Industrial Cyber security Market

Global Industrial Cyber security Market Size (2024 to 2032)

The global industrial cyber security market is expected to reach USD 20.72 billion in 2024 and USD 34.81 billion by 2032, growing at a CAGR of 6.7% during the forecast period.

MARKET DRIVERS

The industrial cyber security market has grown rapidly and gained importance in recent years. The strong penetration of industrial Internet of Things technology into critical infrastructure industries such as energy services, oil and gas, and manufacturing industry has resulted in increased threat attack surfaces.

Cyber-attacks in the energy and utility industries cost an average of USD 13.2 million per year. Cybersecurity, also known as information technology (IT) security, focuses on protecting computers, programs, networks, and data from spontaneous or unlicensed access. As cyber threats have grown in importance, so have security solutions.

The global industrial cybersecurity market is expected to gain momentum due to the increasing incidence of cybercrime in the stealth and process management industries. The expansion of the global industrial cybersecurity market could be credited to the spike in Internet usage in different parts of the world. Increased calls for industrial cyber security in other end-use industries, such as automotive, oil and gas, aerospace and defense, as well as energy and electricity, are expected to drive global market growth. On the other hand, the increasing adoption of IoT in industrial control systems and security solutions in the cloud could drive the growth of the global industrial cybersecurity market.

Market players strive to offer a comprehensive portfolio and give end users the flexibility to select the services that best match their cybersecurity goals. With the rising security gaps in the Industrial Control Systems (ICS) space, market players are collaborating with vendors from various verticals to provide joint solutions for security in the industrial environment.

MARKET RESTRAINTS 

Factors such as a lack of skilled cybersecurity professionals, the complexity of industrial systems, resistance to change and cybersecurity measures, and insufficient awareness about cyber threats are hindering the growth of the industrial cybersecurity market. High implementation and maintenance costs are another significant impediment to global market growth. Legacy infrastructure vulnerabilities, limited interoperability of security solutions, concerns about potential system downtime, and inadequate regulatory frameworks are further inhibiting the growth rate of the worldwide market.

REPORT COVERAGE

SEGMENTAL ANALYSIS 

Global Industrial Cyber security Market Analysis By Security Layer

Global Industrial Cyber security Market Analysis By Component

Among these, the software segment is anticipated to witness a major share of the global industrial cybersecurity market during the forecast period. Under the sub-segments, the antivirus/malware segment is likely to record a significant share of the global market.

The hardware segment is estimated to hold a considerable share of the worldwide market during the forecast period. Among the sub-segments, the ethernet switches segment is expected to dominate the global industrial cybersecurity market during the forecast period.

The services segment is anticipated to register promising growth during the forecast period. Among the sub-segments, the managed services segment is expected to collect a significant share of the global industrial cyber security market during the forecast period as the number of cyber-attacks increases in the coming years.

REGIONAL ANALYSIS 

Many economically advanced countries have their manufacturing units in the APAC developing economies, especially China and India. These countries have the presence of many small and medium-sized enterprises (SMEs), which together represent the employment of more than 70% of the total population of the countries. These SMEs provide growth opportunities for industrial cybersecurity market providers that provide solutions and services to clients in the manufacturing, transportation, and energy sectors.

The units in this area are required to manufacture products that meet internationally recognized standards. The domestic markets of the APAC region are growing rapidly due to the increase in the per capita income of the middle-class population. In addition, consumers are increasingly aware of the importance of certification. More than 45 countries, including China, Japan, India, Hong Kong, Taiwan, Singapore, Thailand, and Australia, are considered for the analysis of the ICT market in the APAC region.

KEY PLAYERS IN THE GLOBAL INDUSTRIAL CYBER SECURITY MARKET

The major companies operating in the global industrial cybersecurity market include CyberArk Software Ltd., Broadcom, Cisco Systems, IBM, Honeywell, ABB Ltd, Rockwell Automation, Inc., Schneider Electric SE, and others.

RECENT HAPPENINGS IN THE GLOBAL INDUSTRIAL CYBER SECURITY MARKET

• Broadcom Inc. introduced a solution called BizOps, designed to accelerate decision-making in several business and technology areas that support digital transformation initiatives.

• Rockwell Automation has acquired Kalypso, an Ohio-based company. This move would help deliver a comprehensive suite of digital innovation, business process management, consulting, and enterprise technologies that would enable the transformation of production management, customer service models, and design and product development.

• Cisco has acquired Exablaze, an Australian designer and manufacturer of advanced network devices aimed at reducing latency and improving network performance.

DETAILED SEGMENTATION OF THE GLOBAL INDUSTRIAL CYBER SECURITY MARKET INCLUDED IN THIS REPORT

This research report on the global industrial cyber security market has been segmented and sub-segmented based on the end-user, security layer, component, and region.

By Security Layer

• Application

• Cloud

• Endpoint

• Network

By Component

• Services

  • Risk Management

  • Managed Services

  • Evaluations and Audits

  • Consulting and Training

  • Maintenance and Integration

• Software

  • DDoS

  • Application Whitelist

  • Antivirus / Malware

  • Backup & Recovery

  • Firewall

  • UTM

  • IAM

  • DLP

  • Virtualization Security

  • SCADA Encryption

  • SIEM

  • IDS/IPS

• Hardware

  • Ethernet Switches

  • Gateways

  • Routers

  • Others

By End-User

• Discrete Industries

  • Consumer Goods

  • Metals and Mining

  • Medical Devices

  • Electrical and Electronics

  • Aerospace and Defense

  • Automotive

• Process Industries

  • Water and Wastewater Treatment

  • Power and Electricity

  • Pharmaceuticals

  • Pulp and Paper

  • Food and Beverages

  • Chemicals

  • Oil and Gas

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa