Industrial Cybersecurity

Industrial Cybersecurity Market by Component (Hardware, Services, Software Solutions), Security Layer (Application Security, Cloud Security, Endpoint Security), Deployment, End-User Industry - Global Forecast 2024-2030

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[192 Pages Report] The Industrial Cybersecurity Market size was estimated at USD 18.14 billion in 2023 and expected to reach USD 19.34 billion in 2024, at a CAGR 6.92% to reach USD 28.99 billion by 2030.

Industrial Cybersecurity Market
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Industrial cybersecurity involves a wide range of solutions and services designed to protect IT systems, OT networks, and critical infrastructure assets across various sectors. Key industries include manufacturing, energy & utilities, transportation, chemical & pharmaceuticals, healthcare, and government & defense. The expansion of the industrial cybersecurity market is driven by increasing automation levels across industries, adoption of Industry 4.0 concepts, and growing reliance on interconnected IT-OT systems. Rising awareness about cyber threats posed by insiders, nation-states, and non-state actors, escalating instances of data breaches targeting intellectual property theft, and business disruptions shaping the market growth. However, the industrial cybersecurity market faces challenges such as a significant skills gap due to a lack of professionals with domain expertise in relevant industries and strong technical knowledge of cybersecurity principles. Advancements in artificial intelligence (AI), machine learning (ML), big data analytics, cloud computing, the Industrial IoT, and blockchain technologies present significant opportunities for enhancing industrial security solutions. Integrating these technologies into existing cybersecurity frameworks can help detect anomalies more efficiently and improve system resilience through predictive maintenance strategies.

Industrial Cybersecurity Market - Global Forecast 2024-2030
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Component: Increasing development of software solutions with digitalization of industries

Hardware solutions provide the foundation for industrial cybersecurity by implementing physical security measures to prevent unauthorized access, tampering, and theft of sensitive data. These solutions include firewalls, intrusion detection systems (IDS), secure gateways, and encrypted communication devices. The services segment aims to address the end-to-end security needs of organizations through the assessment, implementation, monitoring, and management of critical infrastructure protection. Key service offerings include vulnerability assessment and penetration testing (VAPT), risk management and compliance services, training and education programs on cybersecurity best practices, incident response planning and execution services, as well as managed security services. Software solutions encompass various tools designed to protect information assets from cyber-attacks while ensuring business continuity. This includes antivirus software for malware prevention, endpoint security tools that secure networked devices like servers and workstations, encryption software to protect data transmission across networks, application whitelisting that allow only authorized applications to run on company devices, and anomaly detection software for detecting unusual system behaviors.

Security Layer: Growing investments by businesses in network security

Application security focuses on identifying and mitigating vulnerabilities within software applications to prevent unauthorized access and data breaches. As industries rely more on automation and software-driven processes, securing applications becomes essential. Solutions like secure coding practices, vulnerability scanning tools, and web application firewalls (WAFs) are commonly employed for this purpose. With the increasing adoption of cloud-based services across industries, ensuring data privacy and compliance becomes crucial. Cloud security focuses on mitigating risks associated with data storage and processing in cloud environments through encryption technologies, access controls, threat detection systems, and compliance management tools. Endpoint security involves protecting devices such as desktops, laptops, and mobile phones that connect to an organization's network. Effective endpoint security solutions include antivirus software, data loss prevention tools, encryption technologies, and device management systems. Network security is essential for safeguarding an organization's infrastructure from unauthorized access or cyber-attacks by implementing firewalls, intrusion detection/prevention systems (IDS/IPS), and VPNs, among other solutions. The goal is to ensure data confidentiality, integrity & availability within the network environment. Wireless networks pose unique risks due to their reliance on radio frequency communication channels, making them susceptible to eavesdropping or interference. Wireless security solutions aim to secure these networks via authentication protocols, encryption standards & wireless intrusion prevention/detection systems (WIPS/WIDS).

End-User Industry: Higher potential for industrial cybersecurity in energy & utility sector

Application security focuses on identifying and mitigating vulnerabilities within software applications to prevent unauthorized access and data breaches. As industries rely more on automation and software-driven processes, securing applications becomes essential. Solutions like secure coding practices, vulnerability scanning tools, and web application firewalls (WAFs) are commonly employed for this purpose. Ensuring data privacy and compliance becomes crucial with the rising adoption of cloud-based services across industries. Cloud security focuses on mitigating risks associated with data storage and processing in cloud environments through encryption technologies, access controls, threat detection systems, and compliance management tools. Endpoint security involves protecting devices such as desktops, laptops, and mobile phones that connect to an organization's network. Effective endpoint security solutions include antivirus software, data loss prevention tools, encryption technologies, and device management systems. Network security is essential for safeguarding an organization's infrastructure from unauthorized access or cyber-attacks by implementing firewalls, intrusion detection/prevention systems (IDS/IPS), and VPNs, among other solutions. The goal is to ensure data confidentiality, integrity & availability within the network environment. Wireless networks pose unique risks due to their reliance on radio frequency communication channels, making them susceptible to eavesdropping or interference. Wireless security solutions aim to secure these networks via authentication protocols, encryption standards & wireless intrusion prevention/detection systems (WIPS/WIDS).

Deployment: Higher inclination towards on-Cloud deployment due to lower upfront costs

In an on-premise model, industrial cybersecurity solutions are hosted within the organization's physical facilities, providing direct control over data storage and security measures. On-premise models provide Industries that deal with susceptible information and critical infrastructure with the ability to maintain complete control over their security measures, tailoring them precisely to suit their specific requirements. With the rising adoption of cloud computing, many industries are considering on-cloud deployment of cybersecurity solutions. This model involves hosting security solutions on a third-party cloud service provider's infrastructure, enabling organizations to access and manage their cybersecurity measures remotely. On-cloud deployment eliminates the need for significant upfront investments in infrastructure and reduces ongoing maintenance expenses. Organizations can utilize a pay-as-you-go model, optimizing costs based on usage and requirements.

Regional Insights

In the American region, organizations are increasingly investing in industrial cybersecurity solutions due to growing cyber-attacks on critical infrastructure sectors such as energy, utilities, transportation, and manufacturing industries. The North American Electric Reliability Corporation has set guidelines for Critical Infrastructure Protection (CIP) that drive demand for robust security measures in these sectors. EU countries prioritize industrial cybersecurity with the implementation of regulations like the Network and Information Systems Directive and the General Data Protection Regulation. Similarly, the Middle Eastern market's growth is driven by increased investments in oil & gas infrastructure protection as well as initiatives like Qatar's National Cybersecurity Strategy. In the Asia-Pacific market for industrial cybersecurity, China is rapidly emerging as a global powerhouse with significant investments made toward strengthening its industrial cyber defenses.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Industrial Cybersecurity Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Industrial Cybersecurity Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Industrial Cybersecurity Leader Dragos Raises an Additional USD 74 million in Series D Round Extension Funding Led by WestCap

    Dragos, Inc. has recently announced a USD 74 million Series D extension, with WestCap leading the funding. Dragos plans to expand its reach to Western Europe, Japan, Singapore, Saudi Arabia, and the United Arab Emirates. This expansion makes ICS/OT cybersecurity more accessible worldwide. [Published On: 2023-09-18]

  • Industrial Cybersecurity Innovator Opscura Receives USD 9.4 million in Series A Funding as Critical Operations Transform

    Opscura Inc. has secured USD 9.4 million in funding to expand its operations and engage with partners and customers in the United States. Opscura's patented cloaking technology offers a unique solution to the challenges of securing operational technology (OT) Level 2 networks and Layer 2 data. This technology effectively obscures critical infrastructure without disrupting operations, significantly reducing the risk of ransomware, unauthorized access, and data theft. [Published On: 2023-02-07]

  • ABB Launches Cyber Security Solution to Simplify and Improve Protection of Industrial Infrastructure

    ABB has recently introduced the ABB Ability Cyber Security Workplace (CSWP) to strengthen the protection of vital industrial infrastructure. The CSWP simplifies the management of cyber security information, enabling engineers and operators to identify and resolve issues promptly. To effectively counter the rising ransomware attacks, there is a need to enhance the capacity of cyber security professionals. [Published On: 2022-09-27]

Key Company Profiles

The report delves into recent significant developments in the Industrial Cybersecurity Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Alstom S.A., Amazon Web Services, Inc., Armis Inc., Baker Hughes Company, Incorporated, Bechtel Corporation, Broadcom Inc., Cisco Systems, Inc., Claroty Ltd., Continental AG, CyberArk Software Ltd., Dell Technologies Inc., Fortinet, Inc., Honeywell International Inc., Industrial Defender, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Palo Alto Networks, Inc., QAwerk, Rockwell Automation, Inc., Schneider Electric SE, ScienceSoft USA Corporation, Siemens AG, and Vumetric Inc..

Market Segmentation & Coverage

This research report categorizes the Industrial Cybersecurity Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Component
    • Hardware
    • Services
    • Software Solutions
  • Security Layer
    • Application Security
    • Cloud Security
    • Endpoint Security
    • Network Security
    • Wireless Security
  • Deployment
    • Cloud
    • On-premise
  • End-User Industry
    • Chemical & Manufacturing
    • Energy & Utilities
    • Transportation System

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

The report offers valuable insights on the following aspects:

  1. Market Penetration: It presents comprehensive information on the market provided by key players.
  2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
  3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
  4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
  5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

  1. What is the market size and forecast of the Industrial Cybersecurity Market?
  2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Industrial Cybersecurity Market?
  3. What are the technology trends and regulatory frameworks in the Industrial Cybersecurity Market?
  4. What is the market share of the leading vendors in the Industrial Cybersecurity Market?
  5. Which modes and strategic moves are suitable for entering the Industrial Cybersecurity Market?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Industrial Cybersecurity Market, by Component
  7. Industrial Cybersecurity Market, by Security Layer
  8. Industrial Cybersecurity Market, by Deployment
  9. Industrial Cybersecurity Market, by End-User Industry
  10. Americas Industrial Cybersecurity Market
  11. Asia-Pacific Industrial Cybersecurity Market
  12. Europe, Middle East & Africa Industrial Cybersecurity Market
  13. Competitive Landscape
  14. Competitive Portfolio
  15. List of Figures [Total: 24]
  16. List of Tables [Total: 378]
  17. List of Companies Mentioned [Total: 25]
The Urgent Need for Industrial Cybersecurity amidst Industry 4.0 Digitalization
October 9, 2023
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The Urgent Need for Industrial Cybersecurity amidst Industry 4.0 Digitalization
With the rapid advancement in Industry 4.0 initiatives, industrial operations are becoming more digitized than ever before. However, this digitalization brings with it new challenges, the biggest of which is cybersecurity threats. In today's world, cybersecurity is of utmost importance in any industry, and the industrial sector is no different. Security breaches in industrial operations can result in dire consequences, from production downtime to equipment damage, environmental disasters, and even a life-threatening situation. Therefore, it's essential to implement a robust industrial cybersecurity strategy that encompasses every aspect of your operations.

Understanding the Scope of Industrial Cybersecurity:

Industrial cybersecurity is a set of cybersecurity tactics and solutions that aim to safeguard industrial systems, networks, equipment, and data from cyber threats. This includes cyber attacks, malicious malware, viruses, or any unauthorized access to system infrastructure. Industrial cybersecurity should always be at the forefront of every digital initiative in an organization. Without a robust cybersecurity strategy in place, it's only a matter of time before cybercriminals identify weak points in the system and gain access to valuable assets, bringing the entire operation to a halt.

Realizing the Importance of Industrial Cybersecurity:

The International Society of Automation (ISA) defines cybersecurity as "the practice of protecting the communication networks, control systems, and other assets from unauthorized access, disruption, modification, or destruction." The importance of industrial cybersecurity cannot be overstated in an industry where billions of dollars of equipment, infrastructure, and data are on the line.

Implementing a Comprehensive Industrial Cybersecurity Strategy:

To implement a comprehensive industrial cybersecurity strategy, organizations must start with a risk assessment of their operation, which identifies the potential threat sources and how to protect the infrastructure, equipment, and data. Once the assessment is complete, the team must develop a cybersecurity framework that includes, but is not limited to, network security, password security management, access control management, server and workstation patch management, and network segmentation. Another critical aspect is to establish an organization-wide cybersecurity culture through regular training and awareness programs, ensuring that everyone working in the organization is on the same page when it comes to cybersecurity.

Adopting Industry-Specific Industrial Cybersecurity Solutions:

The industrial sector has unique technical and operational requirements, and therefore, cybersecurity solutions need to cater to these specific needs. Industrial organizations must adopt industry-specific solutions that provide comprehensive protection to their operational infrastructure. This can include Network Access Control solutions that provide complete visibility and granular access control, Next-Generation Firewalls that can detect and mitigate advanced threats, Intrusion Detection and Prevention systems that analyze traffic and detect cyber threats, and Security Information and Event Management solutions that provide centralized management of logs and alerts.

As industrial operations continue to become more digitized through Industry 4.0 initiatives, cybersecurity remains a crucial concern. Investing in a robust industrial cybersecurity strategy is essential for the smooth functioning and overall protection of your operations, equipment, and data. It not only protects your organization against cyber attacks and threats but also helps in establishing trust and confidence among your stakeholders. Therefore, the industrial sector must make industrial cybersecurity a priority and work towards developing comprehensive solutions and an organizational culture that takes cybersecurity as seriously as any other aspect of its operations.

Frequently Asked Questions
  1. How big is the Industrial Cybersecurity Market?
    Ans. The Global Industrial Cybersecurity Market size was estimated at USD 18.14 billion in 2023 and expected to reach USD 19.34 billion in 2024.
  2. What is the Industrial Cybersecurity Market growth?
    Ans. The Global Industrial Cybersecurity Market to grow USD 28.99 billion by 2030, at a CAGR of 6.92%
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