The industrial cybersecurity market is forecast to grow at a CAGR of 7.7%, from $20.7 billion in 2022 to $29.99 billion in 2027, according to a new report from Future Market Insights.
The pandemic threw the global economy into chaos in early 2020, causing unprecedented chaos and disruption for organizations and people around the world. The pandemic has resulted in the introduction of a work-from-home option for most employees, posing operational challenges for businesses.
“The Internet of Things has made it much easier to perform difficult activities and has made life easier for millions of people. It provides a new approach for contemporary businesses to manage, store and process data in the cloud and data centers,” he says. The report. He says.
“Customers, companies and communication service providers interact differently thanks to smart devices. They have made it possible to automate and adapt many company procedures. The increased use of smartphones around the world has resulted in an increase in the number of networked devices running on many platforms.”
According to the report, industrial business owners and their staff underestimate potential present and imminent risks in the industrial control system environment due to the relative paucity of targeted attacks against automation systems and the over-reliance on security measures. .
Synthetic attacks are protected by industrial control systems. As a result, security products and software solutions are developed without addressing new risks or the nature of future attacks, as well as a full analysis and examination of the current threat environment. As a result, real-world dangers are underestimated.
Modern security technologies are used in the industrial sector to prevent cyber attacks, but attackers create new strategies and processes to circumvent them. Investments in security defense and detection technologies aid in the development of successful defensive plans, however, one of the most common causes of breaches is human error.
“These errors occur as a result of employees’ lack of understanding, putting the industry sector at risk,” the report says.
“Advanced cyber attacks vary in design, but they always target specific network weaknesses and exploit them to gain access to company networks. Advanced cyber threats have increased dramatically in recent years, becoming a serious security issue. for the industrial sector.
Employee training should be considered equally important to properly safeguard industrial facilities from cyber-attacks or cyber-threats, in addition to adopting appropriate hardware and software-based security technologies.
In the absence of an understanding of the related dangers, every employee who is a member of an organization constitutes a security threat, the report says.
“As a result, cybersecurity training is essential for staff to understand, anticipate and avoid future dangers before they become more serious. Staff will also be able to implement safe business practices on the job as a result of the training.”
The report shows that North America is expected to hold a significant share of the industrial cybersecurity market. The main players in the industrial cyber security market are the main responsible for the progress of the region. The North American industrial cybersecurity market is anticipated to grow as key companies increase their investment to expand their global presence.
Over the forecast period, Asia Pacific is expected to rise at the fastest rate. The adoption of cloud-based security software is a priority for major players. In the manufacturing industry, these nations have a large number of SMEs and startups.
Throughout the forecast period, Europe is expected to rise at a significant rate. Increased investment for the expansion of secure IT infrastructure throughout the automotive industry is largely responsible for the region’s success.
Key points from the report include:
- Industrial Cybersecurity Market Hardware Solutions is expected to grow at the fastest CAGR of 7.1% in the components sector.
- The discrete industry is expected to grow at a high rate in the end-use sector of the industrial cybersecurity market, with a CAGR of 7.6%.
- The market size for industrial cyber security in the United States is expected to reach US$9.7 billion by 2032, growing at a CAGR of 7.3% over the IP.
- The UK is expected to reach a market size of US$2.6 billion in the industrial cybersecurity market by 2032 with a CAGR of 7.7% over the IP.
- China’s industrial cyber security market is expected to be worth US$3.2 billion by 2032, with a CAGR of 9.1% over the forecast period.
- Japan is expected to have a market size for industrial cybersecurity of US$2 billion by 2032, with a CAGR of 9.2% over the IP.
- By 2032, India is expected to reach a market size of US$2.6 billion in the industrial cybersecurity market, with a CAGR of 9.3% over the IP.
Major players like Schneider Electric SE, Rockwell Automation Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks Inc. are among the major participants in the industrial cybersecurity market.
These companies are implementing various business strategies to drive their global expansion and provide sophisticated security services.
- Cisco System, Inc. acquired Exablaze, an Australian developer and producer of innovative networking devices, in February 2020. This acquisition will help organizations improve their security network performance.
- Broadcom Inc. will introduce BizOps, an enhanced decision-making platform for industries, in June 2020. This approach would help companies accelerate decision-making in a variety of business and technology fields.
- CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an AI-powered solution, in November 2020. The solution was created to enhance the security layers of cloud infrastructure across businesses.