Industrial Cybersecurity Market Trends, Industry & Size 2030

Report Description

The industrial cybersecurity market size was valued at USD 16.09 Billion in 2021 and is projected to reach USD 20.5 Billion by 2030, expanding at a CAGR of around 4.4% during the forecast period, 2022-2030. The growth of the market is attributed to the increasing number of cyberattacks on industrial control systems.

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To defend the industrial control system from cyberattacks, there is a procedure called industrial cybersecurity. Big data, artificial intelligence, and other cutting-edge technologies are being increasingly adopted in industrial control systems, which increases the chance of data breaches. Cyberattacks have a major effect on business, causing operational disruption, client loss, loss of sales, reduced earnings, and others. According to the survey by the U.K government in 2022, in the last 12 months, 39% of companies have identified cyberattacks.

On 28^th March 2022, a Distributed Denial of Service (DDoS) attack shut down the National Telecommunications Authority of the Marshall Islands. For more than a week, the islands were without internet due to the attack. Internet services across Europe were impacted by an attack on a satellite broadband service offered by the American business Viasat at the start of the Russian invasion of Ukraine, including Ukrainian military communications in the same month.

At the beginning of 2020, the pandemic struck the world's economy as a whole, causing enormous disruption and change for people and organizations around the globe. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to an unfortunate decline in market growth.

Market Trends, Drivers, Restraints, and Opportunities

• Growing investment by public and private industries for enhancing cybersecurity in industries is projected to drive the market.
• Increasing IoT integration into industrial control systems is estimated to fuel the market in the coming years.
• Security products and software solutions are created without imagining or taking into account potential risks of upcoming attacks, as well as without a careful examination of the current threat landscape, which is expected to hinder the market growth.
• Lack of knowledge about best practices and the need for cybersecurity in industrial control systems is restraining the market growth.
• High cost of the product or solution is anticipated to hamper the market growth.
• Government agencies are focusing on issuing guidelines for the security of industrial control systems, which is projected to create immense growth opportunities for the market players.

Scope of the Report

The report on the global industrial cyber security market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Cloud security segment is anticipated to expand at a rapid pace during the forecast period

Based on security types, the market is segregated into wireless security, cloud security, application security, endpoint security, network security, and others. The cloud security segment is anticipated to expand at a rapid pace during the forecast period owing to increasing use of cloud technologies in manufacturing industries.

Every industry has a distinct production method and formula. The proliferation of such formulas will have a detrimental effect on the expansion of that organization. As a result, the manufacturers are working to establish cloud security to protect their sensitive data. Tech firms are also developing cutting-edge cloud solutions and launching them in the market.

Products segment is anticipated to expand at a high CAGR during the forecast period

On the basis of offerings, the market is bifurcated into solutions & services and products. The product segment is further segregated into networking devices and gateways. The solutions & services segment is estimated to grow at a rapid pace during the forecast period due to the expanding use of linked devices and IT systems, there have been more cyberattacks and threats against vital infrastructure. Instead of stealing data, hackers aim to get access to industrial control systems, such as PLC, DCS, and SCADA, which enterprises rely on to manage their industrial processes.

Control systems are used in sectors such as oil & gas, manufacturing, medicines, and electric utilities. These systems utilize network infrastructure to connect to a huge number of sensors. On the other hand, the products segment is anticipated to expand at a high CAGR during the forecast period. By enabling secure connections between SCADA systems and management information systems, gateways assist in preventing cyberattacks on those systems. Gateways assist with controlling network user access by directly connecting to the networks in the industrial area.

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Large enterprise segment is estimated to account for a major market share during the forecast period

In terms of organization sizes, the market is fragmented into large enterprises and small & medium-sized enterprises. The large enterprise segment is estimated to account for a major market share during the forecast period. Large firms typically have more funding and resources, which increases their vulnerability to cyber threats.

With the help of advanced technologies, major companies are working with private software vendors to create new antivirus. The small & medium enterprise segment is projected to expand at a high CAGR during the forecast period. Small & medium-sized businesses are prime targets for hackers because roughly two-thirds of them lack a data protection plan. Approximately 58% of SMEs' management believes their company is not at risk.

Transportation segment is anticipated to hold a major market share during the forecast period

On the basis of end-users, the market is segregated into power grid, transportation, chemicals & manufacturing, utilities, and others. The transportation segment is anticipated to hold a major market share during the forecast period. Transportation includes railways, aviation, automobiles & motor carriers, and maritime transportation. As the risk of cyberattacks rises, interconnected digital systems are becoming the new standard in the transportation industry. A study found that the frequency of weekly ransomware attacks on the transportation sector increased by 186% between June 2020 and June 2021.

North America is anticipated to dominate the market during the forecast period

On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Growth of the market in the region is attributed to the presence of key players such as IBM Corporation, Dell, Inc., Microsoft, and Fireeye.

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