The global industrial cybersecurity market is expected to grow at a significant CAGR during the forecast period (2021-2027). Governments across the globe are increasing their investments in developing a framework for addressing cybersecurity in industrial settings. Digital technology now underpins the vital resources of a country’s economy. By compromising essential information with malware, spyware, and phishing, cyber threats can interrupt or destroy plant operations and IT systems. Phishing, brute-force assaults, and malware are the most common cyberattacks on utilities and manufacturing sectors. Governments across the globe are progressively allocating resources to combat security breaches and strengthen industrial cybersecurity.
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Furthermore, on February 14, 2017, the UK government established the National Cybersecurity Centre (NCSC), which would serve as a consolidated source of cybersecurity guidance and support. To secure their assets while enhancing efficiency and profitability, industrial authorities in the country are increasing their spending on security solutions such as antivirus, firewalls, and intrusion detection systems (IDS). Security software and equipment are also being heavily invested by businesses for the protection of vital infrastructures, data centres, and industrial control systems.
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The industrial cybersecurity market is growing owing to increased government support and increased spending by enterprises across the globe to combat cyberattack risks. Industrial units require sufficient room to set up and operate a large range of interconnected devices and products that function together. Industrial facilities are frequently located outside of cities, posing operational challenges. Industrial units, particularly in poor or rising economies sometimes lack basic infrastructure. As a result, there are times when delivering operational technology (OT) security is not practicable or possible. In such circumstances, cloud technology allows for OT security. As a result, cloud-based industrial control system (ICS)-as-a-service will become increasingly important in industrial regions where the physical deployment of cybersecurity for industrial control systems is not possible.
Market Coverage
- The market number available for – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered
- Regions Covered- Globally
- Competitive Landscape: IBM, Honeywell, CISCO, ABB Ltd., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Industrial Cybersecurity Market Report Segmentation
By Security Type
• Network Security
• Endpoint Security
• Application Security
By Component
• Hardware
• Software and Services
By End-User
• Process Industries
• Discrete Industries
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