Top 10 Industrial Cybersecurity Companies Boosting Market Growth, 2024

Author : Priyanka | June 4, 2024

Cybersecurity for industrial control systems is a pivotal element that plays a vital role in ensuring secure and reliable operations. However, industries have heavily relied on cyber technology for a variety of operations in recent years, resulting in growing risks of cyberattacks and related crimes.

These attacks can significantly damage industrial systems and cause serious consequences, including loss of essential data, disturbance of vital infrastructure, and compromise of important systems. In this context, industrial cybersecurity plays a vital role in protecting the vital assets of organizations. This includes the implementation of cloud-based security solutions that can quickly scale organizations' security resources, adapt systems for changing requirements or threats, and lower the time and effort spent managing and deploying robust security systems.

According to Kings Research, the industrial cybersecurity market was valued at $22.91 billion in 2022 and is likely to be worth $44.65 billion by 2030, growing at an 8.54% CAGR (compound annual growth rate) from 2023 to 2030. One of the key drivers for this growth is the surging demand for cloud-based security solutions. Additionally, the emergence of new technologies like the Internet of Things (IoT) and cloud computing is stimulating the use of industrial cybersecurity to protect against cyber threats, attacks, and data breaches.

Kings Research Outlines the Top 10 Companies in Industrial Cybersecurity

The ten leading companies in the industrial cybersecurity industry are listed below:

1. ABS Group of Companies, Inc.

ABS Group of Companies, Inc. is a leading provider of risk management and technical services, including industrial cybersecurity, to various industries. In October 2023, ABSG Consulting and Dragos announced a strategic partnership to offer operational technology cybersecurity solutions, services, and training to federal and commercial organizations. The partnership aims to address the demand for a comprehensive approach to cyber defense.

2. Bechtel Corporation

Bechtel Corporation is a multinational engineering, procurement, and construction company that also offers manufacturing industry cybersecurity services. Its Industrial Control Systems Cybersecurity Technology Center helps customers protect large-scale industrial and infrastructure systems that support critical infrastructure, such as power plants, water treatment plants, and mass transit systems. The center's lab enables the testing of vulnerabilities in these systems on simulated and real-world equipment in a safe environment, allowing for the development of robust cybersecurity solutions.

3. Cisco Systems, Inc.

Cisco Systems, Inc. is a leading global technology company that specializes in offering top-notch networking and cybersecurity solutions. In January 2024, Cisco partnered with NAMTECH, an initiative supported by AMNS India, to provide training for AI and the cybersecurity manufacturing industry. The agreement aims to build a talent pipeline of over 5,000 engineers and technicians over the next five years. The partnership aims to bridge the gap between academia and industry application, equipping young students for fulfilling careers in Industry 4.0.

4. Fortinet, Inc.

Fortinet, Inc. is a cybersecurity company that offers a comprehensive suite of solutions for industrial cybersecurity. Its offerings include network security, endpoint protection, threat intelligence, and secure access solutions. In May 2024, Fortinet signed the 'Secure by Design' pledge, a voluntary industry pledge developed by the Cybersecurity and Infrastructure Security Agency (CISA). It outlines seven goals, including responsible vulnerability disclosure policies, which are integral to Fortinet's product security development.

5. Honeywell International Inc.

Honeywell International Inc. is a multinational conglomerate that offers a wide range of products and services in industrial cybersecurity. It expanded its cybersecurity portfolio with the launch of the Honeywell Forge Cybersecurity Suite, which provides enhanced protection for industrial control systems. Last year, Honeywell acquired SCADAfence, a leading provider of operational technology (OT) and IoT cybersecurity solutions for monitoring large-scale networks.

6. Microsoft

Microsoft is one of the renowned technology companies known for its cutting-edge software products and services. It offers various cybersecurity solutions and services that can be applied to industrial environments. Its Defense and Intelligence team provides a complete national strategy covering the physical and digital domains. Implementing a National AI cyber shield system, powered by Microsoft Copilot for Security, can help shift the advantage to cyber defenders.

7. Rockwell Automation

Rockwell Automation is the world's largest company dedicated to industrial automation and information. Recently, in February 2024, Rockwell Automation partnered with the US Department of Energy (DOE) to test critical infrastructure components for cybersecurity vulnerabilities. The partnership is part of DOE's Cyber Testing for Resilient Industrial Control Systems (CyTRICS) program, which aims to build cybersecurity risk management capabilities for the energy sector supply chain.

8. Schneider Electric

Schneider Electric is a multinational corporation well-known for its comprehensive energy management and automation solutions. It has introduced software and services, such as EcoStruxure Plant Performance Advisors, that help improve the cybersecurity and operational efficiency of industrial control systems. In order to mitigate cyber risks, Schneider Electric is committed to supporting businesses in preparing and defending assets against real risks, ensuring they are future-proofed and resilient to changing threats.

9. Siemens

Siemens is a global technology company that provides a wide range of products and services for industrial cybersecurity solutions. It has launched a new cybersecurity software-as-a-service called SINEC Security Guard, which offers automated vulnerability mapping and security management for industrial operators in operational (OT) environments. It is offered as a SaaS and will be available for purchase on the Siemens Xcelerator Marketplace and the Siemens Digital Exchange in July 2024.

10. IBM

IBM is a global industry leader in cybersecurity, offering a range of innovative products and services to help organizations protect their digital assets and mitigate cyber threats. Its X-Force Threat Intelligence Index provides new insights into top threats, helping organizations prepare and respond faster to cyberattacks and extortion. Additionally, the company uses zero-trust principles to help organizations thrive in the face of uncertainty and cyber threats.

How are Industrial Cybersecurity Trends Shaping Industry?

Industrial cybersecurity is a rapidly evolving field that is constantly adapting to new threats and technologies. Several key cybersecurity industry trends are expected to shape the industry in the coming years. The rise of IoT devices is offering reliable connectivity, but they are also vulnerable to cyber threats that need to be addressed. The adoption of artificial intelligence and machine learning will enable more sophisticated threat detection and response capabilities. Additionally, the integration of cloud computing and edge computing into innovative security solutions is expected to protect data and infrastructure. Further, the growing emphasis on collaboration and information sharing among industry stakeholders is expected to drive the development of standardized security frameworks and best practices.

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