New York, United States , April 22, 2024 (GLOBE NEWSWIRE) -- The Global Industrial Cybersecurity Market Size is to Grow from USD 18.74 Billion in 2023 to USD 39.94 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.86% during the projected period.
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Cybersecurity is the protection of internet-connected equipment against the different threats associated with the internet. It safeguards hardware, software, and data by prohibiting unauthorized users from accessing systems or networks. Businesses need cyber security to secure their data, cash, and intellectual property. In addition, digital technologies are vital resources for any country's economy. Cyber threats and cyberattacks can disrupt or damage plant operations and IT systems by exploiting crucial data via malware, spyware, and phishing. Fraud and virus are the most typical types of cyberattacks on utilities, chemical plants, and manufacturing sectors. Governments around the world are investing more funds to address the issue of security breaches and improve industrial cybersecurity. However, the high cost of advanced cybersecurity solutions is accompanied by a lack of framework and governance. Furthermore, many manufacturers fail to do cyber risk assessments, particularly for ICS used on shop floors, posing a potentially significant risk to facility owners' operations.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Industrial Cybersecurity Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions, Services), By Security (Endpoint Security, Network Security, Cloud Application Security, Others), By End User (Industrial Manufacturing, Transportation & Logistics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The solutions segment is expected to hold the largest share of the global industrial cybersecurity market during the anticipation timeframe.
Based on the component, the global industrial cybersecurity market is categorized into solutions, and services. Among these, the solutions segment is expected to hold the largest share of the global industrial cybersecurity market during the anticipation timeframe. Increasing worries about data security and privacy, as well as ongoing initiatives by individuals in the industrial sector to enhance efficiency, cut costs, and increase security. This expansion is primarily driven by a surge in demand for software solutions such as DDoS, firewalls, SCADA encryption, virtualization security, antivirus/malware, backup & recovery, and many more.
The cloud application security segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the security, the global industrial cybersecurity market is categorized into endpoint security, network security, cloud application security, and others. Among these, the cloud application security segment is expected to grow at the fastest CAGR during the anticipation timeframe. The segment's expansion is being driven by increased demand for dependable and secure security solutions in industries such as energy, food & beverage, and automotive.
The industrial manufacturing segment is expected to hold a significant share of the global industrial cybersecurity market during the anticipation timeframe.
Based on the end user, the global industrial cybersecurity market is categorized into industrial manufacturing, transportation & logistics, and others. Among these, the industrial manufacturing segment is expected to hold a significant share of the global industrial cybersecurity market during the anticipation timeframe. Monitoring power system operations, maintaining a balance between power generation and production, and swiftly and effectively restoring services after outages are just a few of the challenges that cybersecurity in the power industry solves. Monitoring systems have gained in importance as renewable energy sources are widely used in power grids.
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North America is projected to hold the largest share of the global industrial cybersecurity market over the anticipation timeframe.
North America is projected to hold the largest share of the global industrial cybersecurity market over the anticipation timeframe. The North American industrial cybersecurity market is being examined, with a focus on the US and Canada. Growing cyber risks are a harsh truth of today's scenarios that cannot be disregarded, and North America dominates the worldwide industrial cybersecurity market. Furthermore, increased investment by important companies in expanding their global footprint is expected to fuel market growth in North America.
Asia Pacific is expected to grow at the fastest CAGR growth of the global industrial cybersecurity market during the anticipation timeframe. The Asia-Pacific industrial cybersecurity market analysis includes China, India, Japan, Australia, and the rest of Asia-Pacific. China and India are two of APAC's rapidly developing economies. These countries have a high concentration of small and medium-sized businesses (SMEs), which employ more than 70% of the total population.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global industrial cybersecurity market are IBM, Honeywell International, ABB, Schneider Electric, Cisco Systems, McAfee Corporation, Mitsubishi Electric Corporation, Siemens, Dell Technologies, NortonLifeLock, Rockwell Automation, Fortinet, Palo Alto Network, Proofpoint, Trend Micro, Splunk Technology, Broadcom Inc., Microsoft Corporation, and Others.
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Recent Developments
- In March 2024, Dispel and Mitsubishi Electric Corporation have established a partnership to expand their operational technology (OT) and security businesses through marketing and technology development.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global industrial cybersecurity market based on the below-mentioned segments:
Global Industrial Cybersecurity Market, By Component
- Solutions
- Services
Global Industrial Cybersecurity Market, By Security
- Endpoint Security
- Network Security
- Cloud Application Security
- Others
Global Industrial Cybersecurity Market, By End User
- Industrial Manufacturing
- Transportation & Logistics
- Others
Global Industrial Cybersecurity Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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