The global Industrial Cybersecurity market size was valued at USD 18.42 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 7.8% during the forecast period, reaching a value of USD 27.60 billion by 2030.
Industrial Cybersecurity market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base year, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.
MARKET OVERVIEW:
Industrial Cybersecurity, often referred to as the safeguarding of critical infrastructure and manufacturing processes, plays a vital role in our interconnected world. It focuses on protecting industrial control systems and equipment from cyber threats. Industrial Cybersecurity is essential to ensure the uninterrupted and secure operation of power plants, factories, and other critical facilities. Professionals in this field use various strategies, including firewalls, access controls, and threat detection systems, to defend against cyberattacks and maintain the integrity of industrial operations.
In today's digitized landscape, Industrial Cybersecurity has become an integral component of maintaining operational reliability and ensuring public safety. As industries increasingly rely on interconnected systems and the Internet of Things (IoT), the need for robust cybersecurity measures has never been more critical. By implementing best practices and staying ahead of evolving threats, organizations can mitigate the risks associated with cyberattacks and maintain the smooth functioning of their critical infrastructure.
MARKET DYNAMICS:
The growing reliance of industries on digitalization and automation, which necessitates robust cybersecurity measures to protect critical systems. Additionally, the increasing frequency and sophistication of cyber threats have propelled the demand for Industrial Cybersecurity solutions. These solutions provide protection against data breaches, system disruptions, and potential damage to industrial equipment.
However, there are restraints that must be navigated. The high costs associated with implementing Industrial Cybersecurity solutions can be a barrier for some organizations, especially smaller ones. Moreover, the shortage of skilled cybersecurity professionals is a significant challenge, as it limits the effective deployment of cybersecurity measures. Nevertheless, opportunities abound in this market. The rising awareness of the potential risks associated with cyberattacks has created a fertile ground for innovation and investment in Industrial Cybersecurity technologies.
INDUSTRIAL CYBERSECURITY MARKET SEGMENTAL ANALYSIS
BY TYPE:
Network Security, the first of these, plays a pivotal role in safeguarding the interconnected systems that underpin industrial operations. It ensures that data transmission and communication within the network are secure, thus preventing unauthorized access and potential cyber threats.
Endpoint Security, another key facet, focuses on protecting individual devices and end-user systems connected to the industrial network. This includes securing devices like sensors, PLCs, and HMI panels. Endpoint Security measures are crucial in preventing malware, intrusions, and unauthorized access from compromising the integrity of these devices.
Application Security is a third essential component of Industrial Cybersecurity. It's centered around protecting the applications and software utilized in industrial processes. Vulnerabilities in these applications can be exploited by cybercriminals to disrupt operations or gain unauthorized access. Robust application security ensures the integrity of these critical software components.
Cloud Security, Wireless Security, and other specialized security types also contribute significantly to the Industrial Cybersecurity landscape. These measures cater to the evolving nature of industrial environments and ensure that every aspect of digital infrastructure remains secure.
BY OFFERING:
These encompass a wide array of hardware and software products designed to fortify industrial environments against cyber threats. These products often include firewalls, intrusion detection systems, and security software specifically tailored to protect critical infrastructure. In addition, comprehensive cybersecurity solutions package both products and services, offering a holistic approach to securing industrial operations.
Services, on the other hand, are equally pivotal in the Industrial Cybersecurity market. These services include consulting, risk assessment, managed security, incident response, and ongoing support. Industry professionals often rely on the expertise of cybersecurity service providers to assess vulnerabilities, formulate security strategies, and respond effectively in the event of a cyber incident.
BY END-USER:
Industrial Manufacturing, as a critical sector, is a major driver for the market. With the growing integration of automation and digitization, manufacturing facilities are increasingly vulnerable to cyber threats. Robust Industrial Cybersecurity solutions are crucial to safeguarding the interconnected systems that keep manufacturing operations running efficiently and securely.
Energy and Utilities is another prominent end-user segment. Power plants, utility grids, and other critical infrastructure in this sector are highly susceptible to cyberattacks, which could have severe consequences on public safety and the economy. The demand for Industrial Cybersecurity is driven by the need to protect these essential systems from potential threats.
The Transportation and Logistics sector also plays a significant role in the market. As transportation systems become more interconnected and reliant on digital technology, ensuring the security of these networks is paramount. Cyberattacks on transportation infrastructure can disrupt supply chains and create safety hazards. By embracing robust Industrial Cybersecurity solutions, this sector can enhance its resilience against such threats.
BY DEPLOYMENT TYPE:
On-Premises solutions hold a significant position in the market, primarily because they offer complete control and customization over security measures within the industrial setting. These solutions are deployed directly on-site, providing real-time protection for critical systems, and are preferred by industries where data sovereignty and direct oversight are paramount.
Cloud-Based deployment is another critical facet of the Industrial Cybersecurity landscape. With the increasing adoption of cloud services, industries are transitioning to cloud-based security solutions. These solutions offer scalability, flexibility, and cost-effectiveness. By leveraging the cloud, organizations can access cutting-edge security tools without the need for extensive infrastructure investments, making it an attractive choice for various industrial sectors.
The Hybrid deployment model offers a middle ground, combining the advantages of both on-premises and cloud-based solutions. This approach is popular among organizations seeking a balance between control and flexibility. By embracing a hybrid approach, they can secure their local networks while also benefiting from the scalability and convenience of cloud services.
REGIONAL ANALYSIS:
In North America, stringent regulations and a high level of awareness regarding cybersecurity drive the market's growth. With a large number of critical infrastructure facilities, including power plants and manufacturing units, the need for robust Industrial Cybersecurity solutions is pronounced.
In Europe, a similar focus on data protection and cybersecurity regulations contributes to the market's expansion. Moreover, the region's heavy reliance on industrial automation and the presence of critical industries like automotive manufacturing and energy production further elevate the demand for cybersecurity measures. In Asia Pacific, the market experiences significant growth due to rapid industrialization, the proliferation of IoT devices, and the rising number of cyber threats.
This region, with its diverse industrial landscape, offers vast opportunities for the adoption of Industrial Cybersecurity solutions. Latin America, the Middle East, and Africa are also recognizing the importance of cybersecurity in safeguarding their industrial assets, with industries such as oil and gas in the Middle East and manufacturing in Latin America driving the market's development.
COVID-19 IMPACT:
As organizations swiftly transitioned to remote work and increased their reliance on digital infrastructure, the attack surface for cyber threats expanded. The need for Industrial Cybersecurity measures became even more critical to protect industrial systems and maintain operational continuity. However, budget constraints and the economic downturn forced some businesses to defer investments in cybersecurity solutions, creating vulnerabilities in their infrastructure.
On the positive side, the pandemic accelerated the adoption of digital transformation in industries, further emphasizing the importance of Industrial Cybersecurity. Companies recognized the long-term benefits of securing their operations against cyber threats and initiated plans to bolster their cybersecurity strategies. The market responded with innovative solutions and services tailored to the new challenges posed by remote work and the evolving threat landscape.
INDUSTRY ANALYSIS:
Mergers & Acquisitions (M&A)
- Check Point Software Technologies acquired Perimeter 81 for $490 million in August 2023.
- Tenable acquired Ermetic for $265 million in September 2023.
- Fortinet acquired Tozny for $115 million in October 2023.
- Palo Alto Networks acquired Okyo for $100 million in November 2023.
Product Launches
- Siemens launched its new industrial cybersecurity platform, Siemens MindSphere Industrial Security, in January 2023.
- Rockwell Automation launched its new industrial cybersecurity solution, Rockwell Automation FactoryTalk Security, in February 2023.
- Schneider Electric launched its new industrial cybersecurity platform, Schneider Electric EcoStruxure Cybersecurity, in March 2023.
- ABB launched its new industrial cybersecurity solution, ABB Ability Cybersecurity, in April 2023.
KEY MARKET PLAYERS:
- Check Point Software Technologies
- Cisco
- CrowdStrike
- Darktrace
- Fortinet
- IBM
- Imperva
- Intel Security
- McAfee
- Palo Alto Networks
- Positive Technologies
- Qualys
- Rapid7
- Rockwell Automation
- Schneider Electric
- Siemens
- Sourcefire
- Symantec
- Tenable
- Thycotic
- Trend Micro
- Tripwire
- Verisign
- Waterfall Labs
- Yokogawa
- others
Table of Contents
- Executive Summary
- Introduction
- Definition of Industrial Cybersecurity
- Market Scope and Segmentation
- Market Overview
- Market Size and Growth Rate
- Market Trends and Drivers
- Market Restraints and Challenges
- Market Analysis by Component
- Hardware
- Software
- Services
- Market Analysis by Security Type
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Others
- Market Analysis by Industry Vertical
- Manufacturing
- Energy and Utilities
- Healthcare
- Transportation
- Others
- Regional Analysis
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
- Competitive Landscape
- Key Players
- Market Share Analysis
- Recent Developments
- Market Opportunities and Challenges
- Future Outlook
- Conclusion and Recommendations
- Appendix
- Research Methodology
- Glossary of Terms
- List of Abbreviations
- Contact Information for Key Players
Industrial Cybersecurity Market Segmentation
By Type:
- Network Security
- Endpoint Security
- Application Security
- Cloud Security
- Wireless Security
- Other Security Types
By Offering:
- Products and Solutions
- Services
By End-User:
- Industrial Manufacturing
- Energy and Utilities
- Transportation and Logistics
- Oil and Gas
- Chemicals
- Food and Beverage
- Healthcare
- Other End-Users
By Deployment Type:
- On-Premises
- Cloud-Based
- Hybrid
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RESEARCH METHODOLOGY
With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.
This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.
Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.
With Future Data Stats calibrated research process and 360° data-evaluation methodology, the clients receive:
- Consistent, valuable, robust, and actionable data & analysis that can easily be referenced for strategic business planning
- Technologically sophisticated and reliable insights through a well-audited and veracious research methodology
- Sovereign research proceeds that present a tangible depiction of the marketplace
With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.
The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.
Primary Research:
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Primary Research
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Desk Research
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Company Analysis
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• Identify key opinion leaders • Questionnaire design • In-depth Interviews • Coverage across the value chain
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• Company Website • Company Annual Reports • Paid Databases • Financial Reports
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• Market Participants • Key Strengths • Product Portfolio • Mapping as per Value Chain • Key focus segment
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Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.
The aforementioned helps to:
- Validate and improve data quality and strengthen the research proceeds
- Develop a market understanding and expertise
- Supply authentic information about the market size, share, growth, and forecasts
The primary research interview and discussion panels comprise experienced industry personnel.
These participants include, but are not limited to:
- Chief executives and VPs of leading corporations specific to an industry
- Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research:
A broad array of industry sources for the secondary research typically includes, but is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for a competitive scenario and shape of the industry
- Patent and regulatory databases to understand technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles, web-casts, and other related releases to evaluate the market
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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PRIMARY SOURCES |
DATA SOURCES |
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• Top executives of end-use industries • C-level executives of the leading Parenteral Nutrition companies • Sales manager and regional sales manager of the Parenteral Nutrition companies • Industry Consultants • Distributors/Suppliers
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• Annual Reports • Presentations • Company Websites • Press Releases • News Articles • Government Agencies’ Publications • Industry Publications • Paid Databases
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Analyst Tools and Models:
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BOTTOM-UP APPROACH |
TOP-DOWN APPROACH |
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· Arriving at · Arriving at · Market Share · Key Market Players |
· Key Market Players · Market Share · Arriving at · Arriving at |
Industrial Cybersecurity Market Dynamic Factors
Drivers:
- Increasing incidents of cyber threats and attacks on industrial systems.
- Growing awareness of the importance of securing critical infrastructure.
- Adoption of IoT and Industry 4.0 technologies in industrial processes.
- Regulatory compliance requirements for cybersecurity in industrial sectors.
- Emphasis on protecting sensitive data and intellectual property.
Restraints:
- Complexity in integrating cybersecurity solutions with legacy systems.
- Shortage of skilled cybersecurity professionals in the industrial sector.
- High initial investment costs for robust cybersecurity measures.
- Difficulty in keeping pace with evolving cyber threats and tactics.
- Resistance to change and lack of cybersecurity awareness in some organizations.
Opportunities:
- Expansion of the Industrial Internet of Things (IIoT) offers new markets.
- Growth in demand for cloud-based industrial security solutions.
- Mergers and acquisitions for enhancing cybersecurity capabilities.
- Tailored solutions for specific industrial verticals (e.g., energy, manufacturing).
- International cooperation to develop cybersecurity standards and norms.
Challenges:
- Constantly evolving nature of cyber threats and vulnerabilities.
- Balancing security with operational efficiency in industrial processes.
- Ensuring the security of legacy systems and equipment.
- Addressing the human factor, including social engineering and insider threats.
- Navigating legal and compliance complexities in different regions.
Frequently Asked Questions
