Industrial Cybersecurity Market Size - By Deployment Model (On-premises, Cloud), By Security (Network Security, Endpoint Security, Application Security, Cloud Security, Wireless Security), By Component, By End-user Industry & Forecast, 2024 - 2032

Industrial Cybersecurity Market Size

Industrial Cybersecurity Market size was valued at USD 19 billion in 2023 and is estimated to register a CAGR of over 8.5% between 2024 and 2032. The increasing occurrence and complexity of cyber threats are driving substantial growth in the market. With industries becoming more interconnected and reliant on digital technologies, the need to safeguard critical infrastructure against attacks has intensified. As per the UK Government's report, around 39% of businesses and 30% of charities in the UK encountered a cybersecurity breach or attack in 2022. This surge in demand for robust cybersecurity measures is propelling the market to new heights.
 

Industrial cybersecurity solutions play a pivotal role in safeguarding industries' IT infrastructure and networks. These solutions employ advanced technologies such as intrusion detection systems, firewalls, and encryption tools to detect & mitigate cyber threats. By ensuring secure access controls, real-time threat monitoring, and rapid incident response, these solutions prevent unauthorized access, data breaches & system disruptions. This proactive approach not only protects sensitive industrial data but also ensures uninterrupted operations, enhancing the overall productivity and reliability of industrial processes.
 

Budget constraints pose a significant challenge for many organizations aiming to enhance their industrial cybersecurity. Limited financial resources, particularly among Small- and Medium-sized Enterprises (SME), hinder the adoption of advanced cybersecurity solutions. These financial limitations often result in compromised security measures, leaving industrial systems vulnerable to cyber threats. Overcoming this challenge requires innovative cost-effective solutions, public-private partnerships & awareness programs to help organizations, especially SME, allocate resources efficiently and prioritize cybersecurity investments without draining their budgets.
 

Industrial Cybersecurity Market Trends

The surge in cybersecurity funding is propelling the industrial cybersecurity industry by providing resources for innovative solutions. For instance, in October 2023, SYN Ventures completed the initial funding phase of its specialized cybersecurity seed fund, amassing more than USD 75 million. This SYN Seed Fund will concentrate on backing groundbreaking and revolutionary solutions, emphasizing significant advancements rather than minor features.
 

The fund targets opportunities that reduce technology risks, bridge talent shortages, and facilitate the automation & improvement of security initiatives in the cybersecurity landscape. Hence, financial support nurtures startups and encourages collaboration, driving industry growth. This influx of funds fosters a more resilient and secure industrial cybersecurity landscape.
 

The escalating pace of digital transformation is driving significant growth in the industrial cybersecurity market. As industries increasingly adopt digital technologies and automation, the attack surface for cyber threats expands. This necessitates robust cybersecurity measures to protect interconnected systems and sensitive data. Organizations investing in digital transformation initiatives recognize the critical importance of cybersecurity, leading to increased demand for advanced solutions. This trend propels the market as businesses prioritize securing their digital infrastructures in the face of evolving cyber threats.
 

Industrial Cybersecurity Market Analysis

Based on deployment model, the market is divided into on-premises and cloud. In 2022, the on-premises segment held a market share of over 70%. Partnerships focusing on securing vessels and cyber endpoints are driving the on-premises deployment model adoption in the market. Collaborations between cybersecurity providers and maritime entities also enhance the protection of vessels and associated endpoints.
 

For instance, in September 2023, Dryad Global teamed up with BlackBerry to enhance vessel protection through advanced cybersecurity solutions. Dryad Global utilizes BlackBerry’s Cylance AI technology to elevate maritime cyber endpoint security. This collaboration aims to proactively identify malware, prevent cyberattacks, and optimize bandwidth & connectivity, ensuring a more robust defense against cyber threats for vessels operating in the maritime domain.
 

Based on security, the industrial cybersecurity market is categorized into network security, endpoint security, application security, cloud security, wireless security, and others. In 2023, the network security segment revenue held a market share of 30%. The need to prevent network breaches across industries is driving the network security segment growth. With the rise in cyber threats targeting various industries robust network security measures have become essential.
 

For instance, in October 2023, Kyndryl, an IT infrastructure services provider partnered with Palo Alto Networks to provide end-to-end network and cybersecurity services, including the launch of a new service offering, powered by Prisma SD-WAN for enterprises and Industry 4.0 customers.  Under this partnership, the companies’ combined Palo Alto Networks platform security capabilities with Kyndryl’s advanced?network security services?expertise to build and modernize mission-critical networking for customers across industries.
 

North America led the global industrial cybersecurity market with a major share of over 30% in 2023, due to rapid technological advancements in cybersecurity. Innovations in threat detection, AI-driven security solutions, and real-time monitoring technologies have bolstered defenses against evolving cyber threats. As industries adopt these advanced cybersecurity measures to protect critical infrastructure, the market in North America will expand. The continuous improvement in security technologies has also become a driving force, propelling the regional market forward.
 

Industrial Cybersecurity Market Share

Cisco Systems, Inc. and IBM Corporation stand as dominant players and hold over 5% of the industrial cybersecurity industry. Both companies leverage extensive experience and cutting-edge technologies, offering comprehensive solutions. Their strong global presence, innovative products, and strategic partnerships establish them as key competitors in this highly competitive industry.
 

Industrial Cybersecurity Market Companies

Major players operating in the industrial cybersecurity industry are:

• ABB Ltd.
• Cisco Systems, Inc.
• Honeywell International Inc.
• IBM Corporation
• Microsoft Corporation
• Rockwell Automation Inc.
• Schneider Electric SE
   

Industrial Cybersecurity Industry News

• In November 2022, Honeywell released its new operational technology (OT) cybersecurity solutions to help customers in defending the availability and safety of their industrial control systems and operations. The offerings including a new Advanced Monitoring and Incident Response (AMIR) dashboard and updated Cyber App Control, are designed to help organizations with 24/7 intelligent threat detection across the expanding attack surface of their industrial control systems (ICS).
   

The industrial cybersecurity market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2021 to 2032, for the following segments:

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Market, By Component

• Solutions
• Services

Market, By Deployment Model

• On-premises
• Cloud

Market, By Security

• Network Security
• Endpoint Security
• Application Security
• Cloud Security
• Wireless Security
• Others

Market, By End-user Industry

• Process
  • Oil & Gas
  • Chemical
  • Food & Beverages
  • Energy & Power
  • Others
• Discrete
  • Automotive
  • Electronics
  • Heavy Manufacturing
  • Packaging
  • Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of APAC 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA