The industrial cybersecurity market is estimated to expand at a constant CAGR of 7.8% throughout the course of the forecasted period. According to forecasts, the market would produce US$22.36 billion in revenue in 2023 and US$46.96 billion in total value by 2033.
The epidemic began to cause significant uncertainty and disruption for businesses and people all around the world in 2020. Additionally, the international economy was severely damaged. Due to the epidemic, the majority of employees now have the choice to work from home, which poses operational issues for firms.
The Internet of Things has made life easier for millions of individuals by making it much simpler to execute difficult activities. It offers a fresh method for managing, storing, and processing data in data centers and the cloud for modern businesses.
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Customers, businesses, and communication service providers all interact differently because of 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.
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 defense and detection technologies aid in the development of successful defensive plans, yet, one of the most common causes of breaches is human mistakes.
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.
North America is expected to have a significant industrial cybersecurity 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.
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.
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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.
- The 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 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.
COMPETITIVE LANDSCAPE:
Major players such as Schneider Electric SE, Rockwell Automation Inc., CyberArk Software Ltd., ABB Ltd., and Bayshore Networks Inc. are among the industrial cyber security market’s top participants.
Several business strategies are being implemented by these companies in order to boost their global expansion and deliver sophisticated security services.
- Exablaze, an Australian developer and producer of innovative network devices, was acquired by Cisco System, Inc. in February 2020. This acquisition will help the organizations improve their security network performance.
- Broadcom Inc. will introduce BizOps, an improved decision-making platform for sectors, in June 2020. This approach would aid businesses in speeding up decision-making across a variety of commercial and technological fields.
- CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an artificial intelligence-based solution, in November 2020. The solution was created to improve cloud infrastructure security layers across businesses.
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Key Segments
By Component:
- Hardware Solutions
- Software Solutions
- Services
By Security Layer:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Wireless Security
- Others
By End-User Industry:
Process
- Oil and Gas
- Chemical
- Food and Beverages
- Energy and Power
- Other (Water, etc.)
Discrete
- Automotive
- Electronics
- Heavy Manufacturing
- Packaging
- Others (Aerospace and Defense, etc.)
By Region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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