The industrial cybersecurity market is expected to expand its roots at a steady CAGR of 7.8% during the forecast period. The market is likely to hold a revenue of USD 22.36 billion in 2023 while it is anticipated to cross a value of USD 46.96 billion by 2033.
Increased internet penetration in various regions of the globe is anticipated to contribute to the growth of the industrial cybersecurity market share. The increased adoption of Internet of Things (IoT) solutions in industrial control systems and cloud security applications is driving the industrial cybersecurity market size. The market is also predicted to develop due to the increasing adoption of emerging technologies such as 5G networks, big data, and artificial intelligence (AI) across industries.
The demand for cybersecurity solutions across industries is predicted to increase as the demand for advanced solutions such as firewalls, antivirus, and intrusion detection systems (IDS) grows.
What are the Key Dynamics Governing the Growth of the Market?
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, numerous firms around the world have chosen cloud-based and connection equipment. This shift has put a significant strain on cyber security operations, as well as raising 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. This 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. Where, 105.2 thousand were in the electrical industry, and 43.6 thousand were in the metal and mining industries worldwide in 2018.
As a result, firms in the global market for industrial cybersecurity 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.
As a result, businesses in a variety of industries, including oil and gas, automotive, energy and power, and aerospace and defense, are increasingly adopting industrial cyber security solutions. In the industrial cybersecurity services market, this scenario is likely to provide significant demand prospects.
In the years ahead, rising acceptance of cloud security solutions and IoT in industrial cybersecurity systems are anticipated to drive market expansion. As vast volumes of data and information are generated across sectors daily. One of the developing market trends is integrating industrial cybersecurity solutions with modern cloud services.
Advanced cloud services are necessary to monitor and analyze this data. The market’s key players are concentrating on creating and integrating cloud-based cybersecurity solutions for OT and ICS applications across various sectors.
Over the last several years, government entities in several nations throughout the world have increased financial support for activities that aid in the reduction of cyber security breaches. The global market for industrial cybersecurity solutions is growing as a result of the mentioned factors.
Country-wise Insights
North America held a significant market share of 27.4% in 2022. Leading players have contributed to the region’s success. Furthermore, increased investment by key companies to extend their global footprint is likely to drive demand for industrial cybersecurity solutions in North America.
CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an artificial intelligence-based service, in November 2020. The solution was created to improve cloud infrastructure security layers across businesses. The country is safeguarded from foreign trade vulnerabilities thanks to the implementation of modern cybersecurity solutions across industrial applications.
During the anticipated period, the demand for industrial cybersecurity solutions in the Asia Pacific is expected to increase at a swift rate. Key firms in China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN nations are concentrating their efforts on cloud-based security applications. In the manufacturing industry, these countries have several small and medium companies (SMEs) and startups.
During the forecasted period, the demand for industrial cybersecurity solutions in Europe is expected to increase at a significant rate. The rise in investment for the expansion of secure IT infrastructure across the automotive industry is largely responsible for the region’s success.
Which Segment is Likely to Lead the Market by Security?
During the projected period, cloud application security is expected to increase substantially. This is primarily due to the heavy manufacturing industry’s increased usage of cloud technologies.
During the forecast period, the network security, end-point security, and internet security segments are predicted to increase at a steady rate. Increased demand for dependable and safe security solutions across industries such as energy, food, beverages, automotive, and others is driving the segment’s expansion.
Which Segment is Likely to Lead the Industrial Cybersecurity Market by End-user Industry?
During the projected period, the discrete industry is expected to dominate the market. The demand for IoT-enabled devices, 5G networks, and industry 4.0 solutions are driving the increase.
The discrete sector is further divided into automotive, electronics, heavy manufacturing, packaging, and other categories (aerospace and defense, and others).
Market Developments
· IBM Corporation released the Secure Access Service Edge (SASE) solution in August 2022. To assist enterprises in implementing cloud-delivered security closer to users and devices accessing corporate resources. SASE is a cloud-based solution that combines software-defined networking and network security technologies.
· Honeywell International Inc. and Acalvio Technologies (USA) teamed together in January 2022. To launch HTDP, a platform designed to identify known and new cyberattacks in commercial buildings’ OT environments. To thwart attackers, the sophisticated active defensive system employs autonomous deception methods and provides high-fidelity threat detection.
· To meet the growing need for improved OT cybersecurity solutions from the energy, process, and hybrid industries, ABB Ltd. (Switzerland) teamed with Nozomi Networks (USA). A leading provider of OT and IoT security and visibility solutions, in March 2022. Nozomi Networks’ sophisticated solutions for operational robustness and real-time network visibility were integrated into ABB’s global automation and digitalization customers because of this acquisition.
· Industrial and IT network security vendor, Bayshore Networks have been acquired by the OPSWAT. The company has further added OTFuse, NetWall, and MetaAccess OT platforms for higher protection of the end-user data.
· CyberArk Software Ltd. Provides a long range of identity management solutions such as lifecycle management, identity flows, and identity compliance.
These insights are based on a report Industrial Cybersecurity Market by Future Market Insights.
