Cyber Security Industry News

TMCNet:  Frost Radar in the Global Industrial Cybersecurity Market

[January 14, 2020]

Frost Radar in the Global Industrial Cybersecurity Market

NEW YORK, Jan. 14, 2020 /PRNewswire/ --

The industrial cybersecurity market has been experiencing rapid growth and gaining widespread significance in recent years. High penetration of Industrial Internet of Things technology in critical infrastructure industries (e.g., power utilities and oil & gas) and the manufacturing industry has resulted in increased threat attack surfaces. Cyberattacks in the energy and utilities industries alone cost an average of $13.2 million per year. As attacks face more intense government and end-user scrutiny, more cybersecurity regulations are being enforced globally. Rising incidences of cyberattacks, evolving government compliance regulations, and increased awareness in mature and emerging markets have accelerated the adoption of cybersecurity approaches. However, the complexity of cybersecurity and unclear return on investment (ROI) benefits are creating confusion among end users. Market participants are addressing industry needs by introducing a number of service packages consisting of an assortment of managed and professional cybersecurity services. With attacks increasing in target and sophistication, cybersecurity approaches need to evolve too. End users want scalability and flexibility in cybersecurity amid an ever-changing threat landscape. Service providers have started to transition to cybersecurity-as-a-service models. A service-based has given rise to models such as software-as-a-service and platform-as-a-service. Providers are also focusing on pay-as-you-go expertise by providing services on a subscription basis that allow for continuous monitoring and assessment of the industrial environment. The indusrial cybersecurity services market is largely fragmented with vendors from both the information technology (IT) and operational technology (OT) sides leveraging their domain expertise to provide lifecycle services for cybersecurity with innovative service platforms and management consoles. North America, Europe, and the Middle East are mature markets in terms of cybersecurity with a high degree of adoption of the Internet of Things and increased scrutiny of critical infrastructure protection. Professional services are also seeing high market acceptance with the increasing need of expertise as a service in the cybersecurity field owing to the crippling shortage of in-house talent. Market participants are focusing on offering a comprehensive portfolio and providing end users the ability to select services best suited to their cybersecurity goals. With security gaps existing in the IT and OT divergent scenarios of the industrial control systems (ICS) space, market participants are establishing partnerships with vendors from different backgrounds to provide joint solutions for IT/OT security in the industrial environment. The radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the radar methodology. The document presents competitive profiles on each of the companies in the radar based on their strengths, opportunities, and a small discussion on their positioning. The analyst examines hundreds of companies in the industry and benchmarks them across 10 criteria on the radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.


Read the full report: https://www.reportlinker.com/p05839454/?utm_source=PRN

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