TMCnet News

Industrial Cybersecurity Market worth $24.4 billion by 2028 - Exclusive Report by MarketsandMarkets™
[September 18, 2023]

Industrial Cybersecurity Market worth $24.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 18, 2023 /PRNewswire/ -- 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 according to a new report by MarketsandMarkets™. The major factors driving the growth of industrial cybersecurity market are increasing focus on integrating into industrial control systems.



Download PDF Brochure:

Browse in-depth TOC on "Industrial Cybersecurity Market

100 – Tables
70 – Figures
200 – Pages

Industrial Cybersecurity Market Report Scope:

Report Coverage


Market Revenue in 2022

$ 16.3 billion

Estimated Value by 2028

$ 24.4 billion

Growth Rate

Poised to grow at a CAGR of 7.7%

Market Size Available for


Forecast Period


Forecast Units

Value (USD Million) and Volume (Thousand Units)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Security Type, Offering, End-user, Deployment Type and Region

Geographies Covered

Asia Pacific, Europe, North America and Rest of World

Key Market Challenge

Lack of awareness about best practices and criticality of cybersecurity in industrial control systems

Key Market Opportunities

Rising importance of cloud-based industrial cybersecurity services

Key Market Drivers

Rising government and private investments to create safe and secure industrial


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 industry 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.

Inquiry Before Buying:

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.

Key Market Players

The  Industrial cybersecurity companies 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).

Get 10% Free Customization on this Report:

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Industrial Communication Market by Components (Switches, Gateways, Power Supply Devices, Router & WAP, Communication Interface & Protocol Converters, Controllers), Software, Services, Communication Protocol, Vertical and Region - Global Forecast to 2028

Industry 4.0 Market Size, Share & Industry Growth Analysis Report by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV's, Machine Condition Monitoring) and Geography - Global Growth Driver and Industry Forecast to 2026

Industrial IoT Market Size, Share & Industry Growth Analysis Report by Device & Technology, Connectivity Type, Software, Vertical (Manufacturing, Energy, Oil & Gas, Healthcare, Retail, Transportation, Metals & Mining, Agriculture), and Geography - Global Growth Driver and Industry Forecast to 2026

Threat Detection Systems Market by Detection Type (Explosive, Radiological & Nuclear, Chemical & Biological, Narcotics, Intrusion), Product (Dosimeter, Laser, Radar, Video Surveillance, Biometric), Application, and Geography - Global Forecast to 2022

Cellular IoT Market Size, Share & Industry Growth Analysis Report by Component (Hardware, Software, and Services), Technology (2G, 3G, 4G, LTE-M, NB-LTE-M, NB-IoT, and 5G), Application, Vertical and Geography (North America, Europe, APAC, South America & MEA) - Global Growth Driver and Industry Forecast to 2027

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on TwitterLinkedIn and Facebook.

Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Web Site:
Research Insight:
Content Source:



Cision View original content:

[ Back To's Homepage ]