Industrial cyber security market to reach over $24 billion by 2028

Northbrook, Il

In a recent report, analysts from Marketsandmarkets valued the industrial cyber security market size at USD 16.3 billion in 2022 and expect it to reach USD 24.4 billion by 2028; it is expected to grow at a CAGR of 7.7% from 2023 to 2028. According to the research firm, the major factors driving the growth of industrial cyber security market are increasing focus on integrating into industrial control systems.

Intensified need for SaaS solutions pushes wireless security 

The industrial cybersecurity market for wireless security is expected to have the largest market size during the forecast period. Wireless intrusion prevention systems (WIPS) or wireless intrusion detection systems (WIDS) are commonly used to comply with wireless security policies. Factors such as increased use of radio frequency identification (RFID) technology and other wireless communication technologies, easy availability and low-cost accessibility of wireless 4G mobile devices, rise in small office home office (SOHO) trend, and intensified need for SaaS-based wireless security solutions stimulate the growth of the market for wireless security.

Risk management is a priority

Professional services and managed services are covered under the industrial cyber security market for services. In professional services, risk management is the most prominent service. In industrial organisations, industrial control systems are designed not only to monitor and control industrial processes but also to manage network and system devices. These systems are now more exposed to cyber threats due to the increased connectivity with third-party service providers, a growing number of network-enabled devices, and enhanced sophistication of security attacks. As a result, the demand for risk management services is growing.

Transportation is a strong vertical

The industrial cyber security market for the transportation system industry is expected to grow at the highest CAGR during the forecast period. To improve its performance, the transportation sector has started using advanced technologies, and the systems are being shifted from standalone to newer interconnected systems. However, interconnectivity leads to cyber risks owing to the use of leased lines of communication infrastructure. The dependence of transportation modes, such as highways, aviation, seaports, and subways, on industrial control systems is leading to the exposure of transportation control systems to cyber attacks. Governments worldwide are taking various measures to tackle cyber attacks. For example, the National Cybersecurity Division (NCSD) of the Department of Homeland Security (DHS) (US) is working with the government and is collaborating with the private sector to secure the industrial environment from cyber threats.

North America is home to many solution providers

North America is an early adopter of innovative technologies such as artificial intelligence and IoT and is home to a large number of industrial cyber security solution providers such as Cisco, IBM, and Rockwell Automation, thereby contributing to the growth of the market in the region. Moreover, the high internet penetration and quick implementation of IoT-enabled devices across major industries such as oil & gas, power generation, and chemicals are the key factors for the surging demand for cyber security solutions in the region. Specific budget allocations by the government for industrial cyber security projects and mandatory policies to ensure the cyber security of industrial control networks are expected to generate lucrative opportunities for the providers of industrial cyber security solutions in North America.

Key market players

The research found that the industrial cyber security market was dominated by companies such as, IBM, Honeywell, ABB, Cisco, Schneider, McAfee, Siemens, Dell, Norton, Rockwell, Kaspersky, Fortinet, Palo Alto, Proofpoint, Trend Micro, Splunk, Broadcom, Microsoft, Forescout, Opswat, Dragos, Cyberark, Argus, Cylus and Upstream Security. 


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