Industrial Cybersecurity Market to Reach USD 26.92 Billion by 2030 with a 4.7% CAGR

The global Industrial Cybersecurity Market size was USD 17.83 Billion in 2021 and is expected to register a revenue CAGR of 4.7%

NEW YORK, NY, UNITED STATES, June 20, 2023/EINPresswire.com/ — The global Industrial Cybersecurity Market had a value of USD 17.83 billion in 2021 and is projected to experience a compound annual growth rate (CAGR) of 4.7% during the forecast period. Factors such as the increasing number of cyber attacks on industrial control systems, the growing integration of the Internet of Things (IoT) in industries, and the rising importance of cloud-based Industrial Control Systems (ICS)-as-a-service are expected to drive the growth of the market. Additionally, governments of various countries are making increasing investments to establish cybersecurity frameworks for industries, further contributing to the revenue growth of the market.

Industrial cybersecurity refers to the measures taken to safeguard industrial control systems from cyber attacks. The adoption of advanced technologies like the Internet of Things (IoT), Artificial Intelligence (AI), and big data in industrial control systems has increased the risk of data breaches. Cyberattacks have a significant impact on businesses, leading to operational disruptions, loss of customers, reduced sales, decreased profits, and more. A survey conducted by the U.K. government in 2022 revealed that 39% of businesses in the U.K. experienced a cyber attack in the past year. For instance, on March 28, 2022, the National Telecommunications Authority of the Marshall Islands suffered a Distributed Denial of Service (DDoS) attack, resulting in a week-long internet shutdown on the islands.

During the commencement of the Russian invasion of Ukraine, an attack on a satellite broadband service provided by the American company Viasat disrupted internet services across Europe, including Ukrainian military communications. In January 2022, a hacktivist group from Belarus breached the networks of the state-owned Belarusian Railway. The Federal Bureau of Investigation (FBI) also expressed concerns about possible Russian cyberattacks on U.S. infrastructure in light of the Russian-Ukraine conflicts. These incidents and numerous other cyber attacks worldwide have compelled companies to strengthen their cybersecurity systems, thereby driving the growth of the market.

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Segments Covered in the Report

By Security Type Outlook:

In terms of security types, the industrial cybersecurity market encompasses the following categories:

Network Security
Application Security
Endpoint Security
Wireless Security
Cloud Security
Others
By Product Type Outlook:

The market offers various product types for industrial cybersecurity, including:

Ethernet Switches
Gateway
Router
Others
By Solutions Outlook:

Different solutions are available to address industrial cybersecurity needs, such as:

Firewall
Antivirus
Distributed Denial of Service (DDoS) Protection
SCADA Encryption
Security Information and Event Management (SIEM)
Unified Threat Management (UTM)
Data Loss Prevention (DLP)
Identity and Access Management (IAM)
Others
By Size of Organization Outlook:

The industrial cybersecurity market caters to organizations of different sizes, including:

Small & Medium-sized Enterprises (SMEs)
Large Enterprises
By End-use Outlook:

The market serves various industries and sectors, including:

Manufacturing and Chemical
Oil and Gas
Transportation
Power Grid
Others
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Strategic development:

The industrial cybersecurity market has been witnessing significant growth and strategic developments in recent years. With the increasing adoption of digital technologies and the rise of industrial IoT (Internet of Things), organizations are becoming more vulnerable to cyber threats, prompting the need for robust cybersecurity solutions. Several strategic developments have shaped the industrial cybersecurity market landscape. Here are some key trends:

Growing Awareness and Regulatory Initiatives: There is a growing awareness among industries regarding the importance of cybersecurity. Companies are realizing the potential risks associated with cyber-attacks on their critical infrastructure. Regulatory bodies across the globe have also introduced stringent cybersecurity regulations to ensure the protection of industrial systems. These initiatives have been instrumental in driving the demand for industrial cybersecurity solutions.
Partnerships and Collaborations: To provide comprehensive cybersecurity solutions, companies in the industrial sector are entering into strategic partnerships and collaborations. Cybersecurity solution providers are teaming up with industrial automation companies and system integrators to offer integrated solutions that combine both physical and digital security. These partnerships leverage the expertise of multiple organizations to develop robust cybersecurity frameworks.
Advanced Threat Intelligence: With the increasing sophistication of cyber threats, there is a growing emphasis on advanced threat intelligence solutions. Industrial cybersecurity vendors are leveraging technologies like artificial intelligence (AI) and machine learning (ML) to analyze and detect complex threats in real-time. These solutions provide proactive threat hunting capabilities, enabling organizations to identify and mitigate cyber threats before they cause significant damage.
Cloud-Based Security Solutions: Cloud-based cybersecurity solutions are gaining traction in the industrial sector. These solutions offer scalability, flexibility, and centralized management of security systems. By leveraging the cloud, organizations can monitor and manage the security of their industrial systems from a centralized location, making it easier to implement and update security measures across multiple sites.
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Competitive Landscape:

IBM Corporation, ABB Ltd., Cisco Systems Inc., Honeywell International Inc., Siemens AG., Schneider Electric SE, Dell Inc., Symantec Corporation, AO Kaspersky Lab., and Rockwell Automation Inc.

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Reports and Data
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