Global Industrial Cybersecurity Market Size By Security Types (Network Security, Application Security), Solutions (Firewall, Identity and Access Management (IAM), Encryption), By Services (Consulting and Advisory Services, Managed Security Services, Training and Education), By Geographic Scope and Forecast

Industrial Cybersecurity Market Size And Forecast

Industrial Cybersecurity Market size was valued at USD 24645.69 Million in 2023 and is projected to reach USD 47474.4 Million by 2031, growing at a CAGR of 8.54% from 2024 to 2031.

• Industrial cybersecurity aims to protect vital infrastructure and industrial systems from digital threats and attacks. These systems which range from manufacturing machines and energy grids to transportation networks and water treatment facilities are critical to the operation of modern society.
• Another key use of industrial cybersecurity is the safeguarding of essential infrastructure such as power grids, water supply systems, and transportation networks. These industries are becoming more reliant on digital technologies and interconnected systems leaving them exposed to cyber assaults. Industrial cybersecurity solutions protect against assaults that could disrupt services, risk safety, or cause environmental damage.
• The future of industrial cybersecurity will center on the creation of comprehensive security frameworks that handle both technology and human aspects. This involves tightening access controls establishing strong network segmentation and offering ongoing employee training on cybersecurity best practices.

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Global Industrial Cybersecurity Market Dynamics

The key market dynamics that are shaping the global industrial cybersecurity market include:

Key Market Drivers:

• Rising Cybersecurity Threats: The increasing frequency and sophistication of cyberattacks on industrial systems is a significant driver of the industrial cybersecurity market. Industries become more computerized and interconnected making them more vulnerable to cyber dangers like ransomware, malware, and phishing assaults. These threats can disrupt operations result in financial losses, and risk critical information.
• Rapid Adoption of Industrial Internet of Things (IIoT): Devices and technology are a major driver of industrial cybersecurity. IIoT entails linking industrial equipment, sensors, and control systems to the internet and one another resulting in increased efficiency, automation, and data collection. However, greater connectivity presents new weaknesses that cybercriminals can exploit.
• Regulatory Compliance and Industry Standards: Adherence to industry norms and standards is an important driver of industrial cybersecurity. Several industries including energy, manufacturing, and transportation are subject to severe rules designed to protect key infrastructure and ensure operating safety. Regulations such as the NIST Cybersecurity Framework, IEC 62443 for industrial automation and control systems, and the General Data Protection Regulation (GDPR) specify cybersecurity procedures and risk management.

Key Challenge:

• Legacy Systems and Infrastructure: Many industrial facilities continue to employ out-of-date or legacy systems that were not built to address modern cybersecurity risks. These systems frequently lack the built-in security mechanisms required to protect against modern threats. Upgrading or replacing these systems can be expensive and complex posing a substantial barrier for businesses.
• Complex and Interrelated Environments: Industrial settings are frequently complex with several interrelated equipment and systems. This interconnection broadens the attack surface making it more difficult to safeguard each access point. Industrial control systems (ICS), operational technology (OT), and information technology (IT) networks must all be secure as any flaw in one area might jeopardize the entire system.
• Lack of Skilled Personnel: There is a shortage of skilled cybersecurity specialists who have been specifically educated to deal with industrial cybersecurity risks. This shortage of experience is worsened by the demand for workers who are familiar with both IT and operational settings. Industrial cybersecurity necessitates a distinct skill set that incorporates an understanding of both regular IT security techniques and customized protocols utilized in industrial environments.

Key Trends:

• Increasing Emphasis on Threat Detection and Response: As cyber-attacks become more complex, industrial cybersecurity is prioritizing enhanced threat detection and response. Traditional security solutions are no longer effective in protecting complex industrial environments. Companies are increasingly using advanced threat detection systems that use artificial intelligence (AI) and machine learning (ML) to detect and respond to anomalies in real-time.
• Integration of IT and OT Security: The convergence of information technology (IT) and operational technology (OT) has emerged as a prominent trend in industrial cybersecurity. Historically, IT and OT systems functioned independently with distinct security approaches. However, as industrial systems become more integrated and data flows between IT and OT environments increase, there will be a greater need to integrate security measures across domains.
• Adoption of Zero Trust Architecture: Zero Trust Architecture (ZTA) is gaining popularity in industrial cybersecurity as an approach for improving security while reducing the danger of unwanted access. Unlike traditional security methods that rely on perimeter defenses, Zero Trust follows the philosophy of “never trust, always verify.”

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Global Industrial Cybersecurity Market Regional Analysis

Here is a more detailed regional analysis of the global industrial cybersecurity market:

North America

• The North American industrial cybersecurity industry is being driven primarily by the increased frequency and sophistication of cyber assaults on vital infrastructure and manufacturing plants. According to the U.S. Department of Homeland Security, there was a 20% rise in cyber incidents recorded by industrial control systems in 2023 over the previous year. The increase in risks has pushed corporations to invest extensively in cybersecurity solutions. The industrial sector has been a prime target with the National Institute of Standards and Technology noting that 86% of manufacturers had at least one cyber incident in the previous 12 months.
• Another important factor is the fast use of Industrial Internet of Things (IIoT) technologies and the integration of IT and OT systems which has increased the attack surface for cybercriminals. The US Government Accountability Office predicts that the number of connected industrial devices in North America will reach 5.4 billion by 2025 up 180% from 2020. The growth of linked devices has resulted in a growing emphasis on safeguarding industrial networks and systems. Furthermore, tough government laws and industry standards are requiring firms to improve their cybersecurity posture.

Asia Pacific

• The Asia Pacific region’s industrial cybersecurity industry is expanding rapidly owing to several major factors. One of the key factors is the growing digitalization and networking of industrial systems throughout the region. According to the Asian Development Bank, Asia’s digital economy is expected to rise to $1.7 trillion by 2025, significantly increasing potential cyber-attack surfaces.
• This digital change is especially noticeable in nations such as China, Japan, and South Korea, where Industry 4.0 efforts are being pushed. For example, China’s “Made in China 2025” strategy seeks to improve the country’s manufacturing capacity through an estimated $300 billion investment in smart manufacturing technologies.
• Another important factor is the increasing frequency and sophistication of cyber assaults targeting industrial systems in the region. The Australian Cyber Security Centre estimated a 13% rise in cybercrime reports between 2020 and 2021 with many attacks targeting critical infrastructure and industrial sectors. Similarly, India’s Computer Emergency Response Team (CERT-In) reported over 1.1 million cybersecurity events in 2020, with a substantial fraction affecting industrial systems. The economic impact of these attacks is significant with an IBM Security report predicting the average cost of a data breach in APAC at $3.45 million in 2021.

Global Industrial Cybersecurity Market: Segmentation Analysis

The Global Industrial Cybersecurity Market is segmented based on Security Types, Solutions, Services, and Geography.

Industrial Cybersecurity Market, By Security Types

• Network Security
• Application Security
• Cloud Security
• Others

Based on the Security Types, the Global Industrial Cybersecurity Market is bifurcated into Network Security, Application Security, Cloud Security, and Others. Network Security is the dominant segment in the industrial cybersecurity market. This prominence is due to the critical role that network security plays in protecting industrial control systems and operational technology from cyber threats. Industrial networks are increasingly targeted by cyberattacks making robust network security essential for safeguarding sensitive data and maintaining operational integrity. Network security encompasses measures such as firewalls, intrusion detection systems, and secure network architectures that prevent unauthorized access and mitigate potential breaches.

Industrial Cybersecurity Market, By Solutions

• Firewall
• Identity and Access Management (IAM)
• Encryption
• Incident Response
• Others

Based on the Solutions, the Global Industrial Cybersecurity Market is bifurcated into Firewall, Identity and Access Management (IAM), Encryption, Incident Response, and Others. Firewall solutions are dominant in the global industrial cybersecurity market. Firewalls serve as a fundamental defense mechanism by monitoring and controlling incoming and outgoing network traffic based on predetermined security rules. They are crucial in protecting industrial networks from unauthorized access, cyberattacks, and potential breaches. Given the increasing sophistication of cyber threats targeting industrial systems, firewalls provide essential protection by creating a barrier between trusted internal networks and external threats.

Industrial Cybersecurity Market, By Services

• Consulting and Advisory Services
• Managed Security Services
• Training and Education
• Integration and Deployment Services
• Others

Based on the Services, the Global Industrial Cybersecurity Market is bifurcated into Consulting and Advisory Services, Managed Security Services, Training and Education, Integration and Deployment Services, and Others. Managed security services is the dominant segment in the industrial cybersecurity market. This dominance is driven by the increasing complexity of cybersecurity threats and the need for continuous, real-time monitoring and protection. Managed security services provide organizations with expert oversight, proactive threat detection, and incident response capabilities without requiring substantial in-house resources. As industrial systems become more interconnected and vulnerable to cyberattacks, businesses are increasingly relying on managed security services to ensure robust, 24/7 protection.

Industrial Cybersecurity Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on Geography, the Global Industrial Cybersecurity Market is classified into North America, Europe, Asia Pacific, and the Rest of the World. North America is the dominant region in the global industrial cybersecurity market. This dominance is attributed to the region’s advanced industrial infrastructure, high adoption of digital technologies, and stringent regulatory requirements for data security. The presence of major technology companies along with substantial investments in cybersecurity solutions further strengthens North America’s position.

Key Players

The “Global Industrial Cybersecurity Market” study report will provide valuable insight with an emphasis on the global market.  The major players in the market are Claroty, Cisco, Fortinet, Honeywell, Palo Alto Networks, Siemens, Tenable, and Trend Micro.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Global Industrial Cybersecurity Market Key Developments

• In October 2022, Check Point Software Technologies Ltd., a well-known global provider of cybersecurity solutions, launched a new Managed Security Service Providers (MSSPs) Program. The program provides partners with the skills they need for complete XDR/XPR, MDR/MPR, event management, and SOC certainty, as well as operational peace of mind, owing to Check Point’s market-leading prevention-first security operations suite, Horizon.
• In September 2022 Broadcom Inc. announced that the Trident 4C Ethernet switch ASIC, a 12.8 terabits/second security switch with the ability to analyze all traffic at line rate, has been delivered. Trident 4C employs flow anomalies to detect and defend against cyber threats in real-time.

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