Global Industrial Cybersecurity Market Revenue to Reach USD 44.65 Billion by 2030, Growing at 8.54% CAGR with North America Leading the Industry Due to Favorable Government Initiatives, States Kings Research
DUBAI, UAE, Aug. 23, 2023 /PRNewswire/ -- As per the latest report released by Kings Research, the global Industrial Cybersecurity Market size was recorded at USD 22.91 Billion in 2022 and is estimated to grow to USD 44.65 Billion by 2030, exhibiting of 8.54% CAGR over the analysis period of 2023-2030. The market expansion is fueled by an increase in investments and the continuous development of a strong cybersecurity network, which includes the adoption of guidelines and practices that support advanced cybersecurity platforms. Furthermore, the increased need among SMEs for cloud-based security solutions is supporting market growth.
Growing dependence on cyber technology and the risks of cyberattacks have made industrial cyber security a key concern in recent years. These industrial system attacks have the potential to significantly harm infrastructure, compromise systems and equipment, and disrupt essential infrastructure. Organizations can easily scale their security resources as necessary, respond to evolving threats or requirements, and spend less time and effort deploying and managing security systems with the help of cloud-based security solutions.
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Competitive Landscape
Leading players in the global industrial cybersecurity market are focusing on introducing novel solutions in order to strengthen their market position. For instance, in October 2022, WALLIX reinforced and solidified its industry expertise by introducing OT.security. The brand comes with its distinct visual identity, along with a tailored technology offering and development strategy in tune with the Unicorn 25 plan. With this initiative, WALLIX demonstrated its proficiency in securing digital access and identity in industrial environments.
Key participants in the global industrial cybersecurity market include:
- ABS Group of Companies, Inc.
- Bechtel Corporation
- Cisco Systems, Inc.
- Fortinet, Inc.
- Honeywell International Inc.
- IBM
- Microsoft
- Rockwell Automation
- Schneider Electric
- Siemens
- Thales
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Trending Now: SolutionsPT's Cyber SecureOT Conference Aims to Streamline Industrial Cybersecurity
On June 21st, 2023, SolutionsPT, a prominent industrial IT solutions partner, successfully hosted the Cyber SecureOT event at the conference facility of Leicester Marriott Hotel. This highly anticipated event aimed to bring together over 100 IT and OT managers from various industries across the UK to explore the latest developments in industrial cybersecurity.
The primary objective of the event was to simplify the often complex topic of cybersecurity by showcasing how the right combination of project execution and consulting solutions can alleviate the burden and establish an effective framework to mitigate both known and unknown risks in today's connected industrial environment.
As a company dedicated to enabling its customers to achieve higher levels of efficiency and productivity through digital transformation, SolutionsPT places Cybersecurity at the core of its digitalization efforts. The Cyber SecureOT event served as a key platform to address the significance of Cybersecurity in the context of advancing digitalization strategies.
The global Industrial Cybersecurity Market is segmented as:
By Type
- Network Security
- Endpoint Security
- Cloud Security
- Application Security
- Others
Rising Number of Network Security Devices to Promote Market Growth
The network security segment dominated the global industrial cybersecurity market in 2022 and is anticipated to experience significant growth through the review timeline, accounting for USD 12.93 billion in revenue by 2030. The segment growth can be attributed to several factors, such as the increasing number of network security devices and the growing demand for secure diverse enterprise networks.
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By End User
- Energy & Utilities
- Transportation Systems
- Chemicals and Manufacturing
- Others
Increasing Demand for Industrial Cybersecurity Solutions in the Energy and Utilities Sector to Boost Sales
The energy and utilities segment held the largest share of the global industrial cybersecurity market in 2022 and is likely to lead the market in the near future with a valuation of USD 16.13 billion by 2030. A major factor fueling segmental expansion is the ever-increasing demand for industrial cybersecurity solutions, crucial in safeguarding industrial control systems from cyber-attacks. Energy & utility solutions are playing an important role in enhancing security across the industry, providing integrated and automated protection throughout industrial environments.
Surging Adoption of AI-based Industrial Robots to Drive Revenue Generation
The key driver boosting the market size for industrial cybersecurity is the expanding use of Internet of Things (IoT) solutions in industrial control systems and cloud security applications. With the increased use of sophisticated solutions, such as firewalls, intrusion detection systems (IDS), antivirus, and others, the demand for cybersecurity solutions is anticipated to rise across several industries.
The rate of production automation is likely to increase as a result of developments in AI and sensing technologies as well as other strategies for making robot deployment easier. The industry is focused on reducing product uniformity, productivity, and operational expenses, and artificial intelligence (AI) plays a pivotal role in the recent development of Industry 4.0. This goal will be attained through robotics and human collaboration. The market revenue is increasing due to these advancements.
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Government-led Initiatives to Boost Product Demand in North America
North America dominated the global industrial cybersecurity market in 2022 and is expected to maintain its position through the projection period, recording a valuation of USD 18.57 billion by 2030. The regional market expansion is impelled by the rising concerns about cybersecurity in the United States and Canada, particularly in relation to key infrastructure, including energy, water, transportation, and manufacturing systems. By implementing rules, regulations, and best practices, the U.S. government is addressing industrial cybersecurity.
In order to protect the nation's vital infrastructure against cyber threats, the Cybersecurity and Infrastructure Security Agency (CISA) was established. Organizations in the region are also adopting effective strategies to secure their systems, including secure coding standards, frequent software updates, intrusion detection and prevention tools, and employee training, which is foreseen to favor the domestic market.
Robust Growth Expected in APAC as Governments Prioritize Critical Infrastructure Security
Asia Pacific is estimated to grow at a robust CAGR of 10.40% through the projected timeframe. This growth can be attributed to the proactive approach by regional governments to enhance cybersecurity, which encompasses risk assessments, vulnerability assessments, regular security audits, and incident response planning. Governments across the region are also implementing initiatives to enhance the security of critical infrastructure, further emphasizing cybersecurity measures.
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Key Points from TOC:
- Introduction of The Global Industrial Cybersecurity Market
- Executive Summary
- Research Methodology
- Global Industrial Cybersecurity Market Outlook
- Impact of Russia-Ukraine War
- Global Industrial Cybersecurity Market, By Type
- Global Industrial Cybersecurity Market, By Component
- Global Industrial Cybersecurity Market, By End User
- Global Industrial Cybersecurity Market, By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- Global Industrial Cybersecurity Market Competitive Landscape
- Company Profiles
Browse Complete TOC: https://www.kingsresearch.com/toc/industrial-cybersecurity-market-20
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