The global industrial cybersecurity market in terms of revenue was estimated to be worth USD 16.2 billion in 2022 and is poised to reach USD 20.1 billion by 2027, growing at a CAGR of 4.4% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.
The market for the
products to grow at the highest CAGR during the forecast period
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.
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.
North America to hold
the largest share of Industrial cybersecurity market in 2022
The industrial
cybersecurity market in North America, based on country, has been segmented
into the US, Canada, and Mexico. This region is a major market for industrial
cybersecurity solutions and services as it is home to a few of the largest
multinational companies, such as IBM Corporation (US); Cisco Systems, Inc.
(US); Honeywell International Inc.(US); Fortinet (US); Splunk (US), Broadcom
INC. (US); Fireeye (US); Proofpoint (US); Microsoft (US); Palo Alto Networks
(US); and Dell, Inc. (US).
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The market for power
expected to hold the largest market share in Industrial cybersecurity market,
by verticals, 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.
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