Construction Cybersecurity Market Size

Construction Cybersecurity Market Size

Construction Cybersecurity Market was valued at USD 6.9 billion in 2023 and is projected to grow at a CAGR of over 18% from 2024 to 2032, owing to the increased digitalization in the construction industry. Companies operating in the industry are launching digital initiatives to transform the industry through adoption of digital technologies.

The construction industry is increasingly becoming a target for cyberattacks, such as ransomware, phishing, and data breaches. For instance, in October 2023, Simpson Manufacturing Company, a producer of wood and concrete construction products confirmed disruption in its Information Technology (IT) infrastructure and applications due to cybersecurity incident. The incident caused disruptions to parts of the company’s business operations. This growing risk drives the demand for cybersecurity solutions specifically tailored to protect construction firms from these threats.
 

Many construction companies, particularly smaller firms, are less aware of the importance of cybersecurity and the specific threats they face. This lack of awareness leads to underestimating the risks of cyberattacks and results in inadequate protection measures. Without proper education and training, employees may not recognize phishing attempts, social engineering, or other common attack methods, making the organization more vulnerable. Additionally, the cost of comprehensive cybersecurity solutions, including advanced threat detection, incident response, and continuous monitoring, may seem expensive for SME, hindering the growth of the market.