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.
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Industrial Cybersecurity Market Report Scope:
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.
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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).
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