The North America Cyber Security for Industrial Automation Market would witness market growth of 8.5% CAGR during the forecast period (2023-2030).
The US market dominated the North America Cyber Security for Industrial Automation Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $3,488.7 million by 2030. The Canada market is showcasing a CAGR of 10.9% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 9.9% during (2023 - 2030).
High-profile cyber-attacks on industrial targets have raised awareness within the industry about the potential consequences of inadequate cybersecurity. Incidents such as Stuxnet have underscored the vulnerability of industrial control systems (ICS) to targeted attacks. Industry stakeholders, including manufacturers, utility providers, and automation solution providers, are becoming more educated about cybersecurity risks and are proactively seeking solutions to mitigate these risks.
The financial implications of cybersecurity breaches are a driving force behind the adoption of cybersecurity in industrial automation. A successful cyber-attack can result in significant financial losses due to downtime, production interruptions, and the potential for intellectual property theft. As companies recognize the direct correlation between robust cybersecurity measures and financial stability, they are investing in comprehensive cybersecurity solutions.
The International Trade Administration projects that Mexico's cybersecurity industry will generate US$3.19 billion in revenue by 2028, growing at an annual rate of 8.11%. Hybrid cloud deployments, which combine on-premises and cloud resources, are common in industrial settings in Mexico. Cybersecurity efforts focus on securing the integration points between on-premises and cloud environments to prevent potential vulnerabilities in Mexico. Continuous monitoring and threat detection mechanisms are crucial in cloud-based environments in Mexico. In a cyber incident or data loss, industrial automation systems can quickly recover and resume operations, minimizing downtime in Mexico. Hence, the factors mentioned above will drive the regional market growth.
Free Valuable Insights: The Cyber Security For Industrial Automation Market is Predict to reach USD 17.4 Billion by 2030, at a CAGR of 9.2%
Based on Type, the market is segmented into Programmable Automation System, Fixed Automation System, Flexible Automation System and Integrated Automation System. Based on Security Type, the market is segmented into SCADA Security, Enterprise Security, Network Security, Device Security and Physical Security. Based on End Use, the market is segmented into Food & Beverage Processing, Automotive Manufacturing, Electronics & Telecommunication, Pharmaceuticals, and Others. Based on Technologies, the market is segmented into Programmable Logic Controllers, Computer Numerical Control (CNC) Systems, Industrial Sensors and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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