Industrial cybersecurity market to double by 2033

A report by Future Market Insights has revealed that the industrial cybersecurity market is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2033.

The market is anticipated to generate USD $22.36 billion in revenues in 2023 and is expected to reach USD $46.96 billion by 2033. This growth is attributed to the increased internet penetration globally, the adoption of Internet of Things (IoT) solutions, and the rising implementation of cloud security applications. An FMI analyst commented, "Industrial Cybersecurity Market: Unlocking Robust Growth with IoT, AI, and Cloud-Based Solutions."

The report highlights that the adoption of emerging technologies, such as 5G networks, big data, and artificial intelligence (AI) across various industries, is significantly contributing to market expansion. The increased demand for advanced cybersecurity solutions like firewalls, antivirus, and intrusion detection systems is further propelling the industry.

Firms across different sectors are increasingly adopting industrial cybersecurity solutions to safeguard data and sensitive information against cyber-attacks. This trend has been accelerated by the integration of cloud-based services and connectivity equipment into core operations, which has augmented the need for effective cybersecurity solutions due to rising cyber-attack risks.

The manufacturing and industrial sectors are notably adopting cloud-based ICS-as-a-Service and artificial intelligence-based industrial robots, which require robust cybersecurity solutions to prevent potential cyber threats. According to the International Federation of Robotics, significant numbers of industrial robots were deployed in sectors like the automotive and electrical industries in 2018.

This increasing reliance on automation and internet usage has led to a heightened frequency of cybercrime incidents. Consequently, industries such as oil and gas, automotive, energy and power, and aerospace and defence are more frequently deploying industrial cybersecurity solutions to mitigate these risks.

Projections indicate that the continued acceptance of cloud security solutions and IoT applications within industrial cybersecurity systems will sustain market growth. Modern cloud services are essential for managing and analysing the vast quantities of data generated daily across various sectors.

Government initiatives have also been pivotal, with increased financial support around the world aimed at reducing cybersecurity breaches. This factor, among others, is driving the global market for industrial cybersecurity solutions.

According to the report, North America holds a significant market share, attributed to substantial investments by leading companies in expanding their global footprint. The introduction of AI-based services, such as CyberArk's Cloud Entitlements Manager in 2020, underscores the region's strategic efforts to improve cloud infrastructure security.

The Asia Pacific region is anticipated to witness rapid demand growth for industrial cybersecurity solutions, driven by increased efforts among key firms in countries like China, India, and Japan to implement cloud security applications. This trend is particularly evident in the manufacturing sector, which hosts numerous small and medium enterprises (SMEs) and startups.

Similarly, in Europe, the demand for industrial cybersecurity solutions is expected to surge due to increased investment in secure IT infrastructure within the automotive industry.

The report indicates that the cloud application security segment is likely to experience significant growth due to the high adoption of cloud technologies in the heavy manufacturing industry. Alongside, network security, end-point security, and internet security segments are also projected to grow steadily, driven by rising demand for secure solutions across various sectors.

The discrete industry, encompassing automotive, electronics, and heavy manufacturing, is predicted to lead market growth, driven by the demand for IoT-enabled devices and solutions aligned with Industry 4.0.

Recent market developments highlight IBM's Secure Access Service Edge (SASE) solution and Honeywell International's collaboration with Acalvio Technologies on HTDP, a platform aimed at detecting cyber-threats in commercial buildings' operational technology environments. Additionally, ABB's partnership with Nozomi Networks is another key development aimed at enhancing OT cybersecurity solutions for the industry.