The report "Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities, Transportation, Chemicals & Manufacturing) and Region - Global Forecast to 2027 ", size was valued at USD 16.2 billion in 2022 and was expected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027.
The major factors driving the growth of industrial
cybersecurity market are rising investments by governments and private
organizations worldwide to create safe and secure industrial environment.
However, several factors, such as lack of awareness about best practices and
criticality of cybersecurity in industrial control systems can act as a key
challenge in the market during the forecast period.
Cloud Security is projected to hold the highest
market share in 2027
Cloud security consists of many policies,
procedures, technologies, and controls that protect the cloud-based system,
data, and infrastructure from cyber threats and ensure compliance with the
standards. Cloud security can be configured according to business requirements;
it reduces manual configurations and administration overheads. Manufacturing
companies are moving their data and operations to cloud applications to gain
efficiency and agility. With the rapid adoption of SaaS applications and other
cloud-based services, the popularity of cloud security solutions has increased
significantly. Cloud security addresses both physical and virtual security
across different service models of software, platform, and infrastructure. It
is mainly implemented in governance, data protection, data encryption, endpoint
control, IDS/IPS, vulnerability scanning, and IAM applications.
Products will have the highest growth in coming
years
Cyberattacks and threats against critical
infrastructure have increased over the years due to the growing use of
connected devices and IT systems. Instead of stealing data, digital attackers
target to access industrial control systems, such as SCADA, DCS, and PLC, on
which organizations rely for managing their industrial processes. Industries
such as pharmaceuticals, oil & gas, manufacturing, and electric utilities
use control systems. These systems are connected with a large number of sensors
with the help of network infrastructure (either wired or wireless systems). Any
alteration in control network infrastructure by infrastructure industries to
meet their business needs might lead to an increase in cyberattacks.
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The industrial cybersecurity market for products has
been broadly segmented into gateways and networking devices. Gateways help prevent
cyberattacks on SCADA systems by allowing them to connect with management
information systems securely. Gateways help manage network user access by
directly accessing the networks in the industrial zone. Furthermore, networking
devices are further classified into routers and industrial Ethernet switches.
Power is expected to hold the largest share in 2027
Power companies are increasingly adopting
cybersecurity solutions and upgrading their cybersecurity capabilities to
protect their industrial systems from rapidly evolving cyber threats.
Cybersecurity in power companies helps in mitigating the challenges pertaining
to aging grid infrastructure, monitoring power system operations, maintaining
the balance between power generation and production, and providing fast and
efficient ways to restore services after interruptions. The importance of
monitoring systems has increased with the growing use of renewable sources in
power grids.
APAC is attributed to grow at the highest CAGR in
Industrial cybersecurity market during the forecast period (2022-2027)
Asia Pacific comprises emerging economies such as
China and India. These countries have the presence of a large number of 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. In the 2021 Union Budget, the Singaporean government
announced an investment of USD 1.8 billion in economic strategies for the next
four years. Some portion of this investment is also dedicated to the
Cybersecurity Agency (CSA) of Singapore. However, the need for huge investment
associated with the successful deployment of an industrial control system
security project restricts SMEs from adopting strong security practices in
their organizations. However, factors such as the increasing complexity of
businesses, the growing trend of BYOD, as well as the rapid shift toward
digitization and virtualization, are expected to encourage SMEs to adopt
various industrial control solutions and services.
Key Market Players
In 2020, the Industrial cybersecurity market was
dominated by IBM Corporation (US), Honeywell International INC. (US), ABB Ltd.
(Switzerland), CISCO (US), and Schneider Electric (France).
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