Industrial Cybersecurity Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Industrial Cybersecurity Market
The industrial cybersecurity market size was valued at USD 15.84 billion in 2019, and the market is now projected to grow from USD 51.58 billion in 2032, exhibiting a CAGR of 8.9% during the forecast period of 2020-2032.
The COVID-19 has affected the industrial cybersecurity market growth by halting production lines, increasing unemployment levels and general slow economic growth. There is evidence of a change in the cybersecurity spend in industrial settings, with key players concentrating on new investments to recover market share locations. The worldwide IT spending is predicted to shrink by 2.7% but the cloud computing IaaS is other investment areas are expected to grow. These reinvestment strategies, therefore, have the intention of increasing the demand for industrial cybersecurity in so far as the pandemic is concerned. These trends are being used by governments and businesses alike to help find the way to the economic recovery.
The increased installation of industrial robots that use artificial intelligence (AI) is probably driving the need for industrial cybersecurity to mitigate cyber risks. The manufacturing and industrial sectors are now approaching the idea of ICS-as-a-service based on clouds. Global industrial robot shipment was approximately 422,000 units in 2018 and applied frequently in the automotive industry, electronics industry, and metals industry. These robots have complications that call for adequate security measures to operate efficiently. This has gradually pushed towards the forecast of the industrial cybersecurity market share.
Additionally, the integration of industrial cybersecurity solutions with advanced cloud services is a growing trend, driven by the increasing volume of data generated across industries. Cloud-based solutions are essential for monitoring and analyzing this vast amount of information. Key market players are focusing on developing cloud-driven cybersecurity for operational technology (OT) and industrial control systems (ICS). This integration helps enhance security and operational efficiency. The trend is expected to drive significant growth in the industrial cybersecurity market.
Comprehensive Analysis of Industrial Cybersecurity Market
The industrial cybersecurity market and machinery and equipment industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the machinery and equipment industry. These segmentations are methodically segregated by components, by security types and by industry. The component includes, Product, Software and Services. The security type includes, Network Security, Cloud Application Security, End-point Security, Internet Security and Others. The industry includes, Process Industry and Discrete Industry.
North America is expected to have the largest market share. This growth to a larger extent is attributed to some significant player in the region including CyberArk Software Ltd., Rockwell Automation, Inc., Cisco System, Inc. Moreover, the increasing investment by the leading companies to establish themselves in the global market will help in the development of the industrial cybersecurity market in North America. In the resolution of adopting highly developed cyber security solutions in various industrial sectors, the region is shielded against trade external volatility.
The top players in the market play a crucial role in the machinery and equipment industry assuring industrial prospectus growth and setting market standards. These players include, IBM Corporation (New York, United States), ABB Ltd. (Switzerland), Check Point Software Technologies Ltd. (Israel), Schneider Electric (Rueil-Malmaison, France), McAfee, LLC (Intel Security) (California, United States), Cisco Systems, Inc. (California, United States), Honeywell International Inc. (North Carolina, United States), Microsoft Corporation (Washington, United States), Siemens AG (Munich, Germany), Trend Micro, Inc. (Tokyo, Japan), Splunk Inc. (California, United States), Rockwell Automation, Inc. (Wisconsin, United States), Bayshore Networks, Inc. (North Carolina, United States), Broadcom Inc. (California, United States), Kaspersky Lab (Moscow, Russia), Dell Inc. (Texas, United States), Proofpoint, Inc. (California, United States), FireEye, Inc. (California, United States), Symantec Corporation (NortonLifeLock Inc.) (Arizona, United States) and Palo Alto Networks (California, United States). These market players provide a level-playing competitive landscape.
In June 2020, Microsoft Corporation finalised the acquisition of CYBERX, Industrial IoT, OT and industrial infrastructure solutions. The acquisition also helped the company to drive the IoT adoption and ensure customers’ IoT deployments.
Segmentation Table
Global Industrial Cybersecurity Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2020-2032
Growth Rate CAGR of 8.9% from 2020 to 2032
Historical Period 2018
Unit Value (USD Billion)
Segmentation By Component, Security Type, Industry, and Geography
By Component
Product
Software
Services
By Security Type
Network Security
Cloud Application Security
End-point Security
Internet Security
Others (Wireless Security, etc.)
By Industry
Process
Oil and Gas
Chemical
Food and Beverages
Energy and Power
Other (Water, etc.)
Discrete
Automotive
Electronics
Heavy Manufacturing
Packaging
Others (Aerospace and Defense, and etc.)
By Geography
North America (By Component; Security Type; Industry; and Country)
United States (By Discrete Industry)
Canada (By Discrete Industry)
Mexico (By Discrete Industry)
South America (By Component; Security Type; Industry; and Country)
Brazil (By Discrete Industry)
Argentina (By Discrete Industry)
Rest of South America
Europe (By Component; Security Type; Industry; and Country)
United Kingdom (By Discrete Industry)
Germany (By Discrete Industry)
France (By Discrete Industry)
Italy (By Discrete Industry)
Spain (By Discrete Industry)
Russia (By Discrete Industry)
Benelux (By Discrete Industry)
Nordics (By Discrete Industry)
Rest of Europe
The Middle East & Africa (By Component; Security Type; Industry; and Country)
Turkey (By Discrete Industry)
Israel (By Discrete Industry)
GCC (By Discrete Industry)
North Africa (By Discrete Industry)
South Africa (By Discrete Industry)
Rest of the Middle East & Africa
Asia Pacific (By Component; Security Type; Industry; and Country)
China (By Discrete Industry)
Japan (By Discrete Industry)
India (By Discrete Industry)
South Korea (By Discrete Industry)
ASEAN (By Discrete Industry)
Oceania (By Discrete Industry)
Rest of Asia Pacific