Construction Cybersecurity Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Construction Cybersecurity Market was valued at USD 6.9 billion in 2023. Projections indicate an 18% CAGR from 2024 to 2032, driven by the rising digitalization within the construction sector. Industry players are increasingly launching digital initiatives, aiming to revolutionize the sector through the adoption of advanced technologies. Cyberattacks, including ransomware, phishing, and data breaches, are increasingly targeting the construction sector. For example, in October 2023, Simpson Manufacturing Company, known for its wood and concrete construction products, reported disruptions to its IT infrastructure due to a cybersecurity incident.

This event impacted various facets of the company's operations. Such escalating threats underscore the rising demand for cybersecurity solutions tailored for construction firms. Another notable trend in the market is the heightened integration of IoT devices and connected technologies at job sites, aimed at boosting efficiency and productivity. Construction firms are leveraging smart sensors, connected machinery, and drones for monitoring and automation.

While these advancements optimize operations, they simultaneously heighten cybersecurity concerns. Consequently, there is a surge in demand for cybersecurity solutions safeguarding these connected devices, leading to the creation of specialized IoT security measures tailored for construction settings. The overall industry is divided based on component, deployment model, enterprise size, functional area, end-user industry, and region. The large enterprises accounted for over 65% share in 2023 and are projected to surpass USD 16.5 billion by 2032. These major construction firms manage high-value assets, from intellectual property and proprietary designs to sensitive client data.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$6.9 Billion
Forecast Value	$30.9 Billion
CAGR	18%

The imperative to shield these assets from cyber threats fuels the demand for robust cybersecurity measures. Furthermore, with a vast network of contractors, suppliers, and partners, these firms recognize the importance of securing their integrated supply chains. Such vigilance is essential to avert breaches that could jeopardize entire projects, amplifying the necessity for comprehensive cybersecurity strategies, especially in managing third-party risks. The commercial construction segment represented approximately 39% share in 2023. Commercial buildings often incorporate intricate systems for HVAC, lighting, security, and energy management.

These interconnected systems, managed through digital platforms, are susceptible to cyber threats, underscoring the demand for specialized cybersecurity measures. Moreover, commercial construction endeavors produce and archive vast amounts of critical data, from blueprints and financial records to proprietary designs, making them prime targets for cybercriminals. North America, particularly the U.S., commanded a dominant 40% share of the construction cybersecurity market in 2023, with expectations of significant expansion through 2032. The region's swift adoption of advanced technologies, such as IoT, BIM, and cloud-based project management tools, has enhanced efficiency and project oversight. However, this technological embrace has also ushered in new cyber risks.

Product Code: 11289

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market definitions

Chapter 2 Executive Summary

2.1 Market 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
3.2 Supplier landscape
- 3.2.1 Component suppliers
- 3.2.2 Cybersecurity software developers
- 3.2.3 Cybersecurity service providers
- 3.2.4 Cloud service providers
- 3.2.5 System integrators
- 3.2.6 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Threats attacking construction firms
3.6 Patent analysis
3.7 Key news and initiatives
- 3.7.1 Partnership/Collaboration
- 3.7.2 Merger/Acquisition
- 3.7.3 Investment
- 3.7.4 Product launch & innovation
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Rising frequency of cyberattacks targeting construction firms
  - 3.9.1.2 Growing use of advanced technologies and IoT devices in construction industry
  - 3.9.1.3 Presence of stringent data protection regulations and industry standards
  - 3.9.1.4 Increasing need to safeguard sensitive project data and intellectual property
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 High implementation costs
  - 3.9.2.2 Limited awareness regarding importance of cybersecurity among SME
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Component, 2021-2032 ($Bn)

5.1 Key trends
5.2 Solution
- 5.2.1 Intrusion Detection and Prevention System (IDPS)
- 5.2.2 Identity and Access Management (IAM)
- 5.2.3 Data Loss Prevention (DLP) & disaster recovery
- 5.2.4 Security Information and Event Management (SIEM)
- 5.2.5 Risk & compliance management
- 5.2.6 Others
5.3 Services
- 5.3.1 Professional services
- 5.3.2 Managed services

Chapter 6 Market Estimates & Forecast, By Deployment Model, 2021-2032 ($Bn)

6.1 Key trends
6.2 On-premises
6.3 Cloud

Chapter 7 Market Estimates & Forecast, By Enterprise Size, 2021-2032 ($Bn)

7.1 Key trends
7.2 Large enterprises
7.3 SME

Chapter 8 Market Estimates & Forecast, By Functional Area, 2021-2032 ($Bn)

8.1 Key trends
8.2 Building Information Modeling (BIM)
8.3 Construction management software
8.4 Supply chain management
8.5 Internet of Things (IoT)
8.6 Others

Chapter 9 Market Estimates & Forecast, By End-User Industry, 2021-2032 ($Bn)

9.1 Key trends
9.2 Residential construction
9.3 Commercial construction
9.4 Industrial construction

Chapter 10 Market Estimates & Forecast, By Region, 2021-2032 ($Bn)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
- 10.3.7 Nordics
- 10.3.8 Rest of Europe
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 South Korea
- 10.4.5 ANZ
- 10.4.6 Southeast Asia
- 10.4.7 Rest of Asia Pacific
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
- 10.5.4 Rest of Latin America
10.6 MEA
- 10.6.1 South Africa
- 10.6.2 UAE
- 10.6.3 Saudi Arabia
- 10.6.4 Rest of MEA

Chapter 11 Company Profiles

11.1 Bitdefender
11.2 Check Point Software Technologies
11.3 Cisco Systems
11.4 CrowdStrike
11.5 Dragos Inc.
11.6 FireEye
11.7 Fortinet Inc.
11.8 IBM Corporation
11.9 Imperva
11.10 Kaspersky Lab
11.11 McAfee
11.12 Nozomi Networks
11.13 Optiv Security
11.14 Palo Alto Networks
11.15 Qualys
11.16 Rapid7
11.17 Topcon Positioning Systems
11.18 Trend Micro
11.19 Trimble Inc.
11.20 Vectra AI

Construction Cybersecurity Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032