Industrial Cyber Security Market Research Report - Global Forecast to 2032

Industrial Cyber Security Market Research Report Information By Product (Gateway, Routers and Ethernet Switches), By Solutions (Antivirus, Firewall, DDOS, Data Loss Prevention (DLP) and SCADA), By Organization Size (Large & SME’s), By Industries (Manufacturing, Transportation, Power Grid, Oil & Gas) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/ICT/2999-CR | 100 Pages | Author: Shubham Munde | April 2023         

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Industrial Cyber Security Market Overview


Industrial Cyber Security Market Size was valued at USD 15.1 billion in 2022. The industrial cyber security market is projected to grow from USD 15.87 Billion in 2023 to USD 23.6266 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.10% during the forecast period (2023 - 2032).Increased integration security solutions with the cloud and Industrial robots powered by AI are becoming more widely used and are the key market drivers enhancing market growth.


Industrial Cyber Security Market


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Industrial Cyber Security Market Trends



  • Integrating security solutions with the cloud is driving the market growth


Integrating industrial cybersecurity solutions with cutting-edge cloud services is one of the market trends that is just starting to take off due to the enormous amounts of data and information being produced every day across all industries. Advanced cloud services are needed to track and analyze this data. The primary market participants are concentrating on creating and integrating cloud-based cybersecurity solutions for industrial control systems (ICS) and operational technology (OT) applications. The growing adoption of ICS-as-a-service in the cloud and industrial robots built on artificial intelligence platforms in manufacturing and industrial facilities is the main factor driving the market for industrial cybersecurity. Industrial robots have installed cybersecurity systems to protect them from cyberattacks and ensure smooth operation. According to the International Federation of Robotics, approximately 125.6 thousand industry robots were used in the automotive industry in 2018, 105.2 thousand in the electronics industry, and 43.6 thousand in the metal and mining industries worldwide. A report from the Robotic Industries Association (RIA) estimates that global shipments of industrial robots totaled about 422,000 units in 2018. The market for industrial cybersecurity is anticipated to grow during the forecast period due to the increase in the adoption of industrial robots.


The growing use of internet of things (IoT) solutions in industrial control systems and cloud security applications is the main factor driving the market size for industrial cybersecurity. The market is also anticipated to grow due to the increasing adoption of cutting-edge technologies across industries, including the 5G network, big data, and artificial intelligence (AI). The demand for cybersecurity solutions across industries is anticipated to increase as advanced solutions like firewalls, antivirus, intrusion detection systems (IDS), and others continue to rise.


The market for industrial cybersecurity is anticipated to grow due to key players increasing their investments in the development and introduction of advanced industrial cybersecurity solutions as well as an increase in cyberattacks. Firms like Broadcom Inc. CyberArk Software Ltd., Schneider Electric SE., and others have significantly invested in creating innovative solutions for various industries. Thus, driving the industrial cyber security market revenue.


Industrial Cyber Security Market Segment Insights


Industrial Cyber Security Product Insights


Based on products, the Industrial Cyber Security Market segmentation includes gateway, routers and ethernet switches. The gateway segment dominated the market; these gateways can offer industrial network asset management, tracking, visibility, and real-time threat monitoring. The ICS-P570, the Gateway from Fives, the Unidirectional Security Gateway from Waterfall, and other industrial cybersecurity solutions are all available. These gateways have essential hardware components that make safe IT/OT integration, secure remote access, and real-time industrial network monitoring possible.


Industrial Cyber Security Solutions Insights


Based on solutions, the Industrial Cyber Security Market segmentation includes Antivirus, firewall, DDOS, Data loss Prevention (DLP) and SCADA. The data loss prevention (DLP) category generated the most income. Due to the massive amounts of personal customer data that telecom companies gather and maintain; organized cybercriminal gangs view them as high-value targets. The growing use of 5G telecom networks for various IoT devices, industrial automation, and driverless cars will fuel the demand for cybersecurity solutions, creating new security concerns.


Industrial Cyber Security Organization Size Insights


Based on organization size, the Industrial Cyber Security Market segmentation includes Large & SMEs. The SMEs segment dominated the market; Due to financial limitations, small and medium-sized businesses are more vulnerable to cyberattacks with a low level of security. Furthermore, inadequate security policies and employee skills are major causes of the rise in cyberattacks against SMEs. The adoption in SMEs is expected to be driven by the growing need to reduce operational and data breach costs and secure IT assets. Due to their increased investment in IT infrastructure, large enterprises held the largest market share in 2022. Due to their extensive data storage, large businesses are implementing AI and ML-based security solutions to automate their security platforms. In addition, large businesses have a variety of networks, servers, storage devices, and endpoints, which puts them at a high risk of suffering sizable financial losses in the event of a cyberattack. Another factor anticipated to fuel demand in this market segment is that many businesses are adopting hybrid working models, which increase the security risk for large enterprises when using anonymous networks and personal devices.


Figure 1: Industrial Cyber Security Market, by Organization Size, 2022 & 2032 (USD billion)


Industrial Cyber Security Market, by Organization Size, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Industrial Cyber Security Industries Insights


Based on industries, the Industrial Cyber Security Market segmentation includes manufacturing, transportation, power grid, and oil & gas. The power grid segment dominated the market, increasing their cybersecurity knowledge to defend their industrial systems from rapidly evolving cyber threats. Monitoring power system operations, maintaining the balance between power generation and production, and quickly and effectively restoring services after outages are just a few of the challenges cybersecurity in the power industry helps with. With the increased use of renewable energy sources in power networks, monitoring systems have become more crucial.


Industrial Cyber Security Regional Insights


By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American industrial cyber security market area will dominate this market, The expansion of the North American market over the past few years has been facilitated by the early availability and adoption of new technologies. Additionally, the large global capital and IT market and their diverse range of businesses necessitate effective endpoint device management and security across untrusted networks. Such factors are pressuring major corporations and small and medium-sized businesses (SMEs) throughout the region to increase their spending on cybersecurity solutions, which is anticipated to support the expansion of the cybersecurity market.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 2: INDUSTRIAL CYBER SECURITY MARKET SHARE BY REGION 2022 (%)


INDUSTRIAL CYBER SECURITY MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe’s industrial cyber security market accounts for the second-largest market share. The main factors accelerating regional market share are the quick industrial digitalization and the uptake of IoT applications in manufacturing industries. Additionally, many businesses in Europe are investing in cybersecurity solutions to shield connected devices from hacker access, preventing data theft that is anticipated to spur business growth. Further, the German industrial cyber security market held the largest market share, and the UK industrial cyber security market was the fastest growing market in the European region.


The Asia-Pacific Industrial Cyber Security Market is expected to grow at the fastest CAGR from 2023 to 2032. Developing nations in the Asia Pacific region include China and India. These nations have many small and medium-sized businesses (SMEs), employing more than 70% of the workforce. Moreover, China’s industrial cyber security market held the largest market share, and the Indian industrial cyber security market was the fastest-growing market in the Asia-Pacific region.


Industrial Cyber Security Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development to expand their product lines, which will help the industrial cybersecurity market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The industrial cyber security industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.


Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the global industrial cyber security industry to benefit clients and increase the market sector. The industrial cyber security industry has offered some of the most significant medical advantages in recent years. Major players in the industrial cyber security market, including Schneider Electric (France), Rockwell Automation (US), Dell Inc, Bayshore Networks (US), ABB Ltd (Switzerland), Cisco Systems, Kaspersky Labs (Russia), IBM Corporation (US), Honeywell International Inc (US), and others, are attempting to increase market demand by investing in research and development operations.


Dell Inc, with offices in Hopkinton, Massachusetts and Round Rock, Texas, Dell EMC was formerly known as EMC Corporation until 2016. Dell EMC offers a variety of products and services that help businesses store, manage, protect, and analyze data, including data storage, information security, virtualization, analytics, and cloud computing. The target markets for Dell EMC span a variety of vertical markets and include both big businesses and small- and medium-sized enterprises. On April 6, 1986, the company's stock (traded as EMC Corporation) was listed on the SandP 500 index and the New York Stock Exchange.


IBM Corporation (US), To assist clients in finding solutions to their most pressing business problems, we combine all required technology and services, regardless of where those solutions originate. When clients pursue the digital transformation of the world's mission-critical businesses, IBM integrates technology and expertise, offering infrastructure, software (including market-leading Red Hat), and consulting services. We continued our history of sustainability leadership in 2021 when we declared a target of net-zero greenhouse gas emissions across all the nations where we do business by 2030.


Key Companies in the industrial cyber security market include



  • Schneider Electric (France)

  • Rockwell Automation (US)

  • Dell In

  • Bayshore Networks (US)

  • ABB Ltd (Switzerland)

  • Cisco Systems

  • Kaspersky Labs (Russia)

  • IBM Corporation (US)

  • Honeywell International Inc (US)


Industrial Cyber Security Industry Developments


March 2022 CyberX, a provider of infrastructure, operational technology, and industrial IoT solutions, was successfully acquired by Microsoft Corporation. By securing user IoT deployments, the acquisition helped the company increase adoption.


January 2022 Rockwell Automation acquired the Ohio-based company Kalypso. As a result of the acquisition, Rockwell created and provided a comprehensive array of security solutions for consulting, business process management, and enterprise technologies.


Industrial Cyber Security Market Segmentation


Industrial Cyber Security Product Outlook



  • Gateway

  • Routers

  • Ethernet switches


Industrial Cyber Security Solutions Outlook



  • Antivirus

  • Firewall

  • DDOS

  • Data Loss Prevention (DLP)

  • SCADA


Industrial Cyber Security Organization Size Outlook



  • Large

  • SME’s


Industrial Cyber Security Industries Outlook



  • Manufacturing

  • Transportation

  • Power grid

  • Oil & Gas


Industrial Cyber Security Regional Outlook



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 15.1 billion
Market Size 2023 USD 15.87 billion
Market Size 2032 USD 23.6266 billion
Compound Annual Growth Rate (CAGR) 5.10% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2019- 2021
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Solution, Organization Size, Industry and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Schneider Electric (France), Rockwell Automation (US), Dell Inc, Bayshore Networks (US), ABB Ltd (Switzerland), Cisco Systems, Kaspersky Labs (Russia), IBM Corporation (US), Honeywell International Inc (US)
Key Market Opportunities ·       Integrating Security Solutions with the Cloud
Key Market Dynamics ·       Industrial robots powered by AI are becoming more widely used,
 



Frequently Asked Questions (FAQ) :

The Industrial Cyber Security Market size was valued at USD 15.1 Billion in 2022.

The global market is projected to grow at a CAGR of 5.10% during 2023-2032.

North America had the largest share of the global market

The key players in the market are Schneider Electric (France), Rockwell Automation (US), Dell Inc, Bayshore Networks (US), ABB Ltd (Switzerland), Cisco Systems, Kaspersky Labs (Russia), IBM Corporation (US), Honeywell International Inc (US).

The gateway category dominated the market in 2022.

The Data loss Prevention (DLP) had the largest share in the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
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  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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