As per the report published by Kings Research, the global Industrial Cybersecurity Market was valued at USD 22.91 billion in 2022. The market is projected to reach USD 44.65 billion by 2030, growing at a CAGR of 8.54% from 2023 to 2030.
The market share is accelerated by the increased focus on the integration of IoT into industrial control systems. The substantial market share can be ascribed to manufacturers with increased demand for real-time security monitoring, an increase in cybersecurity events, and proliferating use of smart devices. The growth of the global industrial cybersecurity market is further accelerated by several other factors emergence of 5G networks, and IoT-enabled devices such as smart security systems, smartphones, smart door locks, and other devices.
Moreover, the rising investment for secure IT infrastructure across end-user industries fosters market growth over the forecast period. External factors affecting industrial cyber security include evolving cyber threats, new regulatory requirements, and increasing public awareness of cyber security risks. Cyber threats are constantly evolving requiring organizations to be vigilant and stay abreast of the latest threats and attack methods.
Key Insights
- Based on type, the network security segment is expected to dominate over the forecast period with a CAGR of 9.61%
- Based on component, the software segment is anticipated to generate the highest revenue in 2030
- Based on type, the energy & utilities segment generated the largest market share of 37.52% in 2022
- On the basis of region, North America accounted for the largest market share of 42.36% in 2022
WALLIX Launched the OT.security to Secure the Industrial Environments
October 2022: WALLIX strengthens and concretizes its industry knowledge by launching the OT.security by WALLIX brand based on customer and partner feedback including its own visual identity as well as a customized technology offering and development strategy based on the Unicorn 25 plan. WALLIX materializes this strong expertise with a brand dedicated to securing digital access and identity in industrial environments.
Schneider Electric Launched the Cybersecurity Solutions to Protect their Operations
June 2022: Schneider Electric announced the construction of cybersecurity solutions that help all construction customers secure their building management systems (BMS) to protect people, assets, and operations.
Increasing Investment by Private & Public Organizations for Improving Cybersecurity in Industries
Cyber-attacks against public and private companies have grown rapidly in recent years. In April 2022, investment banking firm Goldman Sachs, in partnership with Fortress Information Security, which secures 40 percent of the US power grid, planned to invest USD 125 million in cyber security. Cyber threats can disrupt manufacturing operations and IT systems by hacking critical data through malware, spyware, and phishing. Governments around the world are allocating more and more money to combat data breaches and improve industrial cyber security.
The US government plans to invest USD 2 billion in cyber security, covering transportation, water, energy, and other sectors. Organizations also spend a lot of money on security software and hardware to keep critical infrastructure, data centers, and industrial control systems. In April 2023, Thales is developing a new national digital center of excellence at the Knowledge Park Cyber Center in Fredericton, Canada to strengthen its cyber security capabilities in industrial systems.
- For instance, in April 2022, the cybersecurity company Silverfort raised USD 65 million to develop its cybersecurity solutions which contribute to market share.
Increasing Acceptance of AI-based Industrial Robots to Drive Market Growth
The growing use of Internet of Things (IoT) solutions in industrial control systems and cloud security applications is the primary driving factor fostering the market size for industrial cybersecurity. The demand for cybersecurity solutions across industries is expected to expand as advanced solutions such as firewalls, antivirus, intrusion detection systems (IDS), and others become more prevalent.
Advances in AI and sensor technologies, as well as other methods of easing robot deployment, will accelerate the rate of manufacturing automation. Artificial intelligence (AI) contributes to the recent development of Industry 4.0 and the industry is focused on reducing product consistency, productivity, and operating costs, and this is to be achieved through robotics and human collaboration. These innovations are propelling the market share.
Asia Pacific is Growing at a Significant Rate with a Market Share of 20.37% in 2022
The government across the region are investing in initiatives to strengthen the resilience of critical infrastructure against cyber threats. The emergence of artificial intelligence (AI), machine learning, behavioral analytics, and blockchain are some of the innovative technologies used to improve cyber security which propels the market growth. Industrial cyber security is a major concern in the Asia-Pacific region as critical infrastructure systems, including energy, water, transportation, and manufacturing systems, are vulnerable to cyber-attacks which accelerates the demand for industrial cybersecurity.
Europe is the Second Dominating Region which Gained 30.92% of the Market Share in 2022
Organizations across the region are focusing on the ever-changing landscape of the law to maintain an effective cybersecurity strategy. The European Commission launched a Cyber Security Innovation Center to support the development and commercialization of cybersecurity innovations across the region.
In addition to this, the European Union Cyber Security Agency (ENISA) plays an essential role in promoting cyber security awareness, providing technical guidance and advice, and conducting research and analysis of new threats. ENISA works closely with member states, industry, and other stakeholders to promote a safer and more secure digital environment. Governments across Europe are working together to develop a unified approach to cyber security to protect critical infrastructure and promote innovation and economic growth which fosters market growth.
Market Vendors are Focusing on Launching New Products to Expand their Product Portfolio
The major players in the market, such as ABS Group of Companies, Inc., Bechtel Corporation, Cisco Systems, Inc., Fortinet, Inc., Honeywell International Inc., IBM, Microsoft, Rockwell Automation, Schneider Electric, Siemens, and Thales. These market players are concentrated on expanding their business through collaboration and partnership strategies.