Chicago, July 29, 2024 (GLOBE NEWSWIRE) -- The global industrial cybersecurity market size is expected to grow at a CAGR of 7.7%, from USD 16.3 billion in 2022 to USD 24.4 billion in 2028. The primary reasons for this rise in demand for industrial cybersecurity products in power industry.
The major factors driving the growth of industrial cybersecurity market are increasing focus on integrating into industrial control systems.
To know about the assumptions considered for the study
Major Industrial Cybersecurity Companies Include:
- IBM (US),
- Honeywell International (US),
- ABB (Switzerland),
- Schneider Electric (France),
- Cisco System (US), and
- Rockwell Automation (US).
Industrial Cybersecurity Market Segmentation Analysis:
On-premises deployment to record largest market size during the forecast period.
On-premises deployment is installing and running software and hardware infrastructure within an organization’s physical premises or data centers, rather than relying on external cloud-based or off-site solutions. In on-premises deployment, the organization maintains complete control over the hardware, software, data, and security of the system, as it is all hosted and managed internally. The on-premises industrial cybersecurity offers many benefits like data validation, standardization, data privacy, and control of the data that can be easily accessed and customized according to the needs of the organization.
The market for utilities expected to hold the second largest market share in Industrial cybersecurity market, by verticals, in 2028
Nowadays, cyber threats are persistent, well-organized, and have high rate of success. The growing dependence on technologies and web-based communication has unlocked the door for cyberattacks in the utilities sector. Most threats against utilities are related to the theft of customer data, discontinuity of operations, damage of infrastructure, power outages, among other issues. Different utilities covered in this segment are oil & gas pipelines, electric power transmission plants, water treatment and distribution plants, and wastewater collection and treatment plants.
Firewalls accounted for the largest share of the solutions in industrial solution cybersecurity market during the forecast period
Firewalls accounted for the largest share of the solutions in industrial solution cybersecurity market in 2022; a similar trend is expected to be observed during the forecast period. Firewalls filter the network traffic and block cyberattacks targeted toward industrial control systems. Irregular patch updates and outdated windows are among a few of the major challenges faced by industrial organizations. The introduction of IoT and various automation technologies, such as tech integration, smart systems, and custom automation solutions, has led to a significant increase in cyberattacks. The need for firewall solutions to protect critical infrastructure is expected to surge owing to the increasing number of cyberattacks and growing concern for the security of industrial control systems (ICS).
Asia Pacific to hold the largest share of Industrial cybersecurity market in 2022
Asia Pacific comprises emerging economies such as China and India. These countries have the presence of many small and medium-sized enterprises (SMEs), which collectively account for the employment of more than 70% of the total population in the countries. These SMEs provide growth opportunities to the providers of industrial cybersecurity solutions and services to customers from the manufacturing, transportation, and energy industries.
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Industrial Cybersecurity Market Dynamics:
Opportunity: Rising importance of cloud-based industrial cybersecurity services
Industrial units require enough space to establish and operate a wide variety of interconnected devices and products that work together. Industrial units are often established outside the city, limiting the ease of operation. Industrial units sometimes do not have adequate infrastructure, especially across developing or emerging economies. This leads to instances where the delivery of OT security is not practical or feasible. In such cases, the use of cloud technology enables OT security. Therefore, soon, cloud-based ICS-as-a-Service is expected to gain considerable importance in industrial areas that do not offer physical deployment of cybersecurity for industrial
Challenge: Lack of awareness about best practices and criticality of cybersecurity in industrial control systems
The companies working in the industrial verticals use security technologies to prevent cyberattacks, but attackers develop new techniques and procedures to infiltrate these technologies. Human error are some of the key reasons for most of the breaches and Investments in security defense and detection technologies help develop effective defense strategies. The errors can happen due to lack of awareness among employees, which is putting the industrial sector at risk. Advanced cyber threats have significantly increased over the last few years and have become a major security concern for the industrial sector.
