During the forecast period, the industrial cybersecurity market is anticipated to experience a CAGR of 7.7%. (2022 – 2032). The market for industrial cybersecurity is expected to be worth US$ 20.7 billion in 2022 and US$ 43.5 billion by 2032.
“Growth of the industrial cybersecurity market share is anticipated to be influenced by increased internet penetration in various parts of the world. The market for industrial cybersecurity is being driven by the rising adoption of internet of things (IoT) solutions in industrial control systems and cloud security applications.
The market for industrial cybersecurity is also anticipated to grow as more industries adopt cutting-edge technologies like 5G networks, big data, and artificial intelligence (AI).
The industrial cyber security market is anticipated to grow at a CAGR of 7.7 percent, from USD 20.7 billion in 2022 to USD 43.5 billion in 2032, according to the excellent report from FMI. the factors that are fueling the power industry’s increased demand for industrial cyber security products.
The pandemic caused chaos in the global economy at the start of 2020, causing unprecedented chaos and disruption for organizations and individuals all across the world. The pandemic has resulted in the introduction of a work-from-home option for most employees, posing operational issues for enterprises.
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The Internet of Things has made it much easier to do difficult activities and has eased the lives of millions of people. It provides a new approach for contemporary companies to handle, store, and process data in the cloud and data centers.
Customers, businesses, and communication service providers all interact differently because too smart gadgets. They’ve made it possible to automate and adapt many company procedures. The rising use of smartphones throughout the world has resulted in an increase in the number of networked devices that run on many platforms.
Owners of industrial companies and their personnel underestimate the present and impending possible risks in the industrial control systems environment due to the relative rarity of targeted assaults against automation systems and the excessive dependence on safety measures.
Synthetic assaults are guarded against by industrial control systems. As a result, security goods and software solutions are developed without addressing new risks or the nature of future assaults, as well as without a full analysis and examination of the current threat environment. As a result, real-world dangers are undervalued.
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Modern security technologies are used in the industrial sector to prevent cyber-attacks, but attackers create new strategies and processes to get around them. Investments in security defence and detection technologies aid in the development of successful defensive plans, yet, one of the most common causes of breaches is human mistake.
These mistakes occur as a result of employees’ lack of understanding, putting the industrial sector at risk. Advanced cyber-attacks vary in design, but they always target specific network weaknesses and exploit them to get access to company networks. Advanced cyber threats have risen dramatically in recent years, becoming a serious security problem for the industrial sector.
Employee training should be regarded as equally important to properly safeguard industrial facilities from cyber-attacks or cyber threats, in addition to adopting appropriate hardware and software-based security technologies.
In the absence of understanding of the related hazards, every employee who is a member of an organisation constitutes a threat to security. As a result, cyber security training is essential for personnel to comprehend, anticipate, and avoid future dangers before they become more serious. The staff will also be able to implement safe business practices at work as a result of the training.
North America is expected to have a significant industrial cyber security market share. Significant industrial cyber security market players are mostly responsible for the region’s progress. The North American industrial cyber security market is predicted to rise as key companies increase their investment to extend their global footprint.
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During the anticipated period, Asia Pacific is expected to increase at the fastest rate. The adoption of cloud-based security software is a priority for major players. In the manufacturing industry, these nations have a large number of SMEs and startups.
Throughout the forecasted period, Europe is expected to increase at a significant rate. The rise in investment for the expansion of secure IT infrastructure throughout the automotive industry is largely responsible for the region’s success.
KEY TAKEAWAYS:
- The hardware solutions from the industrial cyber security market are expected to grow at the fastest CAGR of 7.1% in the component sector.
- Discrete industry is expected to grow at a high rate in the end-use sector of the industrial cyber security market, with a CAGR of 7.6%.
- The market size for industrial cyber security in the United States is expected to reach US$ 9.7 Billion by 2032, growing at a CAGR of 7.3% during the research period.
- UK is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market by 2032, with a CAGR of 7.7% during the research period.
- China’s industrial cyber security market is expected to be worth US$ 3.2 Billion by 2032, with a CAGR of 9.1% over the forecast period.
- Japan is expected to have a market size for the industrial cyber security of US$ 2 Billion by 2032, with a CAGR of 9.2% during the research period.
- By 2032, India is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market, with a CAGR of 9.3% during the research period.
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The demand for industrial cybersecurity solutions and services is rising as it helps firms in a variety of industries safeguard their data and other secret information from cyber-attacks. These industrial cybersecurity services assist businesses in monitoring and controlling a wide range of process outputs and inputs on the job site.
To carry out their core operations, the majority of firms around the world have chosen cloud-based and connection equipment. This shift has put significant strain on cyber security operations, as well as raised the risk of cyber-attacks.
Manufacturing and industrial facilities are increasingly adopting cloud-based ICS-as-a-service and industrial robots based on artificial intelligence platforms, which is driving the demand for industrial cybersecurity solutions. Industrial robots have cybersecurity solutions installed to protect them from cyber-attacks and keep them running properly.
According to the International Federation of Robotics, roughly 125.6 thousand industry robots were deployed in the automotive sector in 2018, 105.2 thousand in the electrical industry, and 43.6 thousand in the metal and mining industries worldwide in 2018.
As a result, firms in the global market for industrial cyber security solutions are obtaining significant sales opportunities. The rising use of the Internet in all parts of the world has resulted in a significant increase in cybercrime incidents in a variety of industries, including discrete and process management.
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