The cloud security market in manufacturing is expected to register a CAGR of 19.08% over the forecast period (2019-2024). As manufacturing businesses evolve, manufacturers are demanding a more agile approach to system innovation and process support. The factors which are causing the industry to adopt cloud security solutions are visibility and flexibility.
- Growing threats of cyber attacks are augmenting market growth. Manufacturing is one of the most highly targeted industries for cyber attacks. According to EEF, 48% of manufacturers have at some point been subjected to a cybersecurity incident, and half of those organisations suffered financial loss or a disruption to their business. This is causing a major portion of a company's budget to spend on security solutions.
- Migration of production processes from on-premise to cloud is a challenge since most of the production processes are supported by on-premise solutions. manufacturers should focus on new events that could be transferred to the cloud. For the old events, a more intelligent ERP system could be developed which enables the manufacturing functions to scale as needed.
Scope of the Report
Manufacturers deal with sensitive data like quality data, warranty information, device history records, and the engineering specifications for a product that are highly confidential. Although they are stored in public/private/hybrid cloud, but security concerns still remain. Hence cloud security is necessary for data loss prevention, endpoint security and identity and access management.
Key Market Trends
Intrusion Detection and Prevention is the Fastest Growing Segment
- An Intrusion Detection and Prevention Software (IDPS) monitors network traffic for signs of a possible attack. When it detects potentially dangerous activity, it takes action to stop the attack. Often this takes the form of dropping malicious packets, blocking network traffic or resetting connections. The IDPS also usually sends an alert to security administrators about the potential malicious activity.
- The two main contributors to the successful deployment and operation of an IDS or IPS are the deployed signatures and the network traffic that flows through it.
- According to Insider Threat 2018 report, most insider exploits are detected through IDPS. This indicates the popularity of IDPS and why majority of the vendors are offering this service.
Asia-Pacific to Witness the Highest Growth
- Asia-Pacific is the fastest growing region due to growth of manufacturing sector. According to The ASEAN Post, the manufacturing sector has been one of ASEAN's key economic growth drivers.
- The ASEAN Economic Community (AEC) envisions ASEAN as a single market and production base. Meanwhile, mega trade arrangements like the Regional Comprehensive Economic Partnership (RCEP) if successful would be a positive step towards a broader Free Trade Area of the Asia-Pacific (FTAAP) that can serve as a useful intergovernmental forum on free trade.
- Major companies are setting their footprint in APAC, for instance, Google expanded the number of Google Cloud Platform regions in APAC from three to six in 2018.
- To retain the data authenticity generated by manufacturing industry, move towards cloud and hence its security is of utmost importance.
The market for cloud security in manufacturing is fragmented due to the rise in concerns regarding cyber attacks. Many companies are expanding their services to cater to organizations of all sizes.
- May 2019 - Trend Micro extended the reach of its container security offerings which will inspect all lateral and horizontal traffic movement between containers and platform layers It has added support for scanning of images prior to being loaded into a container registry.
- May 2019 - Ixia, a Keysight Business, and Symantec extended their collaboration to better secure hybrid networks.The integration of Ixia's CloudLens with Symantec Security Analytics, an industry-leading threat detection and forensics solution, allows Symantec customers to gain real-time visibility into their hybrid cloud environments.
- May 2019 - Confindustria, the main association representing manufacturing and service companies in Italy, announced that it renewed its agreement with IBM and will move its entire IT infrastructure to the IBM Cloud.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support