Cloud Security Market in Manufacturing - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Cloud Security Market in Manufacturing - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The cloud security market in manufacturing is expected to register a CAGR of 19.08% over the forecast period (2021-2026). As manufacturing businesses evolve, the 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.

Key Highlights

• The growing threats of cyberattacks are augmenting the market growth. Manufacturing is one of the most highly targeted industries for cyberattacks. According to the EEF, 48% of manufacturers have at some point been subjected to a cybersecurity incident, and half of those organizations 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.

Key Market TrendsIntrusion 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 the 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 the growth of the 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 toward a broader Free Trade Area of the Asia-Pacific (FTAAP) that can serve as a useful intergovernmental forum for 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.

Competitive Landscape

The market for cloud security in manufacturing is fragmented, due to the rise in concerns regarding cyberattacks. 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 may 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.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.