Redding, California, July 21, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Industrial Cybersecurity Market by Component (Solution, Service), Type (Network Security, Cloud Security), Deployment Mode, Industry Vertical (Industrial Manufacturing, Energy & Utilities, Transportation) and Geography - Global Forecasts to 2029,’ the global industrial cybersecurity market is expected to reach $42.96 billion by 2029, growing at a CAGR of 14.2% during the forecast period of 2022–2029.
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The growth of this market is attributed to the emergence of disruptive digital technologies among different industries, increasing investment for fortifying digital infrastructure, reforms in regulations for industrial cybersecurity, and growing sophistication of data theft and authentication incidences. Additionally, the rising need for cloud-based security solutions among SMEs and leveraging artificial intelligence, machine learning, and blockchain technologies for cyber-defense is expected to offer significant growth opportunities for this market. However, the lack of trained professionals restrains the growth of this market to a certain extent.
Impact of COVID-19 on the Industrial Cybersecurity Market
Government bodies worldwide imposed restrictions during the COVID-19 pandemic, encouraging employees to work from home. The combat measures like complete lockdowns and quarantine have adversely impacted many industries, including a portion of the IT security industry.
The COVID-19 pandemic impacted the growth of the manufacturing industry as well. The impact of the COVID-19 outbreak on the industrial sector has been significant due to the impact on manufacturing operations. With the increasing adoption of advanced technologies, such as AI, machine learning, and IoT, manufacturing is becoming smarter through technology and connected devices. These trends increase the vulnerability of critical manufacturing with the growing number of ransomware attacks and reducing protective abilities. Industrial automation has increased the risk of cyber threats and attacks. The increase in malicious activities in the manufacturing industry results in unauthorized access to networks and increased vulnerability. Thus, the risk of cybersecurity increases in the manufacturing industry.
The pandemic hindered the growth of the industrial cybersecurity market to some extent. However, the demand for digital transformation among industries stayed elevated, thus helping the market to mitigate the impact of the pandemic. Government bodies and several organizations are also undertaking several relief steps to mitigate the negative impacts of the COVID-19 pandemic.
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The global industrial cybersecurity market is segmented by component (solution (encryption, data loss prevention, unified threat management, firewall, antivirus/antimalware, intrusion detection system/intrusion, prevention system, security and vulnerability management, disaster recovery, web filtering, identity & access management, risk & compliance management, DDS management) services (professional services, managed services)), security type (network security, application security, cloud security, endpoint security), deployment mode (on-premise, cloud-based), and industry vertical (industrial manufacturing (automotive, aerospace & defense, electronics & electrical, chemicals, heavy metals & machinery, FMCG, others) energy & utilities, transportation & logistics, other industries). the study also evaluates industry competitors and analyses the market at the country and regional levels.
Based on component, the global industrial cybersecurity market is segmented into solution and service. In 2022, the solution segment is expected to account for the largest share of the overall industrial cybersecurity market. The increasing adoption of advanced technologies across different industry verticals and the rising demand for cybersecurity solutions on critical industrial infrastructure are expected to drive the growth of this market. However, the service segment is projected to grow at the highest CAGR during the forecast period.
Based on type, the global industrial cybersecurity market is segmented into network security, application security, cloud security, and endpoint security. In 2022, the network security segment is expected to account for the largest share of the industrial cybersecurity market. The growth of this segment is attributed to the supportive regulatory framework of governments worldwide to promote the deployment of high-end cybersecurity solutions and the increasing adoption of cloud computing in the industrial sector. However, the cloud security segment is projected to grow at the highest CAGR during the forecast period. Could technology is incorporated into industries across different applications and provides the much-required flexibility and efficiency. Consequently, cloud security is expected to gain considerable momentum over the forecast period.
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Based on industry vertical, the global industrial cybersecurity market is segmented into industrial manufacturing, energy & utilities, transportation & logistics, and other industries. The industrial manufacturing segment is further sub-segmented into automotive, aerospace & defense, electronics & electrical, chemicals, heavy metals & machinery, FMCG, and others. In 2022, the industrial manufacturing segment is expected to account for the largest share of the overall industrial cybersecurity market. Thus, the growing investment in advanced technologies, increasing demand for cloud-based infrastructure across different industrial sectors, and rising inclination towards making manufacturing processes secure are the factors driving the market growth.
Based on geography, the global industrial cybersecurity market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2022, Asia-Pacific is expected to account for the largest share of the global industrial cybersecurity market. The region is also projected to grow at the highest CAGR during the forecast period. Factors such as government investment in smart factory infrastructures, the rising need for cybersecurity solutions in the manufacturing sector are driving the market growth, increasing deployment of automation across manufacturing units, the rising number of government initiatives for the adoption of cloud computing solutions, and the advent of Industry 4.0. are expected to boost the growth of the industrial cybersecurity market in Asia-Pacific.
The key players operating in the global industrial cybersecurity market are Fortinet, Inc. (U.S.), Cisco System, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Network, Inc. (U.S.), IBM Corporation (U.S.), Checkpoint Software Technologies Ltd. (Israel), F5, Inc. (U.S.), Splunk, Inc. (U.S.), FireEye (US.), Symantec (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Intel Corporation (U.S.), Imperva, Inc. (U.S.), CyberArk Software Ltd. (U.S.), 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
- Firewall
- Antivirus/Antimalware
- Intrusion Detection System/Intrusion Prevention System
- Security and 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
Industrial Cybersecurity Market by Deployment Mode
- On-premise
- Cloud-based
Industrial Cybersecurity Market by Industry Vertical
- Industrial Manufacturing
- Automotive
- Aerospace & Defense
- Electronics & Electrical
- Chemicals
- Heavy Metals & Machinery
- FMCG
- Others
- Energy & Utilities
- Transportation & Logistics
- Other Industries
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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