Exploring the Booming Industrial Cybersecurity Market Set to Reach US$ 46.96 Billion by 2033

The industrial cybersecurity market is estimated to grow at a 7.8% CAGR during the forecast period. The market is expected to generate US$ 22.36 billion in revenue in 2023, with a value of US$ 46.96 billion by 2033.

Beginning in 2020, the outbreak caused enormous confusion and disruption for businesses and individuals worldwide. It also caused mayhem in the global economy. As a result of the epidemic, most employees now have the choice to work from home, posing operational issues for firms.

The Internet of Things has made millions of people’s lives easier by making it much easier to execute difficult jobs. It provides a new way for modern enterprises to manage, store, and process data in data centers and the cloud.

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Because of too many smart gadgets, customers, enterprises, and communication service providers all interact differently. They have enabled the automation and adaptation of numerous company procedures. The increased use of smartphones throughout the world has led to an increase in the number of networked devices that run on a variety of platforms.

Due to the relative rarity of targeted attacks against automation systems and the excessive reliance on safety measures, industrial company owners and their workers misunderstand the current and impending potential hazards in the industrial control systems environment.

Industrial control systems protect against synthetic assaults. As a result, security products and software solutions are created without considering new dangers or the nature of future attacks, as well as without conducting a thorough analysis and examination of the present threat environment. As a result, real-world threats are underappreciated.

In the industrial sector, modern security technologies are utilized to prevent cyber-attacks, while attackers develop new techniques and processes to circumvent them. Investments in security defense and detection technology aid in the construction of successful defensive plans; yet, human error is one of the most common sources of breaches.

These mistakes occur as a result of employees’ lack of understanding, putting the industrial sector at risk. Advanced cyber-attacks vary in design, but they always target specific network weaknesses and exploit them to get access to company networks. Advanced cyber threats have risen dramatically in recent years, becoming a serious security problem for the industrial sector.

Employee training should be regarded as equally important to properly safeguard industrial facilities from cyber-attacks or cyber threats, in addition to adopting appropriate hardware and software-based security technologies.

North America is expected to have a significant industrial cybersecurity market share. Significant industrial cyber security market players are mostly responsible for the region’s progress. The North American industrial cyber security market is predicted to rise as key companies increase their investment to extend their global footprint.

During the anticipated period, Asia Pacific is expected to increase at the fastest rate. The adoption of cloud-based security software is a priority for major players. In the manufacturing industry, these nations have a large number of SMEs and startups.

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KEY TAKEAWAYS:

• The hardware solutions from the industrial cyber security market are expected to grow at the fastest CAGR of 7.1% in the component sector.
• The discrete industry is expected to grow at a high rate in the end-use sector of the industrial cyber security market, with a CAGR of 7.6%.
• The market size for industrial cyber security in the United States is expected to reach US$ 9.7 Billion by 2032, growing at a CAGR of 7.3% during the research period.
• UK is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market by 2032, with a CAGR of 7.7% during the research period.
• China’s industrial cyber security market is expected to be worth US$ 3.2 Billion by 2032, with a CAGR of 9.1% over the forecast period.
• Japan is expected to have a market size for industrial cyber security of US$ 2 Billion by 2032, with a CAGR of 9.2% during the research period.
• By 2032, India is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market, with a CAGR of 9.3% during the research period.

COMPETITIVE LANDSCAPE:

Major players such as Schneider Electric SE, Rockwell Automation Inc., CyberArk Software Ltd., ABB Ltd., and Bayshore Networks Inc. are among the industrial cyber security market’s top participants.

Several business strategies are being implemented by these companies in order to boost their global expansion and deliver sophisticated security services.

• Exablaze, an Australian developer and producer of innovative network devices, was acquired by Cisco System, Inc. in February 2020. This acquisition will help the organizations improve their security network performance.
• Broadcom Inc. will introduce BizOps, an improved decision-making platform for sectors, in June 2020. This approach would aid businesses in speeding up decision-making across a variety of commercial and technological fields.
• CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an artificial intelligence-based solution, in November 2020. The solution was created to improve cloud infrastructure security layers across businesses.

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Key Segments

By Component:

• Hardware Solutions
• Software Solutions
• Services

By Security Layer:

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Wireless Security
• Others

By End-User Industry:

Process

• Oil and Gas
• Chemical
• Food and Beverages
• Energy and Power
• Other (Water, etc.)

Discrete

• Automotive
• Electronics
• Heavy Manufacturing
• Packaging
• Others (Aerospace and Defense, etc.)

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America