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Industrial Cybersecurity Market Trends

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

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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.

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.