Industrial Cybersecurity Market by Component, Security Layer, Deployment, End-User Industry

List of Tables

The Industrial Cybersecurity Market was valued at USD 18.14 billion in 2023, expected to reach USD 19.34 billion in 2024, and is projected to grow at a CAGR of 6.92%, to USD 28.99 billion by 2030.

Industrial cybersecurity pertains to the protection of industrial networks, systems, and data against cyber threats in sectors like manufacturing, energy, utilities, and transportation. With increasing interconnectivity and adoption of IoT and Industry 4.0, the necessity for robust cybersecurity is paramount to safeguard critical infrastructure and maintain operational continuity. Applications range from safeguarding SCADA systems, PLCs, and DCS, to secure remote access to industrial networks. As industrial processes become digitalized, industries including oil & gas, chemical, automotive, and aerospace are the primary end-users seeking these solutions.

KEY MARKET STATISTICS
Base Year [2023]	USD 18.14 billion
Estimated Year [2024]	USD 19.34 billion
Forecast Year [2030]	USD 28.99 billion
CAGR (%)	6.92%

Key growth factors influencing the market include the increasing frequency and sophistication of cyber-attacks on industrial environments, regulatory compliance requirements, and the continual shift toward smart technologies. Emerging potential opportunities lie in the development of integrated security solutions, AI-driven cybersecurity tools, and dedicated security services for IIoT environments. An increasing need for cybersecurity education and training within industrial sectors also presents significant growth potential. Industry players should focus on augmenting security features, such as threat intelligence and anomaly detection using AI and machine learning, while fostering partnerships with government and regulatory bodies to create compliant products.

However, challenges such as high initial costs, limited cybersecurity budgets, lack of skilled workforce, and the complex nature of industrial control systems pose hurdles. Moreover, integrating security solutions without disrupting legacy systems remains a critical concern. The best areas for innovation include developing solutions that offer real-time threat monitoring and automated response systems, focusing on quantum encryption, and creating industry-specific cybersecurity frameworks. The industrial cybersecurity market remains dynamic, shaped by technological advancements and evolving threat landscapes, which warrant continuous innovation and adaptation to stay ahead in ensuring robust protection for industrial operations.

Market Dynamics: Unveiling Key Market Insights in the Rapidly Evolving Industrial Cybersecurity Market

The Industrial Cybersecurity Market is undergoing transformative changes driven by a dynamic interplay of supply and demand factors. Understanding these evolving market dynamics prepares business organizations to make informed investment decisions, refine strategic decisions, and seize new opportunities. By gaining a comprehensive view of these trends, business organizations can mitigate various risks across political, geographic, technical, social, and economic domains while also gaining a clearer understanding of consumer behavior and its impact on manufacturing costs and purchasing trends.

Market Drivers
- Rising instances of security breaches and cyberattacks in industries and changing threat landscape
- Rapid digitalization of industrial operations with Industry 4.0 initiatives
- Mandated regulatory compliance requirements such as GDPR and NERC-CIP
Market Restraints
- Lack of awareness among small and medium-sized enterprises (SMEs) and limited availability of skilled workforce
Market Opportunities
- Development of AI-based industrial cybersecurity solutions for superior performance
- Introduction of cloud-based cybersecurity suites and products for easy deployment
Market Challenges
- Increasing complexity and vulnerability of industrial control systems and problems with threat detection

Porter's Five Forces: A Strategic Tool for Navigating the Industrial Cybersecurity Market

Porter's five forces framework is a critical tool for understanding the competitive landscape of the Industrial Cybersecurity Market. It offers business organizations with a clear methodology for evaluating their competitive positioning and exploring strategic opportunities. This framework helps businesses assess the power dynamics within the market and determine the profitability of new ventures. With these insights, business organizations can leverage their strengths, address weaknesses, and avoid potential challenges, ensuring a more resilient market positioning.

PESTLE Analysis: Navigating External Influences in the Industrial Cybersecurity Market

External macro-environmental factors play a pivotal role in shaping the performance dynamics of the Industrial Cybersecurity Market. Political, Economic, Social, Technological, Legal, and Environmental factors analysis provides the necessary information to navigate these influences. By examining PESTLE factors, businesses can better understand potential risks and opportunities. This analysis enables business organizations to anticipate changes in regulations, consumer preferences, and economic trends, ensuring they are prepared to make proactive, forward-thinking decisions.

Market Share Analysis: Understanding the Competitive Landscape in the Industrial Cybersecurity Market

A detailed market share analysis in the Industrial Cybersecurity Market provides a comprehensive assessment of vendors' performance. Companies can identify their competitive positioning by comparing key metrics, including revenue, customer base, and growth rates. This analysis highlights market concentration, fragmentation, and trends in consolidation, offering vendors the insights required to make strategic decisions that enhance their position in an increasingly competitive landscape.

FPNV Positioning Matrix: Evaluating Vendors' Performance in the Industrial Cybersecurity Market

The Forefront, Pathfinder, Niche, Vital (FPNV) Positioning Matrix is a critical tool for evaluating vendors within the Industrial Cybersecurity Market. This matrix enables business organizations to make well-informed decisions that align with their goals by assessing vendors based on their business strategy and product satisfaction. The four quadrants provide a clear and precise segmentation of vendors, helping users identify the right partners and solutions that best fit their strategic objectives.

Strategy Analysis & Recommendation: Charting a Path to Success in the Industrial Cybersecurity Market

A strategic analysis of the Industrial Cybersecurity Market is essential for businesses looking to strengthen their global market presence. By reviewing key resources, capabilities, and performance indicators, business organizations can identify growth opportunities and work toward improvement. This approach helps businesses navigate challenges in the competitive landscape and ensures they are well-positioned to capitalize on newer opportunities and drive long-term success.

Key Company Profiles

The report delves into recent significant developments in the Industrial Cybersecurity Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alstom S.A., Amazon Web Services, Inc., Armis Inc., Baker Hughes Company, Incorporated, Bechtel Corporation, Broadcom Inc., Cisco Systems, Inc., Claroty Ltd., Continental AG, CyberArk Software Ltd., Dell Technologies Inc., Fortinet, Inc., Honeywell International Inc., Industrial Defender, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., QAwerk, Rockwell Automation, Inc., Schneider Electric SE, ScienceSoft USA Corporation, Siemens AG, and Vumetric Inc..

Market Segmentation & Coverage

This research report categorizes the Industrial Cybersecurity Market to forecast the revenues and analyze trends in each of the following sub-markets:

Based on Component, market is studied across Hardware, Services, and Software Solutions.
Based on Security Layer, market is studied across Application Security, Cloud Security, Endpoint Security, Network Security, and Wireless Security.
Based on Deployment, market is studied across Cloud and On-premise.
Based on End-User Industry, market is studied across Chemical & Manufacturing, Energy & Utilities, and Transportation System.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom.

The report offers a comprehensive analysis of the market, covering key focus areas:

1. Market Penetration: A detailed review of the current market environment, including extensive data from top industry players, evaluating their market reach and overall influence.

2. Market Development: Identifies growth opportunities in emerging markets and assesses expansion potential in established sectors, providing a strategic roadmap for future growth.

3. Market Diversification: Analyzes recent product launches, untapped geographic regions, major industry advancements, and strategic investments reshaping the market.

4. Competitive Assessment & Intelligence: Provides a thorough analysis of the competitive landscape, examining market share, business strategies, product portfolios, certifications, regulatory approvals, patent trends, and technological advancements of key players.

5. Product Development & Innovation: Highlights cutting-edge technologies, R&D activities, and product innovations expected to drive future market growth.

The report also answers critical questions to aid stakeholders in making informed decisions:

1. What is the current market size, and what is the forecasted growth?

2. Which products, segments, and regions offer the best investment opportunities?

3. What are the key technology trends and regulatory influences shaping the market?

4. How do leading vendors rank in terms of market share and competitive positioning?

5. What revenue sources and strategic opportunities drive vendors' market entry or exit strategies?

Product Code: MRR-5A2C6AA65B1B

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising instances of security breaches and cyberattacks in industries and changing threat landscape
  - 5.1.1.2. Rapid digitalization of industrial operations with Industry 4.0 initiatives
  - 5.1.1.3. Mandated regulatory compliance requirements such as GDPR and NERC-CIP
- 5.1.2. Restraints
  - 5.1.2.1. Lack of awareness among small and medium-sized enterprises (SMEs) and limited availability of skilled workforce
- 5.1.3. Opportunities
  - 5.1.3.1. Development of AI-based industrial cybersecurity solutions for superior performance
  - 5.1.3.2. Introduction of cloud-based cybersecurity suites and products for easy deployment
- 5.1.4. Challenges
  - 5.1.4.1. Increasing complexity and vulnerability of industrial control systems and problems with threat detection
5.2. Market Segmentation Analysis
- 5.2.1. Component: Increasing development of software solutions with digitalization of industries
- 5.2.2. Security Layer: Growing investments by businesses in network security
- 5.2.3. End-User Industry: Higher potential for industrial cybersecurity in energy & utility sector
- 5.2.4. Deployment: Higher inclination towards on-Cloud deployment due to lower upfront costs
5.3. Porter's Five Forces Analysis
- 5.3.1. Threat of New Entrants
- 5.3.2. Threat of Substitutes
- 5.3.3. Bargaining Power of Customers
- 5.3.4. Bargaining Power of Suppliers
- 5.3.5. Industry Rivalry
5.4. PESTLE Analysis
- 5.4.1. Political
- 5.4.2. Economic
- 5.4.3. Social
- 5.4.4. Technological
- 5.4.5. Legal
- 5.4.6. Environmental

6. Industrial Cybersecurity Market, by Component

6.1. Introduction
6.2. Hardware
6.3. Services
6.4. Software Solutions

7. Industrial Cybersecurity Market, by Security Layer

7.1. Introduction
7.2. Application Security
7.3. Cloud Security
7.4. Endpoint Security
7.5. Network Security
7.6. Wireless Security

8. Industrial Cybersecurity Market, by Deployment

8.1. Introduction
8.2. Cloud
8.3. On-premise

9. Industrial Cybersecurity Market, by End-User Industry

9.1. Introduction
9.2. Chemical & Manufacturing
9.3. Energy & Utilities
9.4. Transportation System

10. Americas Industrial Cybersecurity Market

10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States

11. Asia-Pacific Industrial Cybersecurity Market

11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.10. South Korea
11.11. Taiwan
11.12. Thailand
11.13. Vietnam

12. Europe, Middle East & Africa Industrial Cybersecurity Market

12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.10. Nigeria
12.11. Norway
12.12. Poland
12.13. Qatar
12.14. Russia
12.15. Saudi Arabia
12.16. South Africa
12.17. Spain
12.18. Sweden
12.19. Switzerland
12.20. Turkey
12.21. United Arab Emirates
12.22. United Kingdom

13. Competitive Landscape

13.1. Market Share Analysis, 2023
13.2. FPNV Positioning Matrix, 2023
13.3. Competitive Scenario Analysis
- 13.3.1. Industrial Cybersecurity Leader Dragos Raises an Additional USD 74 million in Series D Round Extension Funding Led by WestCap
- 13.3.2. Industrial Cybersecurity Innovator Opscura Receives USD 9.4 million in Series A Funding as Critical Operations Transform
- 13.3.3. ABB Launches Cyber Security Solution to Simplify and Improve Protection of Industrial Infrastructure
13.4. Strategy Analysis & Recommendation

Companies Mentioned

1. ABB Ltd.
2. Alstom S.A.
3. Amazon Web Services, Inc.
4. Armis Inc.
5. Baker Hughes Company, Incorporated
6. Bechtel Corporation
7. Broadcom Inc.
8. Cisco Systems, Inc.
9. Claroty Ltd.
10. Continental AG
11. CyberArk Software Ltd.
12. Dell Technologies Inc.
13. Fortinet, Inc.
14. Honeywell International Inc.
15. Industrial Defender
16. International Business Machines Corporation
17. Microsoft Corporation
18. Oracle Corporation
19. Palo Alto Networks, Inc.
20. QAwerk
21. Rockwell Automation, Inc.
22. Schneider Electric SE
23. ScienceSoft USA Corporation
24. Siemens AG
25. Vumetric Inc.