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Industrial Cybersecurity Market Size

Report ID: GMI10583
Published Date: Aug 2024
Report Format: PDF

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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.

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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.

Industrial Cybersecurity Market Report Attributes
Report Attribute	Details
Base Year:	2023
Industrial Cybersecurity Market Size in 2023:	USD 19 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	8.5%
2032 Value Projection:	USD 39 Billion
Historical Data for:	2021 - 2023
No. of Pages:	260
Tables, Charts & Figures:	364
Segments covered:	Deployment Model, Security, Component, End-use Industry
Growth Drivers:	The rising frequency and complexity of cyber threats The increasing integration of industrial systems with the internet Growing shift towards cloud and edge computing Increasing digital transformation in industries Advancements in cybersecurity technologies
Pitfalls & Challenges:	Poor cybersecurity budget Complexity of OT environments

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

Industrial cybersecurity industry size was USD 19 billion in 2023 and will grow at 8.5% CAGR between 2024 and 2032, fueled by increasing frequency and sophistication of cyberattacks on critical infrastructure, such as energy grids and manufacturing systems.

The network security segment captured 30% of the industrial cybersecurity industry share in 2023, propelled by its critical role in protecting against cyber threats targeting industrial networks.

North America industrial cybersecurity industry registered 30% share in 2023, owing to its advanced infrastructure and high levels of investment in cybersecurity technologies.

Key players operating in the industrial cybersecurity industry are ABB Ltd., Cisco Systems, Inc., Honeywell International Inc., IBM Corporation, Microsoft Corporation, Rockwell Automation Inc., and Schneider Electric SE, among others.