs, and increase security. This expansion is primarily driven by a surge in demand for software solutions such as DDoS, firewalls, SCADA encryption, virtualization security, antivirus/malware, backup & recovery, and many more.
 
The cloud application security segment is expected to grow at the fastest CAGR during the anticipation timeframe.Based on the security, the global industrial cybersecurity market is categorized into endpoint security, network security, cloud application security, and others. Among these, the cloud application security segment is expected to grow at the fastest CAGR during the anticipation timeframe. The segment’s expansion is being driven by increased demand for dependable and secure security solutions in industries such as energy, food & beverage, and automotive.Based on the end user, the global industrial cybersecurity market is categorized into industrial manufacturing, transportation & logistics, and others. Among these, the industrial manufacturing segment is expected to hold a significant share of the global industrial cybersecurity market during the anticipation timeframe. Monitoring power system operations, maintaining a balance between power generation and production, and swiftly and effectively restoring services after outages are just a few of the challenges that cybersecurity in the power industry solves. Monitoring systems have gained in importance as renewable energy sources are widely used in power grids.This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global industrial cybersecurity market based on the below-mentioned segments: 
(GlobeNewsWire)