Industrial Cybersecurity Market by Security Types (Wireless Security, Cloud Security, Application Security, Endpoint Security, Network Security, and Others), Offerings (Solutions & Services and Products), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), End-users (Power Grid, Transportation, Chemicals & Manufacturing, Utilities, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030
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.
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 28th 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.
Attributes |
Details |
Report Title |
Industrial Cyber Security Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2021 |
Historic Data |
2019–2020 |
Forecast Period |
2022 – 2030 |
Segmentation |
Security Types (Wireless Security, Cloud Security, Application Security, Endpoint Security, Network Security, and Others), Offerings (Solutions & Services and Products), Organization Size (Large Enterprises and Small & Medium-sized Enterprises), End-users (Power Grid, Transportation, Chemicals & Manufacturing, Utilities, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
IBM; Honeywell International; Dell Inc.; ABB Ltd.; Schneider Electric; Siemens AG; CISCO; Rockwell Automation; Microsoft Corporation; McAfee, Corp.; Symantec Corporation; and FireEye, Inc. |
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.
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Industrial Cybersecurity Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Industrial Cybersecurity Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Industrial Cybersecurity Market - Supply Chain
4.5. Global Industrial Cybersecurity Market Forecast
4.5.1. Industrial Cybersecurity Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Industrial Cybersecurity Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Industrial Cybersecurity Market Absolute $ Opportunity
5. Global Industrial Cybersecurity Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Industrial Cybersecurity Market Size and Volume Forecast by End Users
5.3.1. Power Grid
5.3.2. Transportation
5.3.3. Chemicals & Manufacturing
5.3.4. Utilities
5.3.5. Others
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Industrial Cybersecurity Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Industrial Cybersecurity Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Industrial Cybersecurity Demand Share Forecast, 2019-2026
7. North America Industrial Cybersecurity Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Industrial Cybersecurity Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Industrial Cybersecurity Market Size and Volume Forecast by End Users
7.4.1. Power Grid
7.4.2. Transportation
7.4.3. Chemicals & Manufacturing
7.4.4. Utilities
7.4.5. Others
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Industrial Cybersecurity Demand Share Forecast, 2019-2026
8. Latin America Industrial Cybersecurity Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Industrial Cybersecurity Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Industrial Cybersecurity Market Size and Volume Forecast by End Users
8.4.1. Power Grid
8.4.2. Transportation
8.4.3. Chemicals & Manufacturing
8.4.4. Utilities
8.4.5. Others
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Industrial Cybersecurity Demand Share Forecast, 2019-2026
9. Europe Industrial Cybersecurity Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Industrial Cybersecurity Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Industrial Cybersecurity Market Size and Volume Forecast by End Users
9.4.1. Power Grid
9.4.2. Transportation
9.4.3. Chemicals & Manufacturing
9.4.4. Utilities
9.4.5. Others
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Industrial Cybersecurity Demand Share Forecast, 2019-2026
10. Asia Pacific Industrial Cybersecurity Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Industrial Cybersecurity Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Industrial Cybersecurity Market Size and Volume Forecast by End Users
10.4.1. Power Grid
10.4.2. Transportation
10.4.3. Chemicals & Manufacturing
10.4.4. Utilities
10.4.5. Others
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Industrial Cybersecurity Demand Share Forecast, 2019-2026
11. Middle East & Africa Industrial Cybersecurity Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Industrial Cybersecurity Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Industrial Cybersecurity Market Size and Volume Forecast by End Users
11.4.1. Power Grid
11.4.2. Transportation
11.4.3. Chemicals & Manufacturing
11.4.4. Utilities
11.4.5. Others
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Industrial Cybersecurity Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Industrial Cybersecurity Market: Market Share Analysis
12.2. Industrial Cybersecurity Distributors and Customers
12.3. Industrial Cybersecurity Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. IBM
12.4.2. Honeywell International
12.4.3. Dell Inc.
12.4.4. ABB Ltd.
12.4.5. Schneider Electric
12.4.6. Siemens AG
12.4.7. CISCO
12.4.8. Rockwell Automation