Industrial Cybersecurity Market Size is projected to reach USD 51.28 billion by 2031, growing at a CAGR of 10.5%: Straits Research

New York, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Cybersecurity refers to the process of defending internet-connected devices against various online dangers. It shields data, software, and hardware while denying hackers access to networks or systems. Cybersecurity is necessary for businesses to protect their data, finances, and intellectual property. Even though protecting intellectual property is less crucial and the likelihood of losing crucial data, such as family photos, is higher, people still need it for the same reasons. Thanks to cybersecurity, the general public can continue to rely on governmental institutions and public services. The high adoption of Industrial Internet of Things (IIoT) technologies in the industrial and critical infrastructure sectors (such as power utilities, oil, gas, etc.) has resulted in increased attack surfaces. Industrial IoT is not just used in the IT industry; it also significantly impacts industrial operational technology, raising security issues.

The adoption of IoT and the BYOD movement, as well as an uptick in phishing and malware threats among businesses, are all driving the growth of the cybersecurity market. The market is also growing favorably due to the sharp increase in demand for cloud-based cybersecurity solutions. Organizational budget constraints and the complexity of device security limit the market's growth. On the other hand, it is anticipated that during the forecast period, the proliferation of mobile platforms and applications, the need for secure authentication techniques, and the transformation of the traditional antivirus software industry will present lucrative opportunities for market growth.

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Public and Private Sector Funds Drive the Industrial Cybersecurity Market

Due to increased government support and increased spending by businesses around the world to reduce the risk of cyberattacks, the industrial cybersecurity market is expanding. Today, the essential components of a nation's economy are supported by digital technology. Malware, spyware, and phishing are just a few examples of how cyber threats can stop IT systems and plant operations. Governments worldwide are gradually allocating more funds to fight security lapses and improve industrial cybersecurity. To address its various cyber issues, the US government passed an infrastructure bill that included USD 2 billion for cybersecurity funding. Organizations invest significantly in security software and hardware to safeguard crucial infrastructures, data centers, and industrial control systems. As the US government works with private sector companies to combat national security risks, Google and Microsoft have announced plans to invest USD 30 billion in cybersecurity developments over the next five years.

Expanding the Use of Industrial Robots Based on AI Will Open Up More Opportunities

The main opportunities for industrial cybersecurity are created by adopting cloud-based ICS-as-a-service and industrial robots built on artificial intelligence platforms by industrial plants. Industrial robots are equipped with cybersecurity systems to protect them from cyberattacks and guarantee proper operation. The automotive industry used about 125.6 thousand industry robots, the electronic industry used 105.2 thousand, and the metal and mining industry used 43.6 thousand. The increased adoption of industrial robots is expected to drive market growth for industrial cybersecurity during the forecast period.

Report Scope

Report Metric	Details
Market Size by 2031	USD 51.28 billion
Market Size in 2022	USD 20.88 billion
CAGR	10.5%
Historical Data	2020-2021
Base Year	2022
Forecast Period	2023-2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Type, Applications
Geographies Covered	North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors	ABB, Bayshore Networks, Inc., Broadcom Inc., Cisco Systems, Check Point Software Technologies Ltd., Dell Inc., FireEye, Inc., Honeywell International, IBM Corporation, Kaspersky Lab, McAfee LLC, Microsoft Corporation, Palo Alto Networks, Rockwell Automation, Inc., Schneider Electric, Siemens AG., Splunk Inc., Symantec Corporation., Trend Micro, Inc.
Key Market Opportunities	Expanding the Use of Industrial Robots Based on Artificial Intelligence
Key Market Drivers	Public and Private Sector Funds Drive the Industrial Cybersecurity Market

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Regional Analysis

North America is the most significant contributor to the global industrial cybersecurity market and is anticipated to grow at a CAGR of 9.8% during the forecast period. The harsh reality is that cyber risks are increasing, and North America has a significant market share in the global industrial cybersecurity sector. Numerous businesses in North America are having trouble establishing industrial cybersecurity risk management programs due to expanding business fundamentals and the requirement to deploy Industrial Internet of Things (IIoT) technologies. Additionally, critical companies' increased investment to expand globally is likely to fuel market expansion in North America. The region's expansion is primarily the fault of essential players like CyberArk Software Ltd., Rockwell Automation, Inc., Cisco System, Inc., and others. Further. The market for industrial cybersecurity is expected to expand more quickly in North America due to significant players' growing investments to expand their presence internationally.

Asia Pacific is expected to grow at a CAGR of 10.7% during the forecast period. Examples of developing economies in APAC include China and India. Small and medium-sized businesses (SMEs) are prevalent in these nations and employ more than 70% of the workforce. SMEs cannot implement robust security procedures in their organizations due to the high cost of implementing an industrial control system security project. However, it is anticipated that factors like escalating business complexity, quick digitization and virtualization, and the expanding BYOD trend will spur SMEs to adopt various industrial control solutions and services. These SMEs may be advantageous to vendors in the industrial cybersecurity sector who offer products and services to clients in the manufacturing, transportation, and energy sectors.

Key Highlights

• The global industrial cybersecurity market size was valued at USD 20.88 billion in 2022. It is projected to reach USD 51.28 billion by 2031, growing at a CAGR of 10.5% during the forecast period (2023-2031).
• Based on components, the global industrial cybersecurity market is bifurcated into products, software, and service. The software segment is the highest contributor to the market and is forecasted to grow at a CAGR of 10.4% during the forecast period.
• Based on type, the global industrial cybersecurity market is bifurcated into network security, cloud security, application security, wireless security, endpoint security, and others. The network security segment is the highest contributor to the market and is expected to grow at a CAGR of 10.6 % during the forecast period.
• Based on application, the global industrial cybersecurity market is bifurcated into energy and power, manufacturing, transportation systems, chemicals, and others. The energy and power segment owns the highest market share and is anticipated to grow at a CAGR of 10.3% during the forecast period.
• North America is the most significant contributor to the global industrial cybersecurity market and is expected to grow at a CAGR of 9.8% during the forecast period.

Competitors in Industrial Cybersecurity Market

• ABB
• Bayshore Networks Inc.
• Broadcom Inc.
• Cisco Systems
• Check Point Software Technologies Ltd.
• Dell Inc.
• FireEye Inc.
• Honeywell International
• IBM Corporation
• Kaspersky Lab
• McAfee LLC
• Microsoft Corporation
• Palo Alto Networks
• Rockwell Automation Inc.
• Schneider Electric
• Siemens AG.
• Splunk Inc.
• Symantec Corporation.
• Trend Micro Inc.

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Segmentation of Industrial Cybersecurity Market

By Component

• Product
• Software
  • Service

By Type

• Network Security
• Application Security
• Endpoint Security
• Wireless Security
• Cloud Security
• Others

By Applications

• Energy and Power
• Manufacturing
• Transportation Systems
• Chemicals
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA

TABLE OF CONTENT

1. Executive Summary
2. Research Scope & Segmentation
   1. Research Objectives
   2. Market Definition
   3. Limitations & Assumptions
   4. Market Scope & Segmentation
   5. Currency & Pricing Considered
3. Market Opportunity Assessment
   1. Emerging Regions / Countries
   2. Emerging Companies
   3. Emerging Applications / End Use
   4. Investment Landscape
   5. New Business Models / Revenue Streams
   6. TAM
4. Market Trends
   1. Drivers
   2. Market Warning Factors
   3. Latest Macro Economic Indicators
   4. Geopolitical Impact
   5. Human Factors
   6. Technology Factors
5. Market Assessment
   1. Porters Five Forces Analysis
   2. Value Chain Analysis
   3. Sales And Distribution Channel Analysis
   4. Case Study Analysis
   5. Patent Analysis
   6. M & A Agreements & Collabration Analysis
6. ESG TRENDS
7. Global Industrial Cybersecurity Market Size Analysis
   1. Global Industrial Cybersecurity Market Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Product
         1. By Value
      3. Software
         1. By Value
      4. Service
         1. By Value
   3. By Type
      1. Introduction
         1. Type By Value
      2. Network Security
         1. By Value
      3. Application Security
         1. By Value
      4. Endpoint Security
         1. By Value
      5. Wireless Security
         1. By Value
      6. Cloud Security
         1. By Value
      7. Others
         1. By Value
   4. By Applications
      1. Introduction
         1. Applications By Value
      2. Energy And Power
         1. By Value
      3. Manufacturing
         1. By Value
      4. Transportation Systems
         1. By Value
      5. Chemicals
         1. By Value
      6. Others
         1. By Value
8. North America Market Analysis
   1. Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Product
         1. By Value
      3. Software
         1. By Value
      4. Service
         1. By Value
   3. By Type
      1. Introduction
         1. Type By Value
      2. Network Security
         1. By Value
      3. Application Security
         1. By Value
      4. Endpoint Security
         1. By Value
      5. Wireless Security
         1. By Value
      6. Cloud Security
         1. By Value
      7. Others
         1. By Value
   4. By Applications
      1. Introduction
         1. Applications By Value
      2. Energy And Power
         1. By Value
      3. Manufacturing
         1. By Value
      4. Transportation Systems
         1. By Value
      5. Chemicals
         1. By Value
      6. Others
         1. By Value
   5. U.S.
   6. Canada
9. Europe Market Analysis
   1. Introduction
   2. By Component
      1. Introduction
         1. Component By Value
      2. Product
         1. By Value
      3. Software
         1. By Value
      4. Service
         1. By Value
   3. By Type
      1. Introduction
         1. Type By Value
      2. Network Security
         1. By Value
      3. Application Security
         1. By Value
      4. Endpoint Security
         1. By Value
      5. Wireless Security
         1. By Value
      6. Cloud Security
         1. By Value
      7. Others
         1. By Value
   4. By Applications
      1. Introduction
         1. Applications By Value
      2. Energy And Power
         1. By Value
      3. Manufacturing
         1. By Value
      4. Transportation Systems
         1. By Value
      5. Chemicals
         1. By Value
      6. Others
         1. By Value
   5. U.K.
   6. Germany
   7. France
   8. Spain
   9. Italy
   10. Russia
   11. Nordic
   12. Benelux
   13. Rest Of Europe
10. APAC Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Product
          1. By Value
       3. Software
          1. By Value
       4. Service
          1. By Value
    3. By Type
       1. Introduction
          1. Type By Value
       2. Network Security
          1. By Value
       3. Application Security
          1. By Value
       4. Endpoint Security
          1. By Value
       5. Wireless Security
          1. By Value
       6. Cloud Security
          1. By Value
       7. Others
          1. By Value
    4. By Applications
       1. Introduction
          1. Applications By Value
       2. Energy And Power
          1. By Value
       3. Manufacturing
          1. By Value
       4. Transportation Systems
          1. By Value
       5. Chemicals
          1. By Value
       6. Others
          1. By Value
    5. China
    6. Korea
    7. Japan
    8. India
    9. Australia
    10. Taiwan
    11. South East Asia
    12. Rest Of Asia-Pacific
11. Middle East And Africa Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Product
          1. By Value
       3. Software
          1. By Value
       4. Service
          1. By Value
    3. By Type
       1. Introduction
          1. Type By Value
       2. Network Security
          1. By Value
       3. Application Security
          1. By Value
       4. Endpoint Security
          1. By Value
       5. Wireless Security
          1. By Value
       6. Cloud Security
          1. By Value
       7. Others
          1. By Value
    4. By Applications
       1. Introduction
          1. Applications By Value
       2. Energy And Power
          1. By Value
       3. Manufacturing
          1. By Value
       4. Transportation Systems
          1. By Value
       5. Chemicals
          1. By Value
       6. Others
          1. By Value
    5. UAE
    6. Turkey
    7. Saudi Arabia
    8. South Africa
    9. Egypt
    10. Nigeria
    11. Rest Of MEA
12. LATAM Market Analysis
    1. Introduction
    2. By Component
       1. Introduction
          1. Component By Value
       2. Product
          1. By Value
       3. Software
          1. By Value
       4. Service
          1. By Value
    3. By Type
       1. Introduction
          1. Type By Value
       2. Network Security
          1. By Value
       3. Application Security
          1. By Value
       4. Endpoint Security
          1. By Value
       5. Wireless Security
          1. By Value
       6. Cloud Security
          1. By Value
       7. Others
          1. By Value
    4. By Applications
       1. Introduction
          1. Applications By Value
       2. Energy And Power
          1. By Value
       3. Manufacturing
          1. By Value
       4. Transportation Systems
          1. By Value
       5. Chemicals
          1. By Value
       6. Others
          1. By Value
    5. Brazil
    6. Mexico
    7. Argentina
    8. Chile
    9. Colombia
    10. Rest Of LATAM
13. Competitive Assessment
    1. Adoption Matrix
    2. Industrial Cybersecurity Market Share By Manufacturers
    3. Industrial Cybersecurity Market Ranking By Revenue For Manufacturers
    4. Average Price By Manufacturers
    5. Vendor Footprint Analysis
14. Market Players Assessment
    1. ABB
       1. Overview
       2. Business Information
       3. Revenue
       4. ASP
       5. Gross Margin
       6. Swot Analysis
       7. Recent Developmments
    2. Bayshore Networks Inc.
    3. Broadcom Inc.
    4. Cisco Systems
    5. Check Point Software Technologies Ltd.
    6. Dell Inc.
    7. FireEye Inc.
    8. Honeywell International
    9. IBM Corporation
    10. Kaspersky Lab
    11. McAfee LLC
    12. Microsoft Corporation
    13. Palo Alto Networks
    14. Rockwell Automation Inc.
    15. Schneider Electric
    16. Siemens AG.
    17. Splunk Inc.
    18. Symantec Corporation.
    19. Trend Micro Inc.
15. Research Methodology
    1. Research Data
       1. Secondary Data
          1. Major Secondary Sources
          2. Key Data From Secondary Sources
       2. Primary Data
          1. Key Data From Primary Sources
          2. Breakdown Of Primaries
       3. Secondary And Primary Research
          1. Key Industry Insights
    2. Market Size Estimation
       1. Bottom-Up Approach
       2. Top-Down Approach
       3. Market Projection
    3. Research Assumptions
       1. Assumptions
    4. Limitations
    5. Risk Assessment
16. APPENDIX
    1. Discussion Guide
    2. Customization Options
    3. Related Reports
17. DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/industrial-cybersecurity-market/toc

Recent Development

• In October 2022, Check Point Software Technologies Ltd. introduced a new Managed Security Service Providers (MSSPs) Program, a well-known global provider of cybersecurity solutions. The program offers partners the capabilities required for comprehensive XDR/XPR, MDR/MPR, events management, and SOC certainty while also supplying operational peace of mind, thanks to Check Point's market-leading prevention-first security operations suite, Horizon.
• In September 2022, The Trident 4C Ethernet switch ASIC, 12.8 terabits/second security switch with the ability to analyze all traffic at line rate, was delivered, according to an announcement from Broadcom Inc. Trident 4C uses flow anomalies to quickly defend against cyber threats by detecting them in real-time.

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