Industrial Cybersecurity Companies - IBM (US) and Honeywell International (US) are the Key Players

The global industrial cybersecurity market was valued at USD 16.3 billion in 2022 and is projected to reach USD 24.4 billion by 2028; it is expected to grow at a CAGR of 7.7% from 2023 to 2028. Increasing demand for industrial cybersecurity products in power industry to drive the market.

Major Industrial Cybersecurity companies include:

·         IBM (US),

·         Honeywell International (US),

·         ABB Ltd.  (Switzerland),

·         CISCO (US), and

·         Schneider Electric (France).

Key strategies adopted by the players in the industrial cybersecurity market ecosystem to enhance their product portfolios, increase their market share and expand their presence in the market mainly include new product launches and partnerships and acquisitions.

IBM (US)

IBM is a cognitive solution and cloud platform company. The company provides information technology (IT) products and services worldwide. It manufactures and markets computer hardware, middleware, and software and offers hosting and consulting services. IBM was founded following the merger of Hollerith’s Tabulating Machine Company, Computing Scale Company of America, and International Time Recording Company in 1911. In 1924, the company renamed itself from C-T-R to International Business Machines Corporation or IBM Corporation. The company provides integrated solutions that leverage information technology and knowledge of business processes. It is an established player and a globally renowned vendor for providing dedicated software, hardware, and related services.

Honeywell International (US)

Honeywell International has a strong market presence in the industrial cybersecurity market with a range of cybersecurity products and 15+ years of experience in process controls. The customers of Honeywell addresses cybersecurity requirements holistically and stay ahead of emerging threats because of advanced software detection, along with continuous technological innovations offered by the company. Honeywell provides industrial cybersecurity software that protects critical infrastructure by improving OT cybersecurity performance across enterprises.