Industrial Cybersecurity Market to Reach $49.53 Billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Jan 17, 2023, 08:00 ET

REDDING, Calif., Jan. 17, 2023 /PRNewswire/ -- According to a new market research report titled, "Industrial Cybersecurity Market by Component (Solutions, Services), Security Type (Endpoint Security, Network Security), End User (Industrial Manufacturing, Transportation & Logistics) and Geography - Global Forecast to 2030", the global industrial cybersecurity market is expected to grow at a CAGR of 14.8% from 2023 to 2030 to reach $49.53 billion by 2030.

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With rapid digital transformation across various industries, the increasing volume of data gathered through connected devices, the widespread availability of high-speed broadband networks, and the emergence of advanced technologies have simultaneously increased the risk of cyberattacks. Several established organizations across the globe are facing an urgent need to continually ramp up and improve their cybersecurity capabilities. Advanced technologies and updated cloud, IoT, 5G, and conversational interfaces have pushed the end users to deploy cutting-edge security technologies like industrial cybersecurity solutions.

The industrial cybersecurity market is expected to witness strong growth in the coming years due to the emergence of disruptive digital technologies across industry verticals, the increasing demand for advanced cybersecurity solutions & privacy, and an increased frequency & complexity of cyber threats.

Growing need for cloud-based security solutions among SMEs expected to create strong growth opportunities during the forecast period

The digital transformation trend is not limited only to large enterprises; small and medium-sized enterprises are also transitioning to digital technologies. Small and medium-sized enterprises (SMEs) are also increasingly becoming cybercrime targets. With the rising adoption of connected devices in the industrial sector, the demand for cloud-based solutions is also rising as these solutions provide the convenience of storing files on the cloud and accessing or retrieving them through any connected device.

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Cloud-based security solutions protect online data from theft, deletion, and leakage. Cloud security includes penetration testing, firewalls, tokenization, and virtual private networks (VPN). Besides, the advantages of cloud security solutions, such as threat detection, powerful policy enforcement, and flexible architecture, are also driving their adoption. Small & medium-sized enterprises are also adopting IoT technology and policies such as BYOD (bring your own device). These factors have boosted the adoption of cloud services, driving the need for advanced cloud security solutions among small and medium-sized enterprises. There has been a significant increase in cyberattacks on SMEs, compelling them to incorporate industrial cybersecurity solutions.

Market players are collaborating with various organizations to provide enhanced cloud-based security solutions. For instance, in 2022, DE-CIX (Malaysia) partnered with BasicBrix Cloud Pte Ltd. (Singapore) to provide cloud computing and offer a wide range of cost-effective, secure cloud and infrastructure services to Malaysian SMEs. Also, in 2022, Vodafone Group plc (U.K.) partnered with Accenture PLC (Ireland) to deliver managed security services to small & medium-sized enterprises and national corporate customers in Germany. Thus, SMEs are adopting advanced cloud-based security solutions for protection against cyberattacks and improved cybersecurity. These factors are expected to create growth opportunities for the players operating in the industrial cybersecurity market.

Based on component, the global industrial cybersecurity market is segmented into solutions and services. In 2023, the solutions segment is expected to account for the largest share of the overall industrial cybersecurity market. Factors such as increasing concerns regarding data security and privacy and the consistent efforts by shareholders in the industrial sector to improve efficiency, reduce costs, and increase security are expected to drive the growth of this segment.

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Based on security type, the global industrial cybersecurity market is segmented into network security, application security, cloud security, endpoint security, and other security types. In 2023, the endpoint security segment is expected to account for the largest share of the overall industrial cybersecurity market. The growth of this segment is attributed to the exponential rise in the number of endpoint devices and rising demand for endpoint security solutions to secure various enterprise networks.

Based on deployment mode, the global industrial cybersecurity market is segmented into on-premise deployment and cloud-based deployment. In 2023, the cloud-based deployment segment accounted for the largest share of the industrial cybersecurity market. The large market share of this segment is attributed to the rapid evolution of new avenues for cloud-based deployments, the superior flexibility & affordability offered by cloud-based deployments, and the increasing incorporation of cloud-based solutions among small and medium-sized enterprises.

Based on end user, the global industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other end users. In 2023, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market. The growth of this segment is attributed to the rising demand for real-time security monitoring from manufacturers, growing cybersecurity incidents, and the increasing use of smart devices.

Based on geography, North America is expected to account for the largest share of the industrial cybersecurity market in 2023. The large market share of this segment is attributed to the increasing government initiatives, growing advanced technologies in the region, and rising cyber-attacks in the industrial sector.

Some of the key players operating in the smart energy management market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), Mandiant, Inc. (U.S.), Broadcom, Inc. (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), Cyberark Software Ltd. (U.S.), and RSA Security LLC (U.S.).

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Scope of the Report

Industrial Cybersecurity Market by Component

Solution

Encryption
Data Loss Prevention
Unified Threat Management
Firewalls
Antivirus/Antimalware
Intrusion Detection/Prevention Systems
Security & Vulnerability Management
Disaster Recovery
Web Filtering
Identity & Access Management
Risk & Compliance Management
DDS Management

Service

Professional Services
Managed Services

Industrial Cybersecurity Market by Security Type

Network Security
Application Security
Cloud Security
Endpoint Security
Other Security Types

Industrial Cybersecurity Market by Deployment Mode

On-premise Deployment
Cloud-based Deployment

Market by End User

Industrial Manufacturing

Automotive
Aerospace & Defense
Electronics & Electrical
Chemicals
Heavy Metals & Machinery
FMCG
Other Manufacturing Industries

Energy & Utilities
Transportation & Logistics
Other End Users

Industrial Cybersecurity Market by Geography

North America

U.S.
Canada

Europe

U.K.
Germany
France
Italy
Spain
Rest of Europe

Asia-Pacific

China
South Korea
India
Japan
Taiwan
Singapore
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

The Middle East and Africa

Israel
UAE
Rest of MEA

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Related Report:

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