Industrial Cybersecurity Market Size, Share, Industry Trends Report – 2028

 The global industrial cybersecurity market size is expected to growing at a CAGR of 7.7%, from USD 16.3 billion in 2022 to USD 24.4 billion in 2028. The primary reasons for this rise in demand for industrial cybersecurity products in power industry.

On-premises deployment to record  largest market size during the forecast period.

On-premises deployment is installing and running software and hardware infrastructure within an organization’s physical premises or data centers, rather than relying on external cloud-based or off-site solutions. In on-premises deployment, the organization maintains complete control over the hardware, software, data, and security of the system, as it is all hosted and managed internally. The on-premises industrial cybersecurity offers many benefits like data validation, standardization, data privacy, and control of the data that can be easily accessed and customized according to the needs of the organization. 

The market for utilities expected to hold the second largest market share in Industrial cybersecurity market, by verticals, in 2028

Nowadays, cyber threats are persistent, well-organized, and have high rate of success. The growing dependence on technologies and web-based communication has unlocked the door for cyberattacks in the utilities sector. Most threats against utilities are related to the theft of customer data, discontinuity of operations, damage of infrastructure, power outages, among other issues. Different utilities covered in this segment are oil & gas pipelines, electric power transmission plants, water treatment and distribution plants, and wastewater collection and treatment plants.

Firewalls accounted for the largest share of of the solutions in industrial solution cybersecurity market during the forecast period

Firewalls accounted for the largest share of of the solutions in industrial solution cybersecurity market in 2022; a similar trend is expected to be observed during the forecast period. Firewalls filter the network traffic and block cyberattacks targeted toward industrial control systems. Irregular patch updates and outdated windows are among a few of the major challenges faced by industrial organizations. The introduction of IoT and various automation technologies, such as tech integration, smart systems, and custom automation solutions, has led to a significant increase in cyberattacks. The need for firewall solutions to protect critical infrastructure is expected to surge owing to the increasing number of cyberattacks and growing concern for the security of industrial control systems (ICS).

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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.