The industrial cybersecurity market is anticipated to grow at a compound annual growth rate (CAGR) of 7.7%, from US$20.7 billion in 2022 to US$43.5 billion in 2032, according to a new report by Future Market Insights (FMI).
“Increased internet penetration in various regions of the globe is anticipated to contribute to the growth of the industrial cybersecurity market share. The increased adoption of internet of things (IoT) solutions in industrial control systems and cloud security applications is driving the industrial cybersecurity market size,” says the report.
The industrial cybersecurity market is also predicted to develop due to the increasing adoption of emerging technologies such as 5G networks, big data, and artificial intelligence across industries.
Moreover, the demand for cybersecurity solutions across industries is predicted to increase as the demand for advanced solutions such as firewalls, antivirus, and intrusion detection systems (IDS).
The report by FMI also noted the impact of COVID-19 on the industrial cybersecurity market.
Due to the adoption of a work from home strategy, the COVID-19 pandemic has amplified cyberattacks. As a result, the demand for industrial cybersecurity solutions is rising as measures in home offices are inadequate. In addition, remote access also gave hackers a larger attack surface.
Additionally, attackers have taken advantage of the pandemic's uncertainty and anxiety to carry out phishing attacks to fool users into providing access to confidential information and systems.
Cyberattacks are also growing in supply chains, healthcare, and manufacturing sectors.
All this has led to the demand for industrial cybersecurity solutions and services.
Manufacturing and industrial facilities are increasingly adopting cloud-based ICS-as-a-service and industrial robots based on artificial intelligence platforms. These industrial robots have cybersecurity solutions installed to protect them from cyber-attacks and keep them running properly.
The rising use of the internet in all parts of the world has significantly increased cybercrime incidents in various industries, including discrete and process management. As a result, businesses in multiple industries, including oil and gas, automotive, energy and power, and aerospace and defence, are increasingly adopting industrial cybersecurity solutions.
Talking about the future, FMI adds, “In the years ahead, rising acceptance of cloud security solutions and IoT in industrial cybersecurity systems are anticipated to drive market expansion. As vast volumes of data and information are generated across sectors on a daily basis, one of the developing market trends is integrating industrial cybersecurity solutions with modern cloud services.”
“Advanced cloud services are necessary to monitor and analyse this data. The market's major players are concentrating their efforts on creating and integrating cloud-based cybersecurity solutions for OT and ICS applications across various sectors.”
The FMI report also analyses the anticipated growth of the industrial cybersecurity market in the ten-year period between 2022 and 2032.
North America is expected to have a significant industrial cybersecurity market share. This is predicted to rise even further as key companies increase their investment to extend their global footprint.
Europe’s share is expected to increase at a significant rate too.
But Asia Pacific’s share is expected to increase at the fastest rate. The adoption of cloud-based security software is a priority for major players in this region.
Specifically, the report says, the market size for industrial cybersecurity in the United States is expected to reach US$9.7 billion by 2032, growing at a CAGR of 7.3%.
By then, the UK market will be US$2.6 billion, with a CAGR of 7.7%.
China’s will be US$3.2 billion, with a CAGR of 9.1%.
Japan’s will be US$2 billion, with a CAGR of 9.2%.
And India's industrial cybersecurity market will reach US$2.6 billion, with a CAGR of 9.3% during the ten years.
Finally, the report lists recent developments in the industrial cybersecurity market worldwide.
These include IBM releasing the Secure Access Service Edge (SASE) solution last month to assist enterprises in implementing cloud-delivered security closer to users and devices accessing corporate resources. SASE is a cloud-based solution that combines software-defined networking and network security technologies.
Honeywell and Acalvio Technologies (US) have also teamed up to launch HTDP, a platform designed to identify known and new cyberattacks in commercial buildings' operational technology environments.