Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Solutions & Services), End-user (Power, Utilities, Chemicals & Manufacturing), Deployment Type and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial cybersecurity market is valued at USD 16.3 billion in 2022 and is projected to reach USD 24.4 billion by 2028, growing at a CAGR of 7.7% from 2023 to 2028.
Market Dynamics
- Drivers
- Rising Government and Private Investments to Create Safe and Secure Industrial Environment
- Growing Number of Sophisticated Cyberattacks on Critical Industrial Infrastructure
- Increasing Focus on Integrating IoT into ICs
- Restraints
- Underestimation of Threat Levels and Misunderstanding of Nature of Threats
- Lack of Adequate Funds, Framework, and Governance Required to Develop High-End Cybersecurity Solutions
- Opportunities
- Rising Importance of Cloud-based Industrial Cybersecurity Services
- Growing Focus of Government Organizations on Releasing Rules and Regulations for Security of Industrial Control Systems
- Challenges
- Lack of Awareness About Best Practices and Criticality of Cybersecurity in Industrial Control Systems
The report defines, describes, and forecasts the industrial cybersecurity market based on deployment type, security type, offering, end user industry and region. It provides detailed information regarding drivers, restraint, opportunities, and challenges influencing the growth of industrial cybersecurity market. It also analyzes competitive developments such as product launches, acquisitions, expansion contracts, partnerships and actions carried out by the key players to grow the market.
Cloud-based deployment type is projected to grow with highest CAGR during the forecast period
Cloud-based deployment is a type that involves hosting and delivering software applications, services, and data on remote servers provided by a cloud service provider (CSP) over the internet. The organizations working in the industrial cybersecurity market use cloud services to access and manage their computing resources and data remotely instead of running solutions and storing data on local on-premises servers. Some of the characteristics of cloud deployment are remote servers that cloud-based solutions run on servers and infrastructure owned and maintained by a third-party cloud service provider. These servers are distributed across data centers in various geographic locations, help organizations to run globally, and provide data accessibility from anywhere.
In terms of products, gateways is expected to have largest market size during the forecast period
Industrial control gateways play a critical role in industrial infrastructure, linking systems, and sensors that communicate using protocols such as Modbus or serial to IP networks for easier remote management and monitoring. Every industrial network has multiple protocols. It is necessary to translate these protocols between different networks because of their complexity. However, many control devices have critical vulnerabilities that stem from well-known insecure programming practices that could have been easily avoided. In an industrial setting, control information has the highest priority; therefore, the primary role of a gateway is to transfer cyclic I/O data (control information) between two networks. In general, a gateway may offer features such as protocol conversion, impedance matching, rate conversion, fault isolation, or signal translations necessary to ensure interoperability between industrial cybersecurity products.
Chemical & Manufacturing is expected to have second largest CAGR growth during the forecast period
Cyberattacks on chemical and manufacturing plants include random attacks of trojans, worms, and viruses. Standards such as the Chemical Facility Anti-Terrorism Standards (CFATS) and Cybersecurity Evaluation Tool (CSET) have been introduced to secure industrial control systems in these industries from cyber threats. Government initiatives worldwide, such as the formation of the Cybersecurity Information Sharing Partnership (CISP), have made the protection of industrial control systems critical. The chemical & manufacturing industry is constantly attacked by cybercriminals across the world, thereby demanding advanced solutions and services to ensure plant safety. Hence, solutions & services are expected to continue to hold the largest market share in the next few years.
India expected to grow with the highest CAGR in the Asia Pacific region during the forecast period
In India, the power sector is witnessing an increasing demand for cybersecurity systems as operations in this industry are gradually turning digital. The awareness about cybersecurity is increasing due to integrating information technology and the IoT into industrial automation processes. These systems could be hacked and manipulated. However, risks associated with cybersecurity are still high due to the inability of various industries in India to monitor, detect, and eliminate cyber threats. Many multinational companies see India as a potential market for new technologies; this is expected to lead to the growth in cyberattacks in the country.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 272 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $16.3 Billion |
| Forecasted Market Value (USD) by 2028 | $24.4 Billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Case Studies
- Power and Water Industries
- ABB's Cybersecurity Solutions Deployed at US-based Wastewater Treatment Plant
- Mining Industry
- Boliden Used ABB's Ability Cybersecurity Fingerprint to Mitigate Risks
Technological Trends
- Zero-Trust Framework
- Potential of Artificial Intelligence and Machine Learning
- Security for Cloud-Native Environments
Companies Profiled
- ABB Ltd.
- Argus Cyber Security
- Broadcom Inc.
- Cisco Systems, Inc.
- CyberArk
- Cylus
- Dell Technologies
- Dragos Inc.
- Forescout Technologies Inc.
- Fortinet
- Honeywell International Inc.
- IBM Corporation
- Kaspersky Lab
- McAfee Corporation
- Microsoft Corporation
- NortonLifeLock Inc.
- Opswat
- Palo Alto Networks
- ProofPoint
- Rockwell Automation Inc.
- Schneider Electric
- Siemens
- Splunk Technology
- Trend Micro
- Upstream Security
For more information about this report visit https://www.researchandmarkets.com/r/z590ph
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