Industrial Cyber Security Market Forecasts to 2030 - Global Analysis By Security Type, Component, Offering, Deployment Mode, End-User and By Geography

According to Stratistics MRC, the Global Industrial Cyber Security Market is accounted for $19.0 billion in 2023 and is expected to reach $25.6 billion by 2030 growing at a CAGR of 4.4% during the forecast period. The process of defending industrial control systems from risks from cyber attackers is known as industrial cyber security. It is frequently referred to as security or OT security. Industries like energy, power utilities, transportation, manufacturing, and chemicals are among those that utilize industrial cyber security the most frequently. They assist in the distribution process as well as remotely automating and controlling the manufacturing of goods.

According to Trend Micro Incorporated (Japan), in 2020, 61% of manufacturers experienced cybersecurity incidents in their smart factories. These attacks disrupted manufacturing processes, leading to production delays and irreversible loss of capital and critical & confidential data.

Market Dynamics:

Driver:

Emergence of Disruptive Digital Technologies

The rise in cyber attacks driven by technological improvements, cyber security has become the primary concern for businesses in the industrial sector. Due to the increased adoption of cutting-edge technologies like machine learning, data analytics, robots, and the IIoT, the industrial sector is becoming more and more exposed to cyber threats. Initiatives are being taken by government agencies and several organisations to encourage the use of cutting-edge technologies in the industrial sector. Furthermore, it also expands the window for online criminals to exploit vulnerable systems and networks.

Restraint:

Lack of knowledge and experts

Although industrial cybersecurity solutions have many benefits, the majority of end-users in developing nations in the Asia Pacific, Middle East, Africa, and South America are unaware of these services. The development of the worldwide industrial cyber security market is also anticipated to be hampered by a shortage of qualified individuals to create and manage industrial cyber security solutions in developing nations, where cyber attacks are on the rise. Security hackers have developed new hazards as technology has developed. Traditional cyber security systems find it difficult to detect and counteract these emerging attacks.

Opportunity:

IoT integration into industrial control systems is receiving more attention.

The IoT has greatly facilitated the completion of challenging activities and made millions of people's lives better. It enables contemporary companies a new method for controlling, storing, and processing data in data centres and the cloud. Industrial organisations are able to make better use of a significant amount of data produced in their facilities by implementing IoT technologies. The way that consumers, businesses, and communication service providers engage with one another has been completely transformed by smart gadgets. They have made it possible for various business processes to be automated and adaptable. There are now more people using smartphones globally, which has raised the number of interconnected devices using multiple platforms. These devices are connected to each other through wireless cellular and non-cellular networks such as Zigbee, Bluetooth, 3G, 4G, and upcoming 5G.

Threat:

Misunderstanding the hazards and underestimating their severity

The operational setting is now able to be understood and analysed by the industry workers due to the continual evolution of the industrial control system, which has begun to include a wide range of networked devices. It exposes the system to the risk of hackers though. Owners of industrial firms and their staff tend to underestimate the current and impending likely risks in the ICS environment because targeted assaults against automation systems are relatively uncommon, and due to is an excessive dependence on safety precautions.Typically, operational technologies (OTs) are not fully described in historical threats, which is typically security products and related technologies are built. Therefore, synthetic attacks are protected against in industrial control systems. As a result, security tools and software are created without addressing potential dangers or threats or the nature of future attacks and without a thorough analysis and scrutiny of a day-to-day threat landscape. As a result, real-world threats are underestimated.

COVID-19 Impact:

During the COVID-19 epidemic, governments around the world laid restrictions that encouraged employees to work from home. A segment of the IT security industry has been badly affected by the combat measures, such as complete lockdowns and quarantine. due to its impact on manufacturing activities, the COVID-19 pandemic had an effect on the industrial sector. Manufacturing is becoming smarter through technology and connected devices as advanced technologies like AI, machine learning, and IoT are being adopted more frequently. The COVID-19 incident was used by a number of top cybersecurity players as a chance to examine and restructure their current tactics and build out cutting-edge portfolios. Due to the rise in cyber attacks during the pandemic, businesses are better equipped to develop responses more quickly. Thus, the rising demand for cybersecurity solutions in the industrial sector is expected to create significant opportunities for the growth of the industrial cybersecurity market in the coming years.

The solutions segment is expected to be the largest during the forecast period

The solutions segment is expected to be the largest during the forecast period. The solutions initiative is most likely to get a significant share of the market in industrial cybersecurity. The main driver of this expansion is the growing demand for software products like DDoS, firewalls, SCADA encryption, virtualization security antivirus/malware, backup & recovery, and many others. Leaders in the industry are focusing on developing and delivering cutting-edge industrial security software solutions for the automotive, oil & gas, energy, and other sectors. Check Point Software Technologies Ltd. released Check Point R81 in November, a unified cybersecurity platform designed for industrial applications. The platform assists in delivering pre-programmed alerts for threat protection, assisting the IT personnel in efficiently managing complex network settings.

The network security segment is expected to have the highest CAGR during the forecast period

The network security segment is expected to have the highest CAGR during the forecast period. Network security refers to security services and tools used to spot and avoid online threats in computer networks and networked resources. Examples of network security solutions include firewalls, intrusion detection systems (IDS), intrusion prevention systems (IPS), encryption software, identity and access management (IAM), united threat management (UTM), online and email security solutions, antivirus software, and antispyware software. These solutions help safeguard data against threats including SQL injection, cross-site scripting, and DDoS attacks.

Region with largest share:

North America is expected to have the largest share during the forecast period. The investigation of the North American industrial cybersecurity market includes both the United States and Canada. The challenging aspect of the issue is that cyber dangers are increasing, and North America has the largest market share in the global industrial cyber security sector. Numerous businesses in North America are having trouble creating industrial cyber security risk management programmes as a result of rising company fundamentals and the requirement to adopt Industrial Internet of Things (IIoT) technology. Additionally, important companies' increased investment to expand globally is projected to fuel market expansion in North America. The region's expansion is mostly the fault of important firms like CyberArk Software Ltd., Rockwell Automation, Inc., Cisco System, Inc., and others.

Region with highest CAGR:

Asia Pacific is expected to have the highest CAGR rate during the forecast period. A few of the emerging economies in APAC include China and India. Small and medium-sized businesses (SMEs) are prevalent in these nations and employ more than 70% of the workforce. SMEs are unable to adopt robust security procedures in their organisations due to the high expense of executing an industrial control system security project. However, it is anticipated that reasons including expanding company complexity, quick digitization and virtualization, and the expanding Wearables trend would spur SMEs to employ a range of industrial control systems and services. These SMEs may be advantageous to vendors in the industrial cyber security sector who offer products and services to consumers in the manufacturing, transportation, and energy sectors.

Key players in the market

Some of the key players in Industrial Cyber Security market include: Fortinet, Inc., Juniper Networks, Inc., IBM Corporation, F5, Inc., Mandiant, Inc., Oracle Corporation, Intel Corporation, CyberArk Software Ltd., Cisco System, Inc., Palo Alto Network, Inc., Check Point Software, Technologies Ltd., Splunk, Inc., Broadcom, Inc., Microsoft Corporation, Imperva, Inc., RSA Security LLC, Siemens AG, Rockwell Automation, Inc., Dell Inc. and Symantec Corporation

Key Developments:

In August 2022, IBM Corporation launched the Secure Access Service Edge (SASE) solution designed to help organizations adopt cloud-delivered security at the edge, closer to users and devices accessing corporate resources. With SASE, software-defined networking and network security technologies are bundled into a single, cloud-based service.

In March 2022, ABB Ltd. (Switzerland) partnered with Nozomi Networks (US), a leading provider of OT and IoT security and visibility solutions, to fulfill the growing demand for improved OT cybersecurity solutions from the energy, process, and hybrid industries. This acquisition enabled ABB to integrate Nozomi Networks' advanced solutions for operational resiliency and real-time network visibility to assist ABB's global automation and digitalization customers.

In January 2022, Honeywell International Inc. and Acalvio Technologies (US) teamed up to launch HTDP, a platform designed to detect known and unknown cyberattacks across the OT environments in commercial buildings. The sophisticated, active defense system features autonomous deception tactics to outsmart attackers and provides high-fidelity threat detection.

Types Covered:

• Network Security
• Application Security
• Wireless Security
• Cloud Security
• Endpoint Security
• Other Types

Components Covered:

• Services
• Solutions
• Other Components

Deployment Modes Covered:

• Cloud-based Deployment
• On-premise Deployment

End-Users Covered:

• Transportation & Logistics
• Automotive
• Electronics & Electrical
• Heavy Manufacturing
• Aerospace & Defence
• Oil and Gas
• Food and Beverages
• Chemicals
• Energy and Power
• Water
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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