Author: Himanshu Patni
24 March 2023
The energy cybersecurity market in APAC (Asia-Pacific) is expected to grow significantly in the coming years. APAC is a region with diverse economies and infrastructure development levels, but the demand for energy cybersecurity is increasing across the region due to the rapid digitization and interconnectivity of energy systems. The growing adoption is also attributed to the rising sophistication of the cyber-attacks which is resulting in an increasing threat to the expensive energy sector and is expected to drive the market during the forecast period. Moreover, the growing number of cyber-attacks in the region is expected to drive the market during the forecast period. Furthermore, the energy cyber security market in China is rapidly growing due to the increasing adoption of digital technologies in the energy sector. As the world’s largest energy consumer, China’s energy infrastructure is a prime target for cyber-attacks, making energy cyber security a top priority for the country. Furthermore, the rising cybersecurity threats in the region are also expected to significantly influence the market growth during the forecast period. For instance, according to a report by the China Internet Network Information Center (CNNIC), cyber-attacks on China’s energy infrastructure rose by 12.6% in 2020 compared to the previous year. Moreover, increasing demand for a secure energy supply: As China’s economy continues to grow, so does its energy demand. This has led to a greater need for a secure and reliable energy supply, which can only be achieved by ensuring the cyber security of energy infrastructure. explain in detail.
The APAC energy cyber security market is expected to grow at a strong CAGR of 12.4 % during the forecast period (2022-2028). APAC is anticipated to emerge as the fastest-growing energy cyber security market primarily owing to the spur in demand for connected devices in China, India, and Japan coupled with the growing number of cyber-attacks in countries like China and India are expected to drive the market during the analysis time period
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Based on component, the market is bifurcated into solutions and services. The solution category is anticipated to witness the highest CAGR during the forecast period. In recent years, the energy and utility industry has faced more ransomware and organized cyber-attacks. Supply chain attacks are now more visible in number and impact. For instance, in 2021 alone, SolarWinds, as a single attack, impacted thousands of top companies and government agencies worldwide. Moreover, increased cyber security threats due to more digitalization and interconnectivity and growing awareness of cyber security risks are the factors driving the growth of the segment.
Based on deployment, the market is bifurcated into cloud and on-premises. cloud category is anticipated to witness the highest CAGR during the forecast period. The growing factors such as scalability, accessibility, and security provided by cloud-based solutions are driving the growth of the segment. Cloud-based solutions can easily scale up or down as needed, allowing organizations to quickly adjust to changing demands and avoid investing in costly hardware and infrastructure. In addition, Cloud-based solutions can be more cost-effective for organizations since they do not require the purchase and maintenance of expensive hardware and software.
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Global Energy Cyber Security MarketSegmentation
Market Insight, by Component
Market Insights, by Deployment
Market Insights, by Security Type
Market Insight, by Region
Top Company Profiles
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