PUBLISHER: The Business Research Company | PRODUCT CODE: 1425567
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425567
Industrial Cybersecurity Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial cybersecurity market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial cybersecurity? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial cybersecurity market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial cybersecurity represents a suite of technologies and services within industrial control systems, aimed at analyzing and fortifying the cybersecurity measures for computer-controlled systems. The goal is to reduce risks to a sustainable residual level, ensuring the security and integrity of industrial operations.
The primary categories of industrial cybersecurity include network security, endpoint security, application security, and cloud security. Network security integrates various technologies to uphold the functionality and integrity of a company's infrastructure by thwarting a broad spectrum of potential threats from infiltrating or spreading within a network. Components encompass a range of products, software, services, and solutions such as antivirus programs, firewalls, DDoS (Distributed Denial-of-Service) mitigation, SCADA (Supervisory Control and Data Acquisition), and other protective measures. These solutions cater to end-users across diverse sectors including energy and utilities, transportation systems, chemicals and manufacturing, among others, fortifying their cybersecurity measures.
The industrial cybersecurity market research report is one of a series of new reports from The Business Research Company that provides industrial cybersecurity market statistics, including industrial cybersecurity industry global market size, regional shares, competitors with an industrial cybersecurity market share, detailed industrial cybersecurity market segments, market trends and opportunities, and any further data you may need to thrive in the industrial cybersecurity industry. This industrial cybersecurity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The industrial cybersecurity market size has grown strongly in recent years. It will grow from $22.76 billion in 2023 to $24.6 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed in the historical period can be linked to the escalating presence of cyber threats, the prioritization of safeguarding critical infrastructure, compliance obligations regarding regulations, the heightened interconnectedness of industrial systems, notable cyber incidents affecting high-profile entities, a growing awareness surrounding insider threats, and an increased demand for remote monitoring and control solutions.
The industrial cybersecurity market size is expected to see strong growth in the next few years. It will grow to $33.11 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The projected growth during the forecast period is driven by the convergence of physical and cybersecurity measures, the expanding utilization of autonomous systems, the adoption of cyber insurance, ongoing developments in regulatory frameworks, and the advancement of Industry 4.0 initiatives. Key trends expected in this period encompass the integration of IT and OT security, a heightened focus on zero trust architecture, the increasing adoption of artificial intelligence (AI) and machine learning (ML) technologies, the implementation of cloud-based security solutions, a dedicated emphasis on supply chain security, initiatives for cybersecurity training and awareness, as well as the implementation of continuous monitoring and threat intelligence measures.
The surge in demand for industrial cybersecurity solutions and services is poised to propel growth within the industrial cybersecurity market. These solutions and services encompass technologies and measures aimed at securing various industrial layers while ensuring the uninterrupted flow of operational processes. The growing need for such solutions, including advanced security measures like firewalls, antivirus systems, and intrusion detection systems, drives the expansion of the industrial cybersecurity market. Notably, as per the Bureau of Labor Statistics report in 2022, the demand for information security analysts is projected to surge by 28%, adding 2.8k jobs, while the global industrial cybersecurity sector is anticipated to create 3.5 million jobs by 2025. Hence, the escalating need for industrial cybersecurity solutions and services is a significant driver behind the market's growth.
The increase in cybercrime incidents stands as a catalyst driving growth in the industrial cybersecurity market. Cybercrime, involving illicit activities using computers, networks, and the internet, poses significant threats like financial losses, reputational damage, and legal repercussions. Industrial cybersecurity plays a pivotal role in safeguarding critical infrastructure and manufacturing operations by implementing robust security measures, threat detection systems, and incident response strategies. According to the Australian Cyber Security center's February 2023 report, cybercrime reports surged to 76,000 in 2022, marking a 13% increase from the previous year. This upsurge in cybercrime cases fuels the growth of the industrial cybersecurity market.
Leading companies in the industrial cybersecurity market are harnessing artificial intelligence (AI) to drive innovation and gain a competitive edge. AI-driven industrial cybersecurity involves leveraging advanced AI algorithms to autonomously identify, analyze, and counter cyber threats within industrial environments, enhancing the overall security of critical infrastructure and manufacturing systems. For instance, Rubrik unveiled 'Ruby' in November 2023-an AI-driven companion designed with Azure OpenAI and machine learning-driven data threat engines. Ruby streamlines cyber detection, recovery, and resilience processes, automating incident discovery, investigation, remediation, and reporting.
Key players in the industrial cybersecurity market are forging strategic partnerships to fortify their market positions. These alliances involve pooling resources and expertise to achieve mutual success. For instance, ABSG Consulting Inc. partnered with Dragos Inc. in October 2023. This collaboration amalgamates ABS Consulting's expertise in OT risk management with Dragos' top-notch cybersecurity technology specializing in industrial control systems (ICS) and operational technology (OT) security. The joint effort aims to meet the escalating cyber demands within critical infrastructure industries by providing comprehensive and well-resourced cybersecurity solutions tailored to industry needs.
In November 2021, SecureAuth, a prominent identity and access management company headquartered in the United States, completed the acquisition of Acceptto Corporation, the financial details of which remain undisclosed. Through this strategic move, SecureAuth intends to bolster its offerings by enhancing device security measures, elevating digital consumer interaction, and introducing user-friendly passwordless login functionalities. Acceptto Corporation is a US-based cybersecurity company that provide cybersecurity solutions to industries.
Major companies operating in the industrial cybersecurity market report are International Business Machines Corporation, Honeywell International Inc., Asea Brown Boveri Ltd., Schneider Electric SE, Rockwell Automation Inc., CrowdStrike Holdings Inc., Cybereason Inc., SparkCognition Inc., Tessian Ltd., Palo Alto Networks Inc., Check Point Software Technologies Ltd., Darktrace Ltd., Fortinet Inc., Anomali Inc., Vectra AI Inc., FireEye Inc., McAfee Corp., Microsoft Corporation, OneTrust LLC, SkyHigh Security, SonicWall Inc., Splunk Inc., Tanium Inc., Vanta Inc., Broadcom Inc., Mandiant Solutions Inc., Exaud LLC, Kanda Software Inc., Simform LLC, Azumo LLC.
North America was the largest region in the industrial cybersecurity market in 2023. The regions covered in the industrial cybersecurity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial cybersecurity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial cybersecurity services market includes revenues earned by entities through wireless security, mobile security, and IoT security. The market value includes the value of related goods sold by the service provider or included within the service offering. The industrial cybersecurity services market also includes sales of gateways, routers and Ethernet switches. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.