The report "Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Solutions & Services), End-user (Power, Utilities, Chemicals & Manufacturing), Deployment Type and Region - Global Forecast to 2028" The Industrial Cybersecurity Market size was valued at USD 16.3 billion in 2022 and was expected to reach USD 24.4 billion by 2028; it is expected to grow at a CAGR of 7.7% from 2023 to 2028. The major factors driving the growth of industrial cybersecurity market are increasing focus on integrating into industrial control systems.
Wireless Security is
projected to have largest market size during forecast period.
The industrial
cybersecurity market for wireless security is expected to have the largest
market size during the forecast period. Wireless intrusion prevention systems
(WIPS) or wireless intrusion detection systems (WIDS) are commonly used to
comply with wireless security policies. Factors such as increased use of radio
frequency identification (RFID) technology and other wireless communication
technologies, easy availability and low-cost accessibility of wireless 4G
mobile devices, rise in small office home office (SOHO) trend, and intensified
need for SaaS-based wireless security solutions stimulate the growth of the
market for wireless security.
Software Solutions and
services will have the highest growth in coming years.
Professional services
and managed services are covered under the industrial cybersecurity market for
services. In professional services, risk management is the most prominent
service. In industrial organizations, industrial control systems are designed not
only to monitor and control industrial processes but also to manage network and
system devices. These systems are now more exposed to cyber threats due to the
increased connectivity with third-party service providers, a growing number of
network-enabled devices, and enhanced sophistication of security attacks. As a
result, the demand for risk management services is growing.
Transportation Systems
is expected to have highest CAGR during the forecast period.
The industrial
cybersecurity market for the transportation system industry is expected to grow
at the highest CAGR during the forecast period. To improve its performance, the
transportation sector has started using advanced technologies, and the systems are
being shifted from standalone to newer interconnected systems. However,
interconnectivity leads to cyber risks owing to the use of leased lines of
communication infrastructure. The dependence of transportation modes, such as
highways, aviation, seaports, and subways, on industrial control systems is
leading to the exposure of transportation control systems to cyberattacks.
Governments worldwide are taking various measures to tackle cyberattacks. For
example, the National Cybersecurity Division (NCSD) of the Department of
Homeland Security (DHS) (US) is working with the government and is
collaborating with the private sector to secure the industrial environment from
cyber threats.
North America is
expected to have the second largest market size during the forecast period.
North America is an
early adopter of innovative technologies such as artificial intelligence and
IoT and is home to a large number of industrial cybersecurity solution
providers such as CISCO, IBM, and Rockwell Automation, thereby contributing to
the growth of the market in the region. Moreover, the high internet penetration
and quick implementation of IoT-enabled devices across major industries such as
oil & gas, power generation, and chemicals are the key factors for the
surging demand for cybersecurity solutions in the region. Specific budget
allocations by the government for industrial cybersecurity projects and
mandatory policies to ensure the cybersecurity of industrial control networks
are expected to generate lucrative opportunities for the providers of
industrial cybersecurity solutions in North America.
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Key Market Players
The Industrial cybersecurity market was dominated
by IBM Corporation (US), Honeywell International (US), ABB (Zurich), Cisco
Systems (US), Schneider Electric (France), McAfee Corporation (US), Siemens
(Germany), Dell Technologies (US), Norton LifeLock (US), Rockwell Automation
(US), Kaspersky Lab (Russia), Fortinet (US), Palo Alto Networks (US),
Proofpoint (US), Trend Micro (Japan), Splunk designs (US), Broadcom (US),
Microsoft (US), Forescout Technologies (US), OPSWAT (US), Dragos Inc (US),
CyberArk (US), Argus (Israel), Cylus (Israel), Upstream Security (Israel).
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