Industrial Cyber Security Market Booming As Firms Embrace AI And IIoT [Forbes]
SCHNEIDER ELEC UNSP/ADR (SBGSY)
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Source: Forbes
and petrochemical complex has created an ever growing boom in the industrial cyber security market. Whole industries are readily embracing artificial intelligence (AI) and the industrial internet of things (IIoT) for plant control systems and cloud computing applications that need to be secure. This is driving the industrial cyber security market to a size few can confidently predict for the fear of grossly underestimating it. Experts at the latest round of the Global Manufacturing and Industrialization Summit or GMIS 2024, held in Abu Dhabi, UAE on Thursday, projected the figure to be between $50 billion to $100 billion by the turn of the current decade. Third-party research also puts the figure that bracket. For instance, Precedence Research and Future Market Insights both project a compound annual growth rate of 8% to 9%, from current levels of around $20 billion to just over $50 billion by 2033. Additionally, research by financial consultants Deloitte found that cyber securi
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