The Industrial Cybersecurity market crossed US$ 17.8 billion mark in 2022 and is expected to hit US$ 26.9 billion by 2030, recording a CAGR of 5.3% during the forecast period.
Industrial Cybersecurity market has been significantly growing with the rising cybersecurity laws and regulations globally
The growing digital transformation trend across industries makes cybersecurity a crucial need for enterprises accoress the globe. In addition, the increasing complexity and frequency of cyber-attacks in critical industries such as energy & power, IT & telecom, and transportation are changing the security landscape and thus generating the need to establish stringent regulations & frameworks that can help tackle this fast-evolving Cybersecurity landscape. Various governments and regulators all across countries are in the process of formulating effective regulations, laws, and compliances related to Cybersecurity. Hence, the growing number of compliance requirements and data protection laws, especially in North America and Europe, are pushing companies to invest in robust Cybersecurity solutions and services to strengthen their network and information security infrastructure. These rising compliance requirements are anticipated to fuel the demand for industrial cybersecurity solutions and offer ample growth opportunities to industrial cybersecurity market players from 2020 to 2030.
Within the report, the Industrial Cybersecurity market is segmented into security type, offering, and end-user. Based on security type, the industrial cybersecurity market is segmented into network security, endpoint security, application security, cloud security, wireless security, and others. Based on offering, the industrial cybersecurity market is segmented into solutions and services. Based on end user, the industrial cybersecurity market is segmented into power and utilities, oil and gas, transportation, chemicals and manufacturing, and others. Geographically, the Industrial Cybersecurity market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Industrial Cybersecurity market in Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of most populous countries such as China and India in the region.
Transportation segment in end user to hold significant share of Industrial Cybersecurity market during the forecast period (2022-2030)
Based on end-user, the transportation segment is estimated to account for a significant Industrial Cybersecurity market share in 2022. It is expected to main the same position during the forecast period. Transportation is a pioneer in implementing new technologies. Transportation includes automobiles, railways, motor carriers, aviation, and maritime transportation. Interconnected digital systems in the transportation sector are becoming the new standard with the growing risk of cyberattacks in the sector. Hackers are targeting transportation industries. Increasing incidents of cyber-attacks in the transportation sector create high demand for industrial cybersecurity in transportation segment in end user. Corporations are collaborating with technology companies to enhance their cybersecurity systems, which is expected to drive the revenue growth of this segment.
Increasing complexity and frequency of cyber-attacks in various industry is one of the major factors accelerating the Industrial Cybersecurity market growth.
With the increasing implementation of digital solutions across businesses and individual customers, the sophistication and complexity level of cyber-attacks is also growing quickly. These attack types include advanced persistent threats (APTs), ransomware, and other advanced malware. In addition to the complexity, the frequency of these attacks has also increased multifold in the past few years due to rising endpoints. Owing to these factors, companies across various industries face cybersecurity and data protection challenges. Hence, the demand for cybersecurity solutions and services is growing at an impressive pace, and it is anticipated rise further with the growing complexity of cyber threats. As per the McAfee Labs Threats Report of 2019, the ransomware attacks increased by 118% in the first three months of 2019, and much new ransomware is being detected regularly. All types of enterprises, including large, small, and medium-sized, face the threat of cyber-attacks. According to Gemalto (a digital security company), the number of data breaches increased 140% in the first half of 2018 compared to the 2017 same period. It is anticipated that more than 3 billion data records were compromised during these incidents. Moreover, as per CISCO’s “SMB Cybersecurity Report”, in 2018, approximately 53% of medium-sized companies suffered data breaches in more than 25 Countries. In addition to common cyber-attacks, zero-day attacks are also growing quickly. Hence, enterprises are taking steps to understand potential cyber threats and identify security vulnerabilities to take remedial steps to prevent such attacks. Thus, the demand for Cybersecurity solutions and services is growing among enterprises, driving the growth of the Cybersecurity market across industries.
Recent strategic developments in Industrial Cybersecurity market
The Industrial Cybersecurity market has undergone several significant developments, and a few of these have been mentioned below:
The industrial cybersecurity market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. ABB; AO Kaspersky Lab; Cisco Systems, Inc.; Fortinet, Inc.; Honeywell International Inc; IBM; McAfee, LLC; Rockwell Automation, Inc.; Schneider Electric; Siemens AG are among the prominent players operating in the industrial cybersecurity market.
Target audience for the report:
Scope of the report:
In this report, the Industrial Cybersecurity market has been segmented on the basis of:
Companies profiled
- ABB
- AO Kaspersky Lab
- Cisco Systems, Inc.
- Fortinet, Inc.
- Honeywell International Inc
- IBM
- McAfee, LLC
- Rockwell Automation, Inc.
- Schneider Electric
- Siemens AG