According to a Future Market Insights study,- ESOMAR-certified market research and consulting firm- the Industrial Cybersecurity Market is anticipated to record a CAGR of 7.7% during the forecast period ranging from 2022-2032. The global industrial cybersecurity market is forecasted to be valued at $20.7 billion in 2022 and is projected to reach $43.5 billion by 2032.
The industrial cybersecurity market is anticipated to embark on a positive expansion trajectory, due to the increasing adoption of emerging technologies such as 5G networks, big data, and artificial intelligence (AI) across industries. The demand for cybersecurity solutions across industries is predicted to increase as the demand for advanced solutions such as firewalls, antivirus, and intrusion detection systems (IDS) grows.
During the anticipated period, the demand for industrial cybersecurity solutions in the Asia Pacific is expected to increase at the fastest rate. Major firms in China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN nations are concentrating their efforts on cloud-based security applications. In the manufacturing industry, these countries have a large number of small and medium companies (SMEs) and start-ups.
Additionally, increased internet penetration in various regions of the globe is anticipated to contribute to the growth of the industrial cybersecurity market share. Not just this, but the increased adoption of Internet of Things (IoT) solutions in industrial control systems and cloud security applications is driving the industrial cybersecurity market size.
“In the years ahead, rising acceptance of cloud security solutions and IoT in industrial cybersecurity systems are anticipated to drive market expansion. As vast volumes of data and information are generated across sectors daily, one of the developing market trends is integrating industrial cybersecurity solutions with modern cloud services.” said a market analyst at Future Market Insights.
Four key takeaways from industrial cybersecurity report
- The software is anticipated to hold the most market share. DDoS, firewall, SCADA encryption, virtualization security, antivirus/malware, backup & recovery, and other software solutions are all seeing increased demand.
- Cloud application security is expected to increase at the fastest rate. This is mostly due to the heavy manufacturing industry’s increased usage of cloud technologies.
- The discrete end-user industry is expected to dominate the market. The demand for IoT-enabled devices, 5G networks, and industry 4.0 solutions are driving the increase.
- North America and Europe are expected to have a significant market share. The rise in investment for the expansion of secure IT infrastructure across the automotive industry is largely responsible for regional growth.
Increased spending on infrastructure as a service (IaaS)
Shortly, spending on infrastructure as a service (IaaS) and cloud computing tools is expected to rise. These investments will help to foster a variety of growth prospects and demand for industrial cybersecurity in industrial applications. The major industrial cybersecurity companies include the domination by Schneider Electric SE, Rockwell Automation Inc., CyberArk Software Ltd, ABB Ltd., and Bayshore Networks Inc.
These companies are focused on adopting new organic and inorganic plans to increase their industrial cybersecurity market stronghold and attract more customers. Furthermore, the top players are concentrating on finishing pending investments and business initiatives to reclaim their market position.
Other key developments in the global market have been highlighted below:
- IBM Corporation released the Secure Access Service Edge (SASE) solution in August 2022, to assist enterprises in implementing cloud-delivered security closer to users and devices accessing corporate resources. SASE is a cloud-based solution that combines software-defined networking and network security technologies.
- Honeywell International Inc. and Acalvio Technologies (US) teamed together in January 2022 to launch HTDP, a platform designed to identify known and new cyberattacks in commercial buildings’ OT environments. To thwart attackers, the sophisticated active defensive system employs autonomous deception methods and provides high-fidelity threat detection.
- To meet the growing need for improved OT cybersecurity solutions from the energy, process, and hybrid industries, ABB Ltd. (Switzerland) teamed with Nozomi Networks (US), a leading provider of OT and IoT security and visibility solutions, in March 2022. Nozomi Networks’ sophisticated solutions for operational robustness and real-time network visibility were integrated into ABB’s global automation and digitalization customers as a result of this acquisition.