Global Industrial Cybersecurity Market is Segmented By By Component (Hardware, Software, Services), By Security Layer (Network security, End-point security, Cloud Security), By By End-User (Process Industries, Discrete Industries), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Global Industrial Cybersecurity Market Overview
The Global Industrial Cybersecurity Market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2031, growing at a CAGR of YY% during the forecast period (2024-2031).
Cyber security involves applying technology, processes, and regulations to stop cyberattacks on systems, networks, programs, devices, and data. Its objective is to lower the risk of cyberattacks and protect technology, systems, and networks from unlawful usage. During the projected period, several industries will need robust cybersecurity, including energy & utilities, healthcare, small enterprises, government, financial services, and others.
Due to its many benefits, including protecting systems from viruses, spyware, and other undesirable programs and preventing data theft, cybersecurity is utilized in a variety of businesses. It is a key advantage of using cybersecurity in industries.
Source: DataM Intelligence Analysis (2022)
Global Industrial Cybersecurity Market Dynamics and Trends
The adoption of IoT & cloud-based services and the expanding demand of industries to safeguard their data are the main factors boosting the market growth. However, the expansion of the industrial cybersecurity industry may be hampered by cyber threats and security breaches.
The increasing adoption of IoT and cloud-based services
The primary drivers fueling the growth of the industrial cybersecurity market are the growing industrial digitalization and the adoption of IoT applications in manufacturing industries. Additionally, many businesses globally are investing in cybersecurity solutions to stop hackers from breaking into the devices connected to the sector's network and stealing data, which is predicted to propel market expansion.
Additionally, the rising demand for services in the industries, such as employee training, cybersecurity defense, and penetration testing, as well as the increasing adoption of cloud-based service and industrial robots based on AI platforms among manufacturing and industrial plants, are the prime factors driving the growth of the industrial cybersecurity market in the forecast period.
The rising demand of industries to safeguard the data
As cybersecurity products help businesses in various industries protect their data and other sensitive information from cyberattacks, the need for industrial cybersecurity solutions and services is increasing. Its commercial cybersecurity services let companies keep an eye on and manage a variety of process inputs and outputs on the job site. Most businesses globally have decided to use cloud-based and connected equipment to carry out their key activities. The change has significantly increased the potential of cyberattacks while also placing enormous strain on cybersecurity efforts.
The demand for industrial cybersecurity solutions is driven by the growing adoption of industrial robots powered by artificial intelligence platforms and cloud-based ICS-as-a-service in manufacturing and industrial facilities. Industrial robots are protected from cyberattacks by cybersecurity systems that have been implemented.
The rise in cyber threats and security breaches
The rising use of the Internet in all parts of the world has led to a striking increase in cybercrime instances in various industries, including discrete and process management. Due to misperceptions about the nature of threats and underestimations of threat levels, industrial cybersecurity may be constrained. The expanding use of industrial cybersecurity across numerous locations may be another barrier.
To overcome these obstacles and boost demand across various geographies, the global market participants have incorporated a variety of planning and tactics. Protecting these devices against assaults and data breaches is essential. The market's potential for cyberattacks and security lapses makes its potential for expansion vulnerable.
COVID-19 Impact Analysis on Industrial Cybersecurity Market
Coronavirus negatively impacted the global market share for industrial cybersecurity. Due to the temporary shutdown of factories, industrial plants, manufacturing facilities and other businesses globally, the unemployment rate in those countries increased. It led to a decrease in the demand for industrial cybersecurity services. Cyberattacks have increased due to the COVID-19 pandemic since more people choose to "work from home."
As home office security measures become insufficient, there is an increased need for industrial cybersecurity solutions. Additionally, hackers have employed phishing attacks and other social engineering strategies to deceive users into giving access to private data and systems by capitalizing on the uncertainty and fear caused by the outbreak. Supply chains, manufacturing industries and the healthcare industry are increasingly targets of cyberattacks.
Global Industrial Cybersecurity Market Segmentation Analysis
By security layer, the industrial cybersecurity market is segmented into network security, cloud security, end-point security, and others.
The rising adoption of cloud technology
During the forecast period of 2024-2031, cloud application security is anticipated to expand quickly and enjoy a higher CAGR in the global industrial cybersecurity market. The rising adoption of cloud services in the manufacturing sector is one factor that propels the growth of cloud security in the industrial cybersecurity market.
In collaborative cloud settings like Microsoft Office 365, Google G Suite, Slack and Box, several rules, procedures, controls and technologies are called cloud application security. Additionally, the prediction predicts sustained growth for various security sectors, including network security, end-point security and internet security.
Source: DataM Intelligence Analysis (2022)
Global Industrial Cybersecurity Market Geographical Analysis
The presence of top market players in North America
North America accounts for a sizeable portion of the global industrial cybersecurity market. Rockwell Automation, Inc., Cisco System, Inc. and CyberArk Software Ltd. are some prominent software firms in North America, contributing to its growth. In addition to offering highly secure firewall, web and email services, Cisco System, Inc. also supports teleworking and mobility.
Additionally, some software firms are concentrating on creating and releasing cutting-edge cybersecurity products for industries. Its firms have the greatest industrial cybersecurity technologies. The major driver of the growth in the North America of the global industrial cybersecurity market is the rising investment of key regional companies to expand their businesses and their presence globally.
Source: DataM Intelligence Analysis (2022)
Global Industrial Cybersecurity Market Companies and Competitive Landscape
Due to the industry's great fragmentation and the fact that the top corporations have adopted various techniques to increase their market share, there is fierce rivalry in the industrial cybersecurity sector. Its tactics include introducing new products, business growth, contracts, alliances and acquisitions. Additionally, more money is anticipated to be spent on cloud computing and infrastructure as a service (IaaS) solutions soon. Its investments will support a range of industrial cybersecurity application growth opportunities and market demand.
Major global industrial cybersecurity market companies include Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks, Inc., Kaspersky Lab, McAfee, LLC, Cisco Systems, Inc., NortonLifeLock and IBM Corporation.
IBM Corporation
Overview: IBM Corporation is a prominent American computer manufacturer with a sizable domestic and international market share. The corporate headquarters of the company are in Armonk, New York. The Computing-Tabulating-Recording Company was founded in 1911 due to the merger of three smaller businesses that produced punch-card tabulators and other office equipment. The company presently generates considerable revenue from over 40,000 active patents.
In addition to IT and telecom, IBM also offers services to the government, FMCG, chemicals & petroleum, electronics, energy & power, mining, media & entertainment, retail, BFSI, travel & transportation and education sectors. The business is active in more than 175 countries throughout Latin America, Europe, Middle East and Asia-Pacific.
Product Portfolio: IBM Security offers one of the most advanced and complete portfolios of enterprise security products and services. The security solution portfolio helps businesses incorporate security into their operations to thrive in an uncertain world. Reputable IBM X-Force research backs it up. For assistance with risk assessment, incident detection and threat response, it provides IBM X-Force Exchange for global threat intelligence, IBM Security Services for cybersecurity strategy alignment and IBM Security Command Center for deep cyber range experience.
Key Development: ABB and IBM announced a partnership in October 2020 that will combine operational technologies and cybersecurity (OT). To assist industrial operators in feeling more secure, ABB has created a new OT Security Event Monitoring Service1 that combines its domain knowledge of process control systems with IBM's security event monitoring portfolio.
Cyberattacks are increasingly focusing on environments that contain industrial control systems. Attacks on industrial and manufacturing facilities have surged by more than 2000% since 2018, according to IBM's most recent X-Force Threat Intelligence Index. ABB has created a new service that enables security events from ABB to be forwarded to IBM's security information and event management platform, QRadar, better to integrate OT data with the larger IT security ecosystem.
Why Purchase the Report?
- Visualize the composition of the industrial cybersecurity market segmentation by component, security layer, end-user and region, highlighting the critical commercial assets and players.
- Identify commercial opportunities in the industrial cybersecurity market by analyzing trends and co-development deals.
- Excel data sheet with thousands of industrial cybersecurity market-level 4/5 segmentation points.
- Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
The global industrial cybersecurity market report would provide access to an approx. 61 market data table, 51 figures and 205 pages.
Target Audience 2024
- Industrial Cybersecurity Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Education & Research Institutes
- Emerging Companies
- Industrial Cybersecurity Manufacturers
