The global industrial cybersecurity market is set to experience significant growth, with a compound annual growth rate (CAGR) of 8.54% anticipated through 2030, according to Kings Research. This growth is driven by the integration of Internet of Things (IoT) technologies into industrial control systems, increasing cybersecurity threats, and rising demand for real-time security monitoring.
Key Market Insights
- Market Segmentation:
- By Type: Network security is expected to dominate with a CAGR of 9.61% over the forecast period.
- By Component: The software segment is projected to generate the highest revenue by 2030.
- By End-User: The energy and utilities sector held the largest market share in 2022, accounting for 37.52%.
- Regional Analysis: North America led the market in 2022 with a 42.36% share, followed by Europe with 30.92%. The Asia-Pacific region is also growing rapidly, with a 20.37% share in 2022.
Market Drivers
Integration of IoT and 5G Networks: The proliferation of IoT-enabled devices, such as smart security systems and smartphones, is boosting the demand for industrial cybersecurity solutions. The rollout of 5G networks further enhances connectivity and security needs.
Increased Cybersecurity Incidents: The rise in cyber-attacks, particularly in critical infrastructure sectors like energy, water, and transportation, has led to heightened investment in cybersecurity measures. Organizations are increasingly focusing on securing their industrial control systems against evolving threats.
Government and Private Sector Investments: Significant investments from both public and private entities are propelling the market forward. For instance, the US government plans to invest USD 2 billion in cybersecurity across various sectors, while private firms like Goldman Sachs have allocated substantial funds to enhance cybersecurity infrastructure.
Technological Advancements: Advances in artificial intelligence (AI), machine learning, and other innovative technologies are enhancing cybersecurity capabilities. The adoption of AI-based industrial robots and cloud security applications is expected to drive further market growth.
Recent Developments
WALLIX's OT.security Launch: In October 2022, WALLIX introduced OT.security, a brand dedicated to securing industrial environments, reflecting the company’s expertise in digital access and identity protection.
Schneider Electric's Cybersecurity Solutions: In June 2022, Schneider Electric unveiled new solutions aimed at protecting building management systems (BMS) to safeguard people, assets, and operations.
Significant Investments: Companies like Thales are establishing new centers of excellence to bolster cybersecurity capabilities, such as the development in Fredericton, Canada.
Regional Highlights
North America: The region continues to lead the market due to substantial investments in cybersecurity and a high level of awareness about cyber threats.
Europe: European countries are increasingly focusing on regulatory compliance and cybersecurity innovation. The European Commission’s Cyber Security Innovation Center and the European Union Cyber Security Agency (ENISA) are key players in promoting cyber resilience.
Asia-Pacific: The region is witnessing rapid growth due to government initiatives aimed at strengthening cybersecurity for critical infrastructure. The adoption of AI and blockchain technologies is also enhancing cybersecurity measures.
Market Outlook
The industrial cybersecurity market is poised for robust growth, driven by technological advancements, increasing cyber threats, and substantial investments from both government and private sectors. Major players in the market, including ABS Group, Cisco Systems, Fortinet, IBM, and Siemens, are focusing on expanding their product portfolios through collaborations and partnerships.
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