Global Industrial Cybersecurity Market Size to Reach $33.5 Billion By 2028
The Global Industrial Cybersecurity Market Size was valued at USD 20.09 billion in 2021. The market is projected to grow USD 33.5 billion in 2028, at a CAGR of 7.0%.
The growth of the Industrial Cybersecurity Market was driven by the high utilization of the Internet of Things (IoT) solutions in industrial control systems. The growing demand for advanced solutions such as antivirus, Intrusion Detection Systems (IDS), and firewalls, are expected to boost market demand. Cybersecurity services help industries to control as well as monitor a wide range of process outputs and inputs, across a multitude of workspaces. Moreover, the increasing implementation of emerging technologies such as Artificial Intelligence (AI), 5G networks, and Big Data, across industries, is projected to drive market growth during the forecast period. Increasing investment and development activity in advanced industrial cybersecurity solutions by major market players such as ABB Ltd., IBM Corporation, Broadcom Inc., and others has also boosted the market. For instance, in Dec 2020, Broadcom Inc. announced its global Cyber Security Aggregator Program (CSAP) to expand its market reach and deliver enhanced levels of service to a subset of commercial enterprises with unique needs.
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In May 2017, the Singaporean government declared an investment of USD 1.76 billion, over a four-year period, in economic strategies. This investment includes the advancement of Cyber Security in Singapore.
The COVID-19 pandemic has affected the Industrial Cybersecurity Market, and caused economic disruptions across the globe, due to the temporary closure of industrial plants, factories, manufacturing facilities, and other industries. Therefore, many of the companies resorted to work from home which has resulted in increasing the use of connected devices and cloud services. Also, COVID-19 has forced business leaders to adopt cybersecurity services because these solutions and services play a vital role in secure confidential data and information. Moreover, manufacturers are also investing heavily in security systems and supply chains, which are expected to drive demand across the globe.
Increasing Number of Integrated Industrial Cybersecurity Solutions
Large amounts of information and data are generated daily. Therefore, Industries require storage and advanced cloud services to analyze and monitor this information. The major market players are focused on integrating cloud-based cybersecurity solutions for Industrial Control Systems (ICS) and Operational Technology (OT) applications across industries. This is boosting sales and providing opportunities for the market.
For instance, In December 2019 - FireEye. launched FireEye technology, to protect complex and critical industrial infrastructure, combined with visibility across Operational Technology (OT) networks.
The Growing Adoption of Industrial Robots is Driving the Market Growth
The market is prominently driven by the growing adoption of industrial robots based on artificial intelligence (AI) technology, among industrial and manufacturing plants. Cybersecurity solutions enable industrial robots to run smoothly by securing them from cyber-attacks.
For instance, according to the International Federation of Robotics (IFR), in 2019, around 373,000 units of industry robots shipped globally. The growth in the adoption of industrial robots is expected to increase the demand for industrial cybersecurity solutions during the forecast period.
North America is the largest market for the service due to, the high growth in the automotive industry and manufacturing industry. The growing awareness about cybersecurity solutions and the presence of major market players such as Honeywell International Inc., IBM Corporation. Proofpoint, Inc., Dell Inc., Broadcom Inc., Bayshore Networks, Inc., Rockwell Automation, Inc., Splunk Inc., Microsoft Corporation, and others are expected to boost market demand in the region.
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The Asia-Pacific is the second-largest market for industrial cybersecurity solutions due to emerging economies such as India, China, Taiwan, and Japan increasingly adopting industrial robots. The increasing research and development activity and the growing number of small and medium enterprises (SMEs) are projected to drive market growth, during the forecast period.
For instance, according to the International Federation of Robotics (IFR), in 2019, China reached about 783,000 units. Japan ranks second with about 355,000 units. India with a new record of about 26,300 units, new robots were shipped in from foreign suppliers
Europe is the third-largest market for industrial cybersecurity solutions owing to rising investment in the automotive industry is supported to increase market share in this region. For instance, The European Union (EU) announced co-operation on AI technology across the region is predicted to boost sales.
The Industrial Cybersecurity Market is segmented by Security Type, Component, Industry, and Region. Based on the Security Type, the market is categorized into Cloud Application Security, Network Security, End-point Security, Internet Security, and Others. Based on Component, the market is categorized into Products, Software, and Services. Based on Industry, the market is categorized into Process Industry and Discrete Industry. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
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