Industrial Cybersecurity Market by Component (Hardware, Services, Software Solutions), Security Layer (Application Security, Cloud Security, Endpoint Security), Deployment, End-User Industry - Global Forecast 2024-2030

Industrial Cybersecurity Market by Component (Hardware, Services, Software Solutions), Security Layer (Application Security, Cloud Security, Endpoint Security), Deployment, End-User Industry - Global Forecast 2024-2030

The Industrial Cybersecurity Market size was estimated at USD 18.14 billion in 2023 and expected to reach USD 19.34 billion in 2024, at a CAGR 6.92% to reach USD 28.99 billion by 2030.

Industrial cybersecurity involves a wide range of solutions and services designed to protect IT systems, OT networks, and critical infrastructure assets across various sectors. Key industries include manufacturing, energy & utilities, transportation, chemical & pharmaceuticals, healthcare, and government & defense. The expansion of the industrial cybersecurity market is driven by increasing automation levels across industries, adoption of Industry 4.0 concepts, and growing reliance on interconnected IT-OT systems. Rising awareness about cyber threats posed by insiders, nation-states, and non-state actors, escalating instances of data breaches targeting intellectual property theft, and business disruptions shaping the market growth. However, the industrial cybersecurity market faces challenges such as a significant skills gap due to a lack of professionals with domain expertise in relevant industries and strong technical knowledge of cybersecurity principles. Advancements in artificial intelligence (AI), machine learning (ML), big data analytics, cloud computing, the Industrial IoT, and blockchain technologies present significant opportunities for enhancing industrial security solutions. Integrating these technologies into existing cybersecurity frameworks can help detect anomalies more efficiently and improve system resilience through predictive maintenance strategies.

Regional Insights

In the American region, organizations are increasingly investing in industrial cybersecurity solutions due to growing cyber-attacks on critical infrastructure sectors such as energy, utilities, transportation, and manufacturing industries. The North American Electric Reliability Corporation has set guidelines for Critical Infrastructure Protection (CIP) that drive demand for robust security measures in these sectors. EU countries prioritize industrial cybersecurity with the implementation of regulations like the Network and Information Systems Directive and the General Data Protection Regulation. Similarly, the Middle Eastern market's growth is driven by increased investments in oil & gas infrastructure protection as well as initiatives like Qatar's National Cybersecurity Strategy. In the Asia-Pacific market for industrial cybersecurity, China is rapidly emerging as a global powerhouse with significant investments made toward strengthening its industrial cyber defenses.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Industrial Cybersecurity Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising instances of security breaches and cyberattacks in industries and changing threat landscape
Rapid digitalization of industrial operations with Industry 4.0 initiatives
Mandated regulatory compliance requirements such as GDPR and NERC-CIP

Market Restraints

Lack of awareness among small and medium-sized enterprises (SMEs) and limited availability of skilled workforce

Market Opportunities

Development of AI-based industrial cybersecurity solutions for superior performance
Introduction of cloud-based cybersecurity suites and products for easy deployment

Market Challenges

Increasing complexity and vulnerability of industrial control systems and problems with threat detection

Market Segmentation Analysis

Component: Increasing development of software solutions with digitalization of industries
Security Layer: Growing investments by businesses in network security
End-User Industry: Higher potential for industrial cybersecurity in energy & utility sector
Deployment: Higher inclination towards on-Cloud deployment due to lower upfront costs

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Cybersecurity Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Cybersecurity Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Industrial Cybersecurity Leader Dragos Raises an Additional USD 74 million in Series D Round Extension Funding Led by WestCap

Dragos, Inc. has recently announced a USD 74 million Series D extension, with WestCap leading the funding. Dragos plans to expand its reach to Western Europe, Japan, Singapore, Saudi Arabia, and the United Arab Emirates. This expansion makes ICS/OT cybersecurity more accessible worldwide.

Industrial Cybersecurity Innovator Opscura Receives USD 9.4 million in Series A Funding as Critical Operations Transform

Opscura Inc. has secured USD 9.4 million in funding to expand its operations and engage with partners and customers in the United States. Opscura's patented cloaking technology offers a unique solution to the challenges of securing operational technology (OT) Level 2 networks and Layer 2 data. This technology effectively obscures critical infrastructure without disrupting operations, significantly reducing the risk of ransomware, unauthorized access, and data theft.

ABB Launches Cyber Security Solution to Simplify and Improve Protection of Industrial Infrastructure

ABB has recently introduced the ABB Ability Cyber Security Workplace (CSWP) to strengthen the protection of vital industrial infrastructure. The CSWP simplifies the management of cyber security information, enabling engineers and operators to identify and resolve issues promptly. To effectively counter the rising ransomware attacks, there is a need to enhance the capacity of cyber security professionals.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Cybersecurity Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Industrial Cybersecurity Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alstom S.A., Amazon Web Services, Inc., Armis Inc., Baker Hughes Company, Incorporated, Bechtel Corporation, Broadcom Inc., Cisco Systems, Inc., Claroty Ltd., Continental AG, CyberArk Software Ltd., Dell Technologies Inc., Fortinet, Inc., Honeywell International Inc., Industrial Defender, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., QAwerk, Rockwell Automation, Inc., Schneider Electric SE, ScienceSoft USA Corporation, Siemens AG, and Vumetric Inc..

Market Segmentation & Coverage

This research report categorizes the Industrial Cybersecurity Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Services
Software Solutions
Security Layer
Application Security
Cloud Security
Endpoint Security
Network Security
Wireless Security
Deployment
Cloud
On-premise
End-User Industry
Chemical & Manufacturing
Energy & Utilities
Transportation System
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year