Global Industrial Cybersecurity Market Report and Forecast 2024-2032

Global Industrial Cybersecurity Market Outlook

The global industrial cybersecurity market reached a value of about USD 21.11 billion in 2023. The market is further estimated to grow at a CAGR of 7.10% in the forecast period of 2024-2032 to reach a value of around USD 39.17 billion by 2032.

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Rising Demand for Firewall Solutions to Aid the Market Growth of Industrial Cybersecurity

Based on solution, the implementation of firewall to protect network devices, such as industrial PCs, control systems and others, from unauthorised access by preventing traffic is aiding the growth of the industrial cybersecurity market. Firewalls are available in various types, like packet filtering, circuit-level gateway, proxy server, and web application firewall. The third-party firewall packages, such as Norton personal firewall and McAfee personal firewalls, offer free trials of their commercial versions, which is providing impetus to the market development. Firewalls act as the first line of defence, and traditional firewalls help in monitoring network traffic, preventing virus attacks, and promoting privacy. Additionally, the availability of network firewalls that provide multiple advantages like simple infrastructure, consistent network speed, and updated threat protection is accelerating the market for industrial cybersecurity. The introduction of firewalls as a service and their growing importance in URL filtering, advanced threat protection, DNS security, intrusion prevention, and zero-trust access controls is likely to aid the market over the forecast period.

Market Segmentation

Industrial cybersecurity includes technologies and services developed to secure industrial operations and enable seamless industrial processes. It also includes identifying the risks, implementing measures to reduce these risks, and ensuring the effectiveness of these measures in response to threats. Various industries like power, chemicals, manufacturing, utilities, and others use cybersecurity technologies to protect all information systems from damage.

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The market for industrial cybersecurity, by component, is divided into:

• Product
  • Gateways 
  • Networking Devices
• Solutions
  • Antivirus/ Malware
  • Firewall
  • SCADA Encryption
  • Virtualisation Security
  • Data Loss Prevention (DLP)
  • Security Information and Event Management (SIEM)
  • Others
• Services
  • Managed Services
  • Professional Services

Based on security, the market is segmented into:

• Network Security
• Application Security
• End-point Security
• Cloud Security
• Wireless Security
• Others

On the basis of end use, the market is classified into:

• Power Industry
• Utilities 
• Transportation
• Chemicals and Manufacturing
• Others

The regional markets for industrial cybersecurity can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Use of Technologies Across Industries to Drive the Market Growth of Industrial Cybersecurity

The growing utilisation of technologies for higher efficiency and the expanding connection between industrial machines, equipment and systems make the industries more vulnerable to cyber-attacks. Industry 4.0 and smart factories are leading to the application of smart automation, cyber-physical systems, the Internet of Things, and cognitive and cloud computing to make the manufacturing sector more competitive, which is driving the industrial cybersecurity market growth. There is a rising awareness among manufacturers about the operational risks associated with cyberattacks, such as losses and alteration of sensitive data, which can pose a danger to industrial facilities. As a result, the manufacturers are increasingly adopting comprehensive and state-of-the-art solutions to address their specialised security needs. Additionally, various organisations are continuously working on training their employees to respond and recover from a cyberattack. National standards like LPM, ANSSI Guides, NIS Directive, and IEC 62 443 standards are playing a critical role in enhancing the deployment of cybersecurity solutions. The strong presence of market players and their initiatives towards offering safe, seamless, and secure digitalised manufacturing processes are expected to augment the market over the forecast period.

Key Players in the Global Market for Industrial Cybersecurity

The report gives a detailed analysis of the following key players in the global industrial cybersecurity market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Dell Technologies Inc.
• ABB Ltd.
• International Business Machines Corporation
• Rockwell Automation, Inc.
• Cisco Systems, Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report