Industrial Cybersecurity Market worth $20.1 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 1, 2022 /PRNewswire/ -- According to the new research report, the "Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities, Transportation, Chemicals & Manufacturing), and Region - Global Forecast to 2027", published by MarketsandMarkets™, the market size was valued at USD 16.2 billion in 2022 and was expected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027.
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The major factors driving the growth of industrial cybersecurity market are rising investments by governments and private organizations worldwide to create safe and secure industrial environment. However, several factors, such as lack of awareness about best practices and criticality of cybersecurity in industrial control systems can act as a key challenge in the market during the forecast period.
Cloud Security is projected to hold the highest market share in 2027
Cloud security consists of many policies, procedures, technologies, and controls that protect the cloud-based system, data, and infrastructure from cyber threats and ensure compliance with the standards. Cloud security can be configured according to business requirements; it reduces manual configurations and administration overheads. Manufacturing companies are moving their data and operations to cloud applications to gain efficiency and agility. With the rapid adoption of SaaS applications and other cloud-based services, the popularity of cloud security solutions has increased significantly. Cloud security addresses both physical and virtual security across different service models of software, platform, and infrastructure. It is mainly implemented in governance, data protection, data encryption, endpoint control, IDS/IPS, vulnerability scanning, and IAM applications.
Products will have the highest growth in coming years
Cyberattacks and threats against critical infrastructure have increased over the years due to the growing use of connected devices and IT systems. Instead of stealing data, digital attackers target to access industrial control systems, such as SCADA, DCS, and PLC, on which organizations rely for managing their industrial processes. Industries such as pharmaceuticals, oil & gas, manufacturing, and electric utilities use control systems. These systems are connected with a large number of sensors with the help of network infrastructure (either wired or wireless systems). Any alteration in control network infrastructure by infrastructure industries to meet their business needs might lead to an increase in cyberattacks.
The industrial cybersecurity market for products has been broadly segmented into gateways and networking devices. Gateways help prevent cyberattacks on SCADA systems by allowing them to connect with management information systems securely. Gateways help manage network user access by directly accessing the networks in the industrial zone. Furthermore, networking devices are further classified into routers and industrial Ethernet switches.
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Power is expected to hold the largest share in 2027
Power companies are increasingly adopting cybersecurity solutions and upgrading their cybersecurity capabilities to protect their industrial systems from rapidly evolving cyber threats. Cybersecurity in power companies helps in mitigating the challenges pertaining to aging grid infrastructure, monitoring power system operations, maintaining the balance between power generation and production, and providing fast and efficient ways to restore services after interruptions. The importance of monitoring systems has increased with the growing use of renewable sources in power grids.
APAC is attributed to grow at the highest CAGR in Industrial cybersecurity market during the forecast period (2022-2027)
Asia Pacific comprises emerging economies such as China and India. These countries have the presence of a large number of small and medium-sized enterprises (SMEs), which collectively account for the employment of more than 70% of the total population in the countries. These SMEs provide growth opportunities to the providers of industrial cybersecurity solutions and services to customers from the manufacturing, transportation, and energy industries. In the 2021 Union Budget, the Singaporean government announced an investment of USD 1.8 billion in economic strategies for the next four years. Some portion of this investment is also dedicated to the Cybersecurity Agency (CSA) of Singapore. However, the need for huge investment associated with the successful deployment of an industrial control system security project restricts SMEs from adopting strong security practices in their organizations. However, factors such as the increasing complexity of businesses, the growing trend of BYOD, as well as the rapid shift toward digitization and virtualization, are expected to encourage SMEs to adopt various industrial control solutions and services.
In 2020, the Industrial cybersecurity market was dominated by IBM Corporation (US), Honeywell International INC. (US), ABB Ltd. (Switzerland), CISCO (US), and Schneider Electric (France).
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