The industrial cybersecurity market is expected to expand its roots at a steady CAGR of 7.8% during the forecast period. The market is likely to hold a revenue of USD 22.36 billion in 2023 while it is anticipated to cross a value of USD 46.96 billion by 2033.
Increased internet penetration in various regions of the globe is anticipated to contribute to the growth of the industrial cybersecurity market share. The increased adoption of Internet of Things (IoT) solutions in industrial control systems and cloud security applications is driving the industrial cybersecurity market size. The market is also predicted to develop due to the increasing adoption of emerging technologies such as 5G networks, big data, and artificial intelligence (AI) across industries.
The demand for cybersecurity solutions across industries is predicted to increase as the demand for advanced solutions such as firewalls, antivirus, and intrusion detection systems (IDS) grows.
| Attributes | Details |
|---|---|
| Industrial Cybersecurity Market CAGR (2023 to 2033) | 7.8% |
| Industrial Cybersecurity Market Size (2023) | USD 22.36 billion |
| Industrial Cybersecurity Market Size (2033) | USD 46.96 billion |
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The demand for industrial cybersecurity solutions and services is rising as it helps firms in a variety of industries safeguard their data and other secret information from cyber-attacks. These industrial cybersecurity services assist businesses in monitoring and controlling a wide range of process outputs and inputs on the job site.
To carry out their core operations, numerous firms around the world have chosen cloud-based and connection equipment. This shift has put a significant strain on cyber security operations, as well as raising the risk of cyber-attacks.
Manufacturing and industrial facilities are increasingly adopting cloud-based ICS-as-a-service and industrial robots based on artificial intelligence platforms. This is driving the demand for industrial cybersecurity solutions. Industrial robots have cybersecurity solutions installed to protect them from cyber-attacks and keep them running properly.
According to the International Federation of Robotics, roughly 125.6 thousand industry robots were deployed in the automotive sector in 2018. Where, 105.2 thousand were in the electrical industry, and 43.6 thousand were in the metal and mining industries worldwide in 2018.
As a result, firms in the global market for industrial cybersecurity solutions are obtaining significant sales opportunities. The rising use of the internet in all parts of the world has resulted in a significant increase in cybercrime incidents in a variety of industries. Including discrete and process management.
As a result, businesses in a variety of industries, including oil and gas, automotive, energy and power, and aerospace and defense, are increasingly adopting industrial cyber security solutions. In the industrial cybersecurity services market, this scenario is likely to provide significant demand prospects.
In the years ahead, rising acceptance of cloud security solutions and IoT in industrial cybersecurity systems are anticipated to drive market expansion. As vast volumes of data and information are generated across sectors daily. One of the developing market trends is integrating industrial cybersecurity solutions with modern cloud services.
Advanced cloud services are necessary to monitor and analyze this data. The market's key players are concentrating on creating and integrating cloud-based cybersecurity solutions for OT and ICS applications across various sectors.
Over the last several years, government entities in several nations throughout the world have increased financial support for activities that aid in the reduction of cyber security breaches. The global market for industrial cybersecurity solutions is growing as a result of the mentioned factors.
| Countries | Revenue Share % (2022) |
|---|---|
| United States | 18.5% |
| Germany | 9.3% |
| Japan | 5.7% |
| Australia | 2.9% |
| North America | 27.4% |
| Europe | 23.1% |
| Countries | CAGR % (2023 to 2033) |
|---|---|
| China | 9.3% |
| India | 9.5% |
| United Kingdom | 7.8% |
North America held a significant market share of 27.4% in 2022. Leading players have contributed to the region's success. Furthermore, increased investment by key companies to extend their global footprint is likely to drive demand for industrial cybersecurity solutions in North America.
CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an artificial intelligence-based service, in November 2020. The solution was created to improve cloud infrastructure security layers across businesses. The country is safeguarded from foreign trade vulnerabilities thanks to the implementation of modern cybersecurity solutions across industrial applications.
During the anticipated period, the demand for industrial cybersecurity solutions in the Asia Pacific is expected to increase at a swift rate. Key firms in China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN nations are concentrating their efforts on cloud-based security applications. In the manufacturing industry, these countries have several small and medium companies (SMEs) and startups.
During the forecasted period, the demand for industrial cybersecurity solutions in Europe is expected to increase at a significant rate. The rise in investment for the expansion of secure IT infrastructure across the automotive industry is largely responsible for the region's success.
Principal Consultant
| Category | By Component |
|---|---|
| Leading Segment | Hardware |
| Market Share (2023) | 46.1% |
| Category | By End-use Industry |
|---|---|
| Leading Segment | Discrete |
| Market Share (2023) | 54.6% |
Due to the rising demand for industrial cybersecurity solutions like firewalls, SCADA encryption, and others, the software segment is expected to lead.
The software is anticipated to hold a substantial market share. DDoS, firewall, SCADA encryption, virtualization security, antivirus/malware, backup & recovery, and other software solutions are all seeing increased demand.
Key businesses are concentrating their efforts on creating and delivering advanced industrial security software solutions for a variety of industries. Including automotive, oil & gas, energy, and others.
Check Point Software Technologies Ltd., for example, introduced Check Point R81, a unified cybersecurity platform for industrial applications, in November. The technology aids IT workers in efficiently managing complicated network configurations by delivering pre-programmed threat protection notifications.
During the projected period, cloud application security is expected to increase substantially. This is primarily due to the heavy manufacturing industry's increased usage of cloud technologies.
During the forecast period, the network security, end-point security, and internet security segments are predicted to increase at a steady rate. Increased demand for dependable and safe security solutions across industries such as energy, food, beverages, automotive, and others is driving the segment's expansion.
During the projected period, the discrete industry is expected to dominate the market. The demand for IoT-enabled devices, 5G networks, and industry 4.0 solutions are driving the increase.
The discrete sector is further divided into automotive, electronics, heavy manufacturing, packaging, and other categories (aerospace and defense, and others).
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Coronavirus had a negative influence on cybersecurity spending in the industrial sector around the world. The top players are concentrating on finishing pending investments and business initiatives to reclaim the market position.
Furthermore, in the near future, spending on infrastructure as a service (IaaS) and cloud computing tools is expected to rise. These investments may help to foster a variety of growth prospects and demand for industrial cybersecurity in industrial applications.
Market Developments
The market is valued at USD 22.36 billion by 2023.
The market is expected to reach USD 46.96 billion by 2033.
The market is estimated to register a 4.6% CAGR until 2033.
Integration of cloud-based cybersecurity solutions is a key trend.
The hardware segment was most preferred in 2022 with a 46.1% market share.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Hardware Solutions 5.2. Software Solutions 5.3. Services 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Security Layer 6.1. Network Security 6.2. Endpoint Security 6.3. Application Security 6.4. Cloud Security 6.5. Wireless Security 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-User Industry 7.1. Process 7.1.1. Oil and Gas 7.1.2. Chemical 7.1.3. Food and Beverages 7.1.4. Energy and Power 7.1.5. Other 7.2. Discrete 7.2.1. Automotive 7.2.2. Electronics 7.2.3. Heavy Manufacturing 7.2.4. Packaging 7.2.5. Others 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. South Asia 8.5. East Asia 8.6. Oceania 8.7. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Schneider Electric SE 18.2. Rockwell Automation Inc. 18.3. CyberArk Software Ltd. 18.4. ABB Ltd. 18.5. Bayshore Networks Inc. 18.6. Cisco Systems, Inc. 18.7. Honeywell International Inc. 18.8. IBM Corporation 18.9. McAfee, LLC 18.10. Siemens AG 19. Assumptions & Acronyms Used 20. Research Methodology
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Industrial Cybersecurity Market
