Global Industrial Cybersecurity Market, By Component (Solutions, Services), Security Type (Endpoint Security, Network Security, Application Security, Cloud Security, Others), Deployment (On-Premises, Cloud), End User (Industrial Manufacturing, Transportation & Logistics, Energy & Utilities, Others) – Industry Trends and Forecast to 2031.
Industrial Cybersecurity Market Analysis and Size
The industrial sector is increasingly concerned about cybersecurity due to the rise in cyberattacks that have been caused by advancements in technology. The increased use of modern technologies like robotics, machine learning, data analytics, and the IoT has made the industrial sector more susceptible to cyber threats. A number of groups, including government agencies, are launching campaigns to encourage the industrial sector to adopt cutting-edge technologies.
Data Bridge Market Research analyzes that the global industrial cybersecurity market which was USD 16,489.30 million in 2023, is expected to reach USD 28,544.2 million by 2031, and is expected to undergo a CAGR of 7.1% during the forecast period of 2024 to 2031. The “solutions” segment dominates the component segment as these solutions offer increased security levels by closing security gaps. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable Years 2016-2021)
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Quantitative Units
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Revenue in USD Million, Pricing in USD
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Segments Covered
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By Component (Solutions, Services), Security Type (Endpoint Security, Network Security, Application Security, Cloud Security, Others), Deployment (On-Premises, Cloud), End User (Industrial Manufacturing, Transportation & Logistics, Energy & Utilities, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), Cyberark Software Ltd. (U.S.), RSA Security LLC (U.S.)
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Market Opportunities
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Market Definition
Industrial cyber security is the part of an Industrial Automation and Control System (IACS) that is dependent on the appropriate security development lifecycle that is employed by product suppliers. Products include SCADA and DCS systems, as well as embedded devices and software applications. There are various ways in which industrial cybersecurity differs slightly from typical IT cybersecurity. Industrial cybersecurity protects a class of devices that are often much older than IT systems and are often sensitive to inadvertent changes or interactions, including operational technology assets known as embedded equipment.
Industrial Cybersecurity Market Dynamics
Driver
- Increasing adoption of digital technologies
The market is expected to witness significant growth in the coming years, as more and more organizations adopt digital technologies and connect their operational systems to the internet. This exposes them to various cyber threats, such as ransomware, data breaches, and sabotage. To protect their critical assets and ensure business continuity, industrial sectors such as manufacturing, energy, transportation, and healthcare are investing heavily in cybersecurity solutions and services.
Opportunity
- Increasing usage of AI and industrial robots
The market is expected to witness significant growth in the coming years, as the adoption of artificial intelligence (AI) and industrial robots is increasing across various sectors. AI and industrial robots can enhance the efficiency, productivity, and quality of industrial operations, but they also pose new challenges and risks for cybersecurity. Therefore, the demand for robust and reliable industrial cybersecurity solutions is rising as organizations seek to protect their critical assets, data, and processes from cyberattacks. The increasing usage of AI and industrial robots is acting as an opportunity for the growth of the market.
Restraint/Challenge
- Lack of awareness among stakeholders
One of the major factors that is hindering the development of solutions is the low level of awareness among the stakeholders. Many industrial organizations are still unaware of the risks and threats that cyberattacks pose to their operations, assets, and reputation. They also lack the knowledge and skills to implement effective cybersecurity measures and best practices. This creates a gap between the demand and supply of industrial cybersecurity services and products and limits the growth potential of the market.
This industrial cybersecurity market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial cybersecurity market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In July 2023, Honeywell announced that it has agreed to acquire SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. SCADAfence brings proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs
- In January 2020, Cisco has launched comprehensive solutions which converges the IT with OT to provide advanced anomaly detection. This is a first IoT security architecture to deliver enhanced visibility across IOT and OT environments. The new solutions enable the collection and extraction of data from the IoT edge so organizations can increase efficiencies to make better business decisions and accelerate digitization projects
Global Industrial Cybersecurity Market Scope
The industrial cybersecurity market is segmented on the basis of component, security type, deployment, and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Solution
- Services
Security Type
- Network Security
- Application Security
- Cloud Security
- Endpoint Security
- Others
Deployment
- On-Premises
- Cloud
End User
- Industrial Manufacturing
- Transportation & Logistics
- Energy & Utilities
- Others
Global Industrial Cybersecurity Market Regional Analysis/Insights
The industrial cybersecurity market is analyzed and market size information is provided by country, component, security type, deployment and end user as referenced above.
The countries covered in market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, rest of Europe, China, India, Japan, South Korea, Australia, Singapore, Indonesia, Thailand, Malaysia, Philippines, rest of Asia-Pacific, South Africa, Egypt, Saudi Arabia, U.A.E., Israel and rest of Middle East & Africa.
The North America is expected to dominate the market due to presence of large industrial companies generating more and more data and requires cybersecurity. Asia-Pacific is expected to grow with highest CAGR due to increasing investments from government and key market players to expand the industrial sector.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Industrial Cybersecurity Market Share Analysis
The industrial cybersecurity market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, clinical trials pipelines, brand analysis, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to industrial cybersecurity market.
Some of the major players operating in the industrial cybersecurity market are:
- Fortinet, Inc. (U.S.)
- Cisco Systems, Inc. (U.S.)
- Juniper Networks, Inc. (U.S.)
- Palo Alto Networks, Inc. (U.S.)
- IBM Corporation (U.S.)
- Check Point Software Technologies Ltd. (Israel)
- F5, Inc. (U.S.)
- Splunk, Inc. (U.S.)
- Mandiant, Inc. (U.S.)
- Broadcom, Inc. (U.S.)
- Oracle Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Intel Corporation (U.S.)
- Imperva, Inc. (U.S.)
- Cyberark Software Ltd. (U.S.)
- RSA Security LLC (U.S.)
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