The industrial cybersecurity market is anticipated to expand its roots at a steady CAGR of 7.8% between 2023 and 2033. The market is expected to have a market share of USD 46.96 billion by 2033, while it is likely to be valued at USD 22.36 billion in 2023.
The restoration of industrial growth with automotive, products-based manufacturing is leading the space into Industry 4.0. Digitization and automation of industries are helping through different elements of the fourth industrial revolution like artificial intelligence, machine learning, and cloud computing.
The growing intellectualism in industrial teams with higher data and information theft is pushing companies to adopt cybersecurity skills within the team. Furthermore, advanced IT support in any unit is also garnering the market.
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The advanced network and infrastructure optimization in any industrial unit also helps in deploying cybersecurity solutions within the system. Security magazine states that four out of five industrial organizations have faced compatibility issues. Hence, the smooth deployment of this protective layer becomes essential.
A balanced cybersecurity tool helps organizations in unlocking opportunities for digitalization and IoT usage. Also, the pre-implementation of security audits helps the industry identify and fix existing security loopholes
Key Takeaways from the Industrial Cybersecurity Market:
- The United States market leads the industrial cybersecurity market in terms of market share in North America. The United States region held a market share of 18.5% in 2022. The growth in this region is owing to the restored industrial activity, higher automation, and data thefts. The North American region held a share of 27.4% in 2022.
- Germany’s industrial cybersecurity market is another significant market in the European region. The market held a market share of 9.3% in 2022. The growth is attributed to government compliances, increased cyber-attacks, and vulnerable industrial data kept in online cloud storage. Europe held a market share of 23.1% in 2022.
- The Indian industrial cybersecurity market thrives at a leading CAGR of 9.5% during the forecast period. The market’s growth is attributed to the IT boom and expanding outsourcing industry.
- Chinese Industrial cybersecurity market also thrives at a CAGR of 9.3% between 2023 and 2033. The growth is attributed to the large industrial and manufacturing facilities.
- Based on component type, the hardware segment held the leading market share of 46.1% in 2022. The growth is attributed to higher consumption, shorter shelf life, and multi-purpose usage.
- Based on the end-use industry, discrete consume a market share of 54.6% in 2022.
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Competitive Landscape
The key vendors work on delivering multi-layer security from attacks, data theft, and phishing attacks. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.
Key Players
- Schneider Electric SE
- Rockwell Automation Inc.
- CyberArk Software Ltd.
- ABB Ltd.
- Bayshore Networks Inc.
Recent Market Developments
- Rockwell Automation Inc. has launched an industrial cybersecurity platform that protects critical industrial operations. The vendor uses industrial control system (ICS) cybersecurity for futuristic security management.
- Schneider Electric SE has introduced cybersecurity-related products such as Medicon M580, EcoStruxure Foxboro DCS, and Modicon Network
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Key Segments Covered
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.)
Key Regions Covered:
- North America
- Latin America
- Europe
- Japan
- Asia Pacific Excluding Japan
- The Middle East and Africa
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