According to the report by Expert Market Research (EMR), the global industrial cybersecurity market size is projected to grow at a CAGR of 7.10% between 2023 and 2028. Aided by the growing digital transformation across industries and escalating threats of cyber-attacks, the market is expected to grow significantly by 2028.
Industrial cybersecurity serves as a protective umbrella for industrial environments, including factories, power plants, and other industrial control systems (ICS), from cyber threats. With the increased interconnection of systems, brought about by Industry 4.0, the importance of robust cybersecurity measures in the industrial sector has surged. Industrial cybersecurity solutions not only safeguard critical infrastructure but also ensure the integrity and confidentiality of sensitive industrial control data.
The rising prominence of digitisation and the Internet of Things (IoT) in industrial operations is primarily driving the global industrial cybersecurity market growth. As industries embrace digital tools to improve operational efficiency, the potential cyber vulnerabilities also increase, necessitating robust cybersecurity solutions. From predictive maintenance and real-time monitoring to remote operations, every digital innovation potentially opens a new window of opportunity for cyber attackers, thereby driving the demand for industrial cybersecurity solutions.
Moreover, the escalating threat of cyber-attacks on critical infrastructure sectors, including energy, oil & gas, and utilities, has significantly heightened the importance of industrial cybersecurity. The costly repercussions of industrial cyber-attacks, ranging from operational disruption and data theft to damage to brand reputation, have urged industries to invest in advanced cybersecurity solutions.
The expanding applications of industrial cybersecurity in various sectors also significantly contribute to the industrial cybersecurity market development. In the energy and utility sector, cybersecurity solutions safeguard grid infrastructure and mitigate the risk of blackouts caused by cyber-attacks. The manufacturing sector employs these solutions to protect their production lines and intellectual property. Additionally, in the oil & gas industry, cybersecurity measures ensure the secure operation of upstream, midstream, and downstream activities.
The growing focus on cloud-based cybersecurity solutions, driven by their scalability, flexibility, and cost-effectiveness, is expected to open new avenues for industrial cybersecurity market expansion. Moreover, advancements in technologies, such as artificial intelligence (AI) and machine learning, are likely to revolutionise industrial cybersecurity, offering solutions that can predict and counter threats proactively. Furthermore, increasing government regulations to improve the security of critical infrastructures are propelling the industrial cybersecurity market growth.
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Industrial Cybersecurity Market Segmentation
The market can be divided based on component, security, end use, and region.
Market Breakup by Component
• Product
o Gateways
o Networking Devices
• Solutions
o Antivirus/ Malware
o Firewall
o SCADA Encryption
o Virtualisation Security
o Data Loss Prevention (DLP)
o Security Information and Event Management (SIEM)
o Others
• Services
o Managed Services
o Professional Services
Market Breakup by Security
• Network Security
• Application Security
• End-point Security
• Cloud Security
• Wireless Security
• Others
Market Breakup by End Use
• Power Industry
• Utilities
• Transportation
• Chemicals and Manufacturing
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial cybersecurity companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• Dell Technologies Inc.
• ABB Ltd.
• International Business Machines Corporation
• Rockwell Automation, Inc.
• Cisco Systems, Inc.
• Others
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