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Industrial Cybersecurity Market

"Industrial Cybersecurity Market Forecasts to 2028 – Global Analysis By Security Type (Application Security, Cloud Security, Data Security), Deployment Type (Cloud, On-Premise), Organization Size (Large, SMEs) and By Geography "

4.8 (64 reviews)
Published: May 2022 ID: SMRC21457
4.8 (64 reviews)
Published: May 2022 ID: SMRC21457

This report covers the impact of COVID-19 on this global market

According to Stratistics MRC, the Global Industrial Cybersecurity Market is accounted for $15.81 billion in 2021 and is expected to reach $22.41 billion by 2028 growing at a CAGR of 6.4% during the forecast period. Industrial Cybersecurity is defined as a pool of technologies, software, and services to protect several components of the industrial infrastructure, including Field Controllers, Remote Terminal Units (RTUs), Programmable Logic Controllers (PLCs), Safety Instrument Systems, Data Historian, Supervisory Control and Data Acquisition (SCADA ) servers, Human-Machine Interface (HMIs), Engineering Workstations, Network Connections, and people from external threats and disruptions without hindering the operational continuity and the consistency of industrial processes.

Market Dynamics:

Driver:

Increasing Implementation of AI-based Industrial Robots


Due to the rising adoption of cloud-based industrial Control Systems (ICS)-as-a-service and industrial robots based on artificial intelligence platforms, amid industrial and engineering plants. Cybersecurity solutions are installed across industrial robots to secure them from cyber-attacks and make them run smoothly. According to the International Federation of Robotics, there were around a thousand industry robots deployed across the automotive industry, a thousand deployed across the electronic industry, and a thousand deployed across the metal and mining industry worldwide. According to the Robotic Industries Association (RIA) report, in 2018, around 422,000 units of industry robots shipped globally. With the growth in the adoption of industrial robots, the market is expected to boost during the forecast period.

Restraint:

Lack of Awareness and lack of professionals


The majority of the end-users are unacquainted with its services in emerging countries across the Asia Pacific, Middle East, Africa, and South America. Besides, the lack of professionals to build and operate industrial cyber security solutions across the developing countries, where cyber-attacks are increasing is expected to hamper the growth of the market. With the advancement of technologies, new threats have been created by security hackers. These new threats are quite complicated for traditional cyber security solutions to identify and mitigate.

Opportunity:

Stringent Releasing Rules and Regulations for Security of Industrial Control Systems


Several government organizations such as the Industrial Control Systems Cyber Emergency Response Team (ICS-CERT) and the National Institute of Standards and Technology (NIST) are continuously releasing security guidelines, rules and regulations, and standards for the security of industrial control systems. NIST has also introduced many security standards and guidelines that are commonly used to secure traditional IT systems. Some most prominent security standards applicable for industrial control systems are the ISA/IEC 62443 and the NIST SP 800-82. NCCIC and ICS-CERT save control system environments from emerging cyber threats. The Department of Homeland Security (DHS) and ICS-CERT has incorporated the Industrial Control Systems Joint Working Group (ICSJWG) to enable information sharing and reduce threats related to industrial systems.

Threat:

Lack of Consciousness & Criticality of Cyber Security


The industrial sector implements modern security technologies to prevent cyberattacks, but attackers develop new techniques and procedures to infiltrate these technologies. Investments in security defence and detection technologies help develop effective defence strategies; however, human errors are one of the key reasons for most breaches. These errors take place due to the lack of awareness among employees, which is putting the industrial sector at risk. Advanced cyber threats that are diverse in nature target particular vulnerabilities in networks and use these vulnerabilities to get an entry into enterprise networks. Advanced cyber threats have significantly increased over the last few years and have become a major security concern for the industrial sector. Additionally to implementing appropriate hardware and software-based protection tools, employee training should also be considered equally critical to completely secure industrial facilities from cyberattacks or cyber threats. Every employee who is a part of an organization poses a threat to the security in case of non-awareness of the associated risks. This makes cybersecurity training a critical factor for professionals to understand, identify, and avoid future threats before escalation. Training will also allow the workforce to practice safe business duties at the workplace. The figure provided below indicates some most sophisticated attacks on the ICS network.

Energy and Power segment is expected to be the largest during the forecast period

The energy and power industry is the most vulnerable to cyber-attacks, and as a result, it will account for the largest market share throughout the projection period. Increased digitalization in the energy and power sector has resulted in numerous economic benefits, including increased efficiency in energy usage reduction, faster processing, and so on.

The cloud security segment is expected to have the highest CAGR during the forecast period

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.

Region with highest share:

The Asia Pacific is projected to hold the highest market share. 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 cyber security solutions and services to customers from the manufacturing, transportation, and energy industries. Additionally, 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.

Region with highest CAGR:

North America is projected to have the highest CAGR. As the province is a fast-growing market in the advancements in technology. The operations of manufacturing and also the infrastructure. The innovative technologies of the early adopter and the home to a larger number of the providers of solutions have seen the growth of the market in this province. The province has also been expected to grow in the coming years and is expected to further grow in the next few years too in North America.

Key players in the market:

Some of the key players profiled in the Industrial Cybersecurity Market include ABB Group, Broadcom, Inc., Cisco Systems, Inc., Dell, Honeywell International, Inc., IBM Corporation, Kaspersky Lab, McAfee, Microsoft Corporation, Palo Alto Networks, Inc., Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Startup Ecosystem, Symantec.

Key developments:

In February 2020: Cisco System, Inc. acquired Exablaze, an Australian based developer and manufacturer of advanced network devices. This acquisition assists the companies to improve the performance of security networks.

In June 2020: Broadcom Inc. launched BizOps, an advanced decision-making framework for industries. This solution would assist organizations in accelerating the decision-making process across numerous commercial and technology domains.

In February 2020: Rockwell Automation, Inc. completed acquisition of Kalypso, an Ohio-based company. The acquisition assisted Rockwell to develop and offer a full suite of security solutions across consulting, business process management, and enterprise technologies.

Security Types Covered: 
• Application Security
• Cloud Security
• Data Security
• Endpoint Security
• Network Security
• Wireless Security

Deployment Types Covered:
• Cloud
• On-Premise 

Organization Sizes Covered:
• Large
• Small and Medium-Sized Enterprises (SMEs)
 
Products Covered:
• Ethernet Switches
• Gateway
• Router

Solution & Services Covered:
• Solutions
• Services

Components Covered:
• Hardware
• Software

End Users Covered:
• Aerospace and Defense
• Automotive
• Banking, Financial Services and Insurance (BFSI)
• Chemicals & Manufacturing
• Defense/Government
• Electronics & Electrical
• Energy and Power
• Food and Beverages
• Healthcare
• Information & Technology & Telecom
• Oil and Gas
• Retail
• Transportation
• Utilities
• Water & Wastewater Treatment

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan       
o China       
o India       
o Australia 
o New Zealand
o South Korea
o Rest of Asia Pacific   
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

1 Executive Summary    
     
2 Preface    

 2.1 Abstract   
 2.2 Stake Holders   
 2.3 Research Scope   
 2.4 Research Methodology   
  2.4.1 Data Mining  
  2.4.2 Data Analysis  
  2.4.3 Data Validation  
  2.4.4 Research Approach  
 2.5 Research Sources   
  2.5.1 Primary Research Sources  
  2.5.2 Secondary Research Sources  
  2.5.3 Assumptions  
     
3 Market Trend Analysis    
 3.1 Introduction   
 3.2 Drivers   
 3.3 Restraints   
 3.4 Opportunities   
 3.5 Threats   
 3.6 Product Analysis   
 3.7 End User Analysis   
 3.8 Emerging Markets   
 3.9 Impact of Covid-19   
     
4 Porters Five Force Analysis    
 4.1 Bargaining power of suppliers   
 4.2 Bargaining power of buyers   
 4.3 Threat of substitutes   
 4.4 Threat of new entrants   
 4.5 Competitive rivalry   
     
5 Global Industrial Cybersecurity Market, By Security Type    

 5.1 Introduction   
 5.2 Application Security
 5.3 Cloud Security
 5.4 Data Security
 5.5 Endpoint Security
 5.6 Network Security   
 5.7 Wireless Security
     
6 Global Industrial Cybersecurity Market, By Deployment Type    

 6.1 Introduction   
 6.2 Cloud   
 6.3 On-Premise   
     
7 Global Industrial Cybersecurity Market, By Organization Size    
 7.1 Introduction   
 7.2 Large   
 7.3 Small and Medium-Sized Enterprises (SMEs)   
     
8 Global Industrial Cybersecurity Market, By Product    
 8.1 Introduction   
 8.2 Ethernet Switches   
 8.3 Gateway   
 8.4 Router   
     
9 Global Industrial Cybersecurity Market, By Solution & Services    
 9.1 Introduction   
 9.2 Solutions   
  9.2.1 Firewall, Antivirus  
  9.2.2 SCADA (Supervisory Control and Data Acquisition) Encryption  
  9.2.3 Security Information and Event Management (SIEM)  
  9.2.4 Unified Threat Management (UTM)  
  9.2.5 Data Loss Prevention (DLP)  
  9.2.6 Identity and Access Management (IAM)  
  9.2.7 Distributed Denial of Service (DDOS)  
  9.2.8 Intrusion Detection System/Intrusion Prevention System  
  9.2.9 Virtualization Security  
 9.3 Services   
  9.3.1 Professional Services  
  9.3.2 Managed Services  
     
10 Global Industrial Cybersecurity Market, By Component    
 10.1 Introduction   
 10.2 Hardware   
 10.3 Software   
     
11 Global Industrial Cybersecurity Market, By End User    
 11.1 Introduction   
 11.2 Aerospace and Defense   
 11.3 Automotive   
 11.4 Banking, Financial Services and Insurance (BFSI)   
 11.5 Chemicals & Manufacturing   
 11.6 Defense/Government   
 11.7 Electronics & Electrical   
 11.8 Energy and Power   
 11.9 Food and Beverages   
 11.10 Healthcare   
 11.11 Information & Technology & Telecom   
 11.12 Oil and Gas   
 11.13 Retail   
 11.14 Transportation   
 11.15 Utilities   
 11.16 Water & Wastewater Treatment   
     
12 Global Industrial Cybersecurity Market, By Geography    

 12.1 Introduction   
 12.2 North America   
  12.2.1 US  
  12.2.2 Canada  
  12.2.3 Mexico  
 12.3 Europe   
  12.3.1 Germany  
  12.3.2 UK  
  12.3.3 Italy  
  12.3.4 France  
  12.3.5 Spain  
  12.3.6 Rest of Europe  
 12.4 Asia Pacific   
  12.4.1 Japan  
  12.4.2 China  
  12.4.3 India  
  12.4.4 Australia  
  12.4.5 New Zealand  
  12.4.6 South Korea  
  12.4.7 Rest of Asia Pacific  
 12.5 South America   
  12.5.1 Argentina  
  12.5.2 Brazil  
  12.5.3 Chile  
  12.5.4 Rest of South America  
 12.6 Middle East & Africa   
  12.6.1 Saudi Arabia  
  12.6.2 UAE  
  12.6.3 Qatar  
  12.6.4 South Africa  
  12.6.5 Rest of Middle East & Africa  
     
13 Key Developments    
 13.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 13.2 Acquisitions & Mergers   
 13.3 New Product Launch   
 13.4 Expansions   
 13.5 Other Key Strategies   
     
14 Company Profiling    

 14.1 ABB Group   
 14.2 Broadcom, Inc.   
 14.3 Cisco Systems, Inc.   
 14.4 Dell   
 14.5 Honeywell International, Inc.   
 14.6 IBM Corporation   
 14.7 Kaspersky Lab   
 14.8 McAfee   
 14.9 Microsoft Corporation   
 14.10 Palo Alto Networks, Inc.   
 14.11 Rockwell Automation, Inc.   
 14.12 Schneider Electric SE   
 14.13 Siemens AG   
 14.14 Startup Ecosystem   
 14.15 Symantec   


List of Tables     
1 Global Industrial Cybersecurity Market Outlook, By Region (2020-2028) (US $MN)     
2 Global Industrial Cybersecurity Market Outlook, By Security Type (2020-2028) (US $MN)     
3 Global Industrial Cybersecurity Market Outlook, By Application Security (2020-2028) (US $MN)     
4 Global Industrial Cybersecurity Market Outlook, By Cloud Security (2020-2028) (US $MN)     
5 Global Industrial Cybersecurity Market Outlook, By Data Security (2020-2028) (US $MN)     
6 Global Industrial Cybersecurity Market Outlook, By Endpoint Security (2020-2028) (US $MN)     
7 Global Industrial Cybersecurity Market Outlook, By Network Security (2020-2028) (US $MN)     
8 Global Industrial Cybersecurity Market Outlook, By Wireless Security (2020-2028) (US $MN)     
9 Global Industrial Cybersecurity Market Outlook, By Deployment Type (2020-2028) (US $MN)     
10 Global Industrial Cybersecurity Market Outlook, By Cloud (2020-2028) (US $MN)     
11 Global Industrial Cybersecurity Market Outlook, By On-Premise (2020-2028) (US $MN)     
12 Global Industrial Cybersecurity Market Outlook, By Organization Size (2020-2028) (US $MN)     
13 Global Industrial Cybersecurity Market Outlook, By Large (2020-2028) (US $MN)     
14 Global Industrial Cybersecurity Market Outlook, By Small and Medium-Sized Enterprises (SMEs) (2020-2028) (US $MN)     
15 Global Industrial Cybersecurity Market Outlook, By Product (2020-2028) (US $MN)     
16 Global Industrial Cybersecurity Market Outlook, By Ethernet Switches (2020-2028) (US $MN)     
17 Global Industrial Cybersecurity Market Outlook, By Gateway (2020-2028) (US $MN)     
18 Global Industrial Cybersecurity Market Outlook, By Router (2020-2028) (US $MN)     
19 Global Industrial Cybersecurity Market Outlook, By Solution & Services (2020-2028) (US $MN)     
20 Global Industrial Cybersecurity Market Outlook, By Solutions (2020-2028) (US $MN)     
21 Global Industrial Cybersecurity Market Outlook, By Firewall, Antivirus (2020-2028) (US $MN)     
22 Global Industrial Cybersecurity Market Outlook, By SCADA (Supervisory Control and Data Acquisition) Encryption (2020-2028) (US $MN)      
23 Global Industrial Cybersecurity Market Outlook, By Security Information and Event Management (SIEM) (2020-2028) (US $MN)     
24 Global Industrial Cybersecurity Market Outlook, By Unified Threat Management (UTM) (2020-2028) (US $MN)     
25 Global Industrial Cybersecurity Market Outlook, By Data Loss Prevention (DLP) (2020-2028) (US $MN)     
26 Global Industrial Cybersecurity Market Outlook, By Identity and Access Management (IAM) (2020-2028) (US $MN)     
27 Global Industrial Cybersecurity Market Outlook, By Distributed Denial of Service (DDOS) (2020-2028) (US $MN)     
28 Global Industrial Cybersecurity Market Outlook, By Intrusion Detection System/Intrusion Prevention System (2020-2028) (US $MN)     
29 Global Industrial Cybersecurity Market Outlook, By Virtualization Security (2020-2028) (US $MN)     
30 Global Industrial Cybersecurity Market Outlook, By Services (2020-2028) (US $MN)     
31 Global Industrial Cybersecurity Market Outlook, By Professional Services (2020-2028) (US $MN)      
32 Global Industrial Cybersecurity Market Outlook, By Managed Services (2020-2028) (US $MN)     
33 Global Industrial Cybersecurity Market Outlook, By Component (2020-2028) (US $MN)     
34 Global Industrial Cybersecurity Market Outlook, By Hardware (2020-2028) (US $MN)     
35 Global Industrial Cybersecurity Market Outlook, By Software (2020-2028) (US $MN)     
36 Global Industrial Cybersecurity Market Outlook, By End User (2020-2028) (US $MN)     
37 Global Industrial Cybersecurity Market Outlook, By Aerospace and Defense (2020-2028) (US $MN)     
38 Global Industrial Cybersecurity Market Outlook, By Automotive (2020-2028) (US $MN)     
39 Global Industrial Cybersecurity Market Outlook, By Banking, Financial Services and Insurance (BFSI) (2020-2028) (US $MN)     
40 Global Industrial Cybersecurity Market Outlook, By Chemicals & Manufacturing (2020-2028) (US $MN)     
41 Global Industrial Cybersecurity Market Outlook, By Defense/Government (2020-2028) (US $MN)     
42 Global Industrial Cybersecurity Market Outlook, By Electronics & Electrical (2020-2028) (US $MN)     
43 Global Industrial Cybersecurity Market Outlook, By Energy and Power (2020-2028) (US $MN)     
44 Global Industrial Cybersecurity Market Outlook, By Food and Beverages (2020-2028) (US $MN)     
45 Global Industrial Cybersecurity Market Outlook, By Healthcare (2020-2028) (US $MN)     
46 Global Industrial Cybersecurity Market Outlook, By Information & Technology & Telecom (2020-2028) (US $MN)     
47 Global Industrial Cybersecurity Market Outlook, By Oil and Gas (2020-2028) (US $MN)     
48 Global Industrial Cybersecurity Market Outlook, By Retail (2020-2028) (US $MN)     
49 Global Industrial Cybersecurity Market Outlook, By Transportation (2020-2028) (US $MN)     
50 Global Industrial Cybersecurity Market Outlook, By Utilities (2020-2028) (US $MN)     
51 Global Industrial Cybersecurity Market Outlook, By Water & Wastewater Treatment (2020-2028) (US $MN)     
     
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.    

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