The global industrial
cybersecurity market was valued at USD 16.2 billion in 2022 and is
projected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR
of 4.4% from 2022 to 2027. Increasing demand for industrial cybersecurity
products in power industry to drive the market.
Industrial cybersecurity refers to the safety and
security of industrial control systems, automation processes, plant operations,
and critical infrastructure from cyber intrusions. Industrial control systems,
including programmable logic controllers (PLCs), distributed control systems
(DCS), and supervisory control and data acquisition (SCADA) systems, are
primarily prone to cyberattacks. To secure these systems from cyberattacks,
various technologies, such as distributed denial of service (DDoS), firewall,
intrusion detection and prevention systems, antivirus software solutions, and
products such as gateways and networking devices are used to ensure
uninterrupted productivity of utilities, grids, transportation systems, and the
manufacturing sector.
A few key industrial cybersecurity market players
are IBM (US), Honeywell Internationals (US), ABB Ltd. (Switzerland),
CISCO (US), and Schneider Electric (France).
International Business Machines (IBM) Corporation
provides integrated solutions that leverage information technology and
knowledge of business processes. The company operates through five
segments—Global Technology Services, Cloud & Cognitive Software, Global
Business Services, Systems, and Global Financial Services. IBM serves customers
across various industries, such as aerospace & defense, chemicals & petroleum,
electronics, energy & utilities, government, and healthcare, with a strong
focus on cybersecurity, security testing, big data analytics, and cloud.
IBM monitors about 20 billion security events per
day in over 130 countries, serving more than 4,000 customers. The company has 9
research labs and 11 security operation centers, along with 3 institutes for
advanced worldwide security, which aim at innovating security technologies and
helping its clients in maintaining the required security portfolio. IBM has its
presence across the Americas, Asia, Europe, and Middle East & Africa (MEA).
Honeywell International Inc. is one of the leading
technology and manufacturing companies. It offers industrial cybersecurity
products through Honeywell Process Solutions (US). Besides security products,
the company provides sensing, control, and security technologies for buildings
and homes.
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Honeywell International operates through four
business segments—Aerospace, Home and Building Technologies, Performance
Materials and Technologies (PMT), and Safety and Productivity Solutions.
Honeywell (China) Co., Ltd.; Honeywell Aerospace GmbH (Germany); ADI-Gardiner
Holding Ltd. (Netherlands); Allied Signal Aerospace Services Corp. (US); Alsip
Packaging Inc. (US); Grimes Aerospace Company (US); Honeywell Automation India
Ltd. (India); Honeywell Avionics System Ltd. (US); and Honeywell Co. Ltd. (US)
are the major subsidiaries of Honeywell International.
Honeywell serves a wide range of industries,
including aerospace & defense, oil & gas, security, and fire
protection, healthcare & medical, and manufacturing. It has a significant
presence worldwide with more than 250,000 distribution partners, including
distributors, resellers, and manufacturers. The company predominantly operates
in the United States and other parts of North America and Europe.
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