Industrial Cybersecurity Market Overview 2024-2032, Demand by Regions, Types and Analysis of Key Players

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The latest report by IMARC Group, titled “Industrial Cybersecurity Market by Component (Product, Solutions and Services), Security Type (Network Security, Cloud Application Security, End-Point Security, Internet Security, and Others), Industry (Process, Discrete), and Region 2024-2032“, The global industrial cybersecurity market size reached US$ 17.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 32.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.5% during 2024-2032.

Factors Affecting the Growth of the Industrial Cybersecurity Industry:

  • Growing Cyber Threats:

The increasing integration of IT and operational technology (OT) in industrial environments has expanded the attack surface, making them more susceptible to cyber threats. Cybercriminals are targeting industrial control systems (ICS) to disrupt operations, steal sensitive data, or demand ransoms. High-profile incidents, such as the 2017 WannaCry ransomware attack, have highlighted the devastating impact of cyber-attacks on industrial operations. Consequently, companies are investing in advanced cybersecurity solutions to detect, prevent, and mitigate cyber threats. This includes deploying firewalls, intrusion detection systems, and advanced threat intelligence platforms to safeguard their critical infrastructure and ensure operational resilience against evolving cyber threats.

  • Adoption of IoT and IIoT:

The integration of Internet of Things (IoT) and Industrial Internet of Things (IIoT) technologies has revolutionized industrial operations by enhancing efficiency, productivity, and connectivity. These technologies enable real-time monitoring, predictive maintenance, and automation of industrial processes. However, the proliferation of IoT devices also introduces numerous security challenges. Many IoT devices have limited computational resources and security features, making them vulnerable to cyber-attacks. To address these vulnerabilities, industries are adopting comprehensive cybersecurity frameworks encompassing endpoint protection, network security, and data encryption. Additionally, the implementation of secure communication protocols and regular security updates are crucial to safeguard IoT and IIoT ecosystems from potential cyber threats.

  • Regulatory Compliance:

Governments and regulatory bodies globally are recognizing the critical importance of securing industrial infrastructure against cyber threats. Regulations such as the NIST Cybersecurity Framework in the United States and the EU’s Network and Information Systems (NIS) Directive mandate stringent cybersecurity measures for industrial sectors. Compliance with these regulations requires industries to implement robust cybersecurity practices, conduct regular risk assessments, and ensure continuous monitoring of their systems. Non-compliance can result in severe penalties and reputational damage. As a result, industries are investing heavily in cybersecurity solutions, training, and expertise to meet regulatory requirements, protect their assets, and maintain the trust of stakeholders and customers in an increasingly digitalized industrial landscape.

Competitive Landscape with Key Player:

  • ABB Ltd.
  • AO Kaspersky Lab
  • Check Point Software Technologies Ltd.
  • Cisco Systems Inc.
  • Dell Technologies Inc.
  • Honeywell International Inc.
  • International Business Machines Corporation
  • OPSWAT Inc.
  • Proofpoint Inc.
  • Rockwell Automation Inc.
  • Schneider Electric SE
  • Siemens AG

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/industrial-cybersecurity-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

Component Insights:

  • Product
  • Solutions and Services

Product represents the leading segment due to the increasing demand for advanced cybersecurity solutions such as firewalls, antivirus software, and intrusion detection systems.

Security Type Insights:

  • Network Security
  • Cloud Application Security
  • End-Point Security
  • Internet Security
  • Others

Network security accounts for the largest market share owing to the critical need to protect industrial networks from cyber threats and unauthorized access.

Industry Insights:

  • Process
    • Oil and Gas
    • Chemical
    • Food and Beverages
    • Energy and Power
    • Others
  • Discrete
    • Automotive
    • Electronics
    • Heavy Manufacturing
    • Packaging
    • Others 

Process represents the largest segment as it includes industries such as oil and gas, chemicals, and power generation, which are heavily reliant on secure and continuous operations.

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America's dominance in the industrial cybersecurity market is attributed to its advanced technological infrastructure, high adoption rate of cybersecurity solutions, and stringent regulatory requirements.

Global Industrial Cybersecurity Market Trends:

The global industrial cybersecurity market is primarily driven by the increasing frequency and sophistication of cyber-attacks targeting industrial control systems (ICS) and operational technology (OT) environments necessitating robust cybersecurity measures to protect critical infrastructure. The adoption of IoT and IIoT technologies in industrial sectors enhances operational efficiency and connectivity but also introduces new vulnerabilities, driving the demand for comprehensive cybersecurity solutions. Additionally, the rise of Industry 4.0 and the digital transformation of manufacturing and other industrial processes underscore the need for secure digital integration. Furthermore, the heightened awareness among industrial operators about the potential financial and reputational damage resulting from cyber incidents further fuels the adoption of cybersecurity solutions, thus contributing to market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

Contact US

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145

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