Future Market Insights recently published a market study that offers critical information related to the growth trajectory of the cyber-security in robotics market during the assessment period, 2019-2029. The report throws light on the various factors that are projected to impact the dynamics of the market including the trends, growth opportunities, challenges, and more. As per the report, the market value of the cyber security in robotics market was ~US$ 2.6 billion in 2019 and the market is expected to grow at a compounded annual growth rate (CAGR) of ~11% over the considered forecast period, 2019-2029.
Some of the prominent factors that are likely to accelerate market growth in the upcoming years include, advancements in technology, exponential rise in the demand for cloud security in robotics, improved adoption of disruptive technologies including machine learning and artificial intelligence (AI) in the cyber defense space, robust data protection framework for information security, and more. In addition, increase in the overall spending towards product innovation and development of cutting-edge cyber-security software is expected to generate significant demand for cyber-security in robotics in the upcoming years. Moreover, companies active in the current market landscape are focusing on the development of advanced security solutions including, encryption, authentication, secured communication, denial of service protection and more.
Notable growth in the number of cyber-attacks to propel demand for cyber-security in robotics
The adoption of robots in various industrial verticals including, military, manufacturing, automated vehicles, and medical among others has witnessed a remarkable growth in the last few years. However, although robots play a key role in enhancing productivity, mitigate human error, and improving the overall output, they are vulnerable to cyber-attacks and require an efficient cyber security solution to combat the same. The nature of the cyber-attacks could vary based on the type of a robot and often require different solutions. In the current scenario, there is a considerable growth in the number of ransomware attacks on industrial robots and Man-in-the-Middle attack on medical robots that lead to significant loss in data, revenue, and more. Thus, owing to a significant rise in the aforementioned cases, there is an exponential rise in the demand for advanced cyber security solutions including, denial of service protection solution and authentication solutions – a major trend expected to boost the growth of the cyber-security in robotics market in the upcoming years.
North America projected to offer significant opportunities
According to an analyst at Future Market Insights, “The adoption of robots in North America over the last five years has increased at a blazing pace in comparison to the other regions of the world. Further, the demand for industrial Internet of Things (IoT) in North America is further expected to boost the demand for cyber security solutions over the next few years. “Moreover, advancements in technology, growing innovations, and presence of established cyber-security players in North America are other factors that are playing an imperative role in the development of the cyber-security in robotics market in North America.
Cyber Security in Robotics Market: Vendor Insights The presented market study by Future Market Insights offers valuable insights related to the major players operating in the cyber security in robotics market including, the company profiles, sales footprint, growth strategies, product offerings, and more. The leading market players in the market are, McAfee, TUV Rheinland, Aujas Cyber security, Trojan Horse Security, Beyond Security, NTT Data, Alias Robotics, and more.
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