Global Industrial Cybersecurity Market (2022 to 2027) - Rising Importance of Cloud-Based Industrial Cybersecurity Services Presents Opportunities

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Apr 22, 2022, 11:15 ET

DUBLIN, April 22, 2022 /PRNewswire/ -- The "Global Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities, Transportation, Chemicals & Manufacturing) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The industrial cybersecurity market size was valued at USD 16.2 billion in 2022 and was expected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027.

The Increasing focus on integrating IoT into industrial control systems. Likewise, the rising importance of cloud-based industrial cybersecurity services to create lucrative opportunities for the players in the industrial cybersecurity market. However, lack of awareness about best practices and the criticality of cybersecurity in industrial control systems are expected to restraint market growth.

Products will have the highest growth in coming years

Cyberattacks and threats against critical infrastructure have increased over the years due to the growing use of connected devices and IT systems. Instead of stealing data, digital attackers target to access industrial control systems, such as SCADA, DCS, and PLC, on which organizations rely for managing their industrial processes. Industries such as pharmaceuticals, oil & gas, manufacturing, and electric utilities use control systems. These systems are connected with a large number of sensors with the help of network infrastructure (either wired or wireless systems). Any alteration in control network infrastructure by infrastructure industries to meet their business needs might lead to an increase in cyberattacks.

The industrial cybersecurity market for products has been broadly segmented into gateways and networking devices. Gateways help prevent cyberattacks on SCADA systems by allowing them to connect with management information systems securely. Gateways help manage network user access by directly accessing the networks in the industrial zone. Furthermore, networking devices are further classified into routers and industrial Ethernet switches.

Power is expected to hold the largest share in 2027

Power companies are increasingly adopting cybersecurity solutions and upgrading their cybersecurity capabilities to protect their industrial systems from rapidly evolving cyber threats. Cybersecurity in power companies helps in mitigating the challenges pertaining to aging grid infrastructure, monitoring power system operations, maintaining the balance between power generation and production, and providing fast and efficient ways to restore services after interruptions. The importance of monitoring systems has increased with the growing use of renewable sources in power grids.

APAC is attributed to growing at the highest CAGR in the Industrial cybersecurity market during the forecast period (2022-2027)

Asia Pacific comprises emerging economies such as China and India. These countries have the presence of a large number of small and medium-sized enterprises (SMEs), which collectively account for the employment of more than 70% of the total population in the countries. These SMEs provide growth opportunities to the providers of industrial cybersecurity solutions and services to customers from the manufacturing, transportation, and energy industries. In the 2021 Union Budget, the Singaporean government announced an investment of USD 1.8 billion in economic strategies for the next four years. Some portion of this investment is also dedicated to the Cybersecurity Agency (CSA) of Singapore.

However, the need for huge investment associated with the successful deployment of an industrial control system security project restricts SMEs from adopting strong security practices in their organizations. However, factors such as the increasing complexity of businesses, the growing trend of BYOD, as well as the rapid shift toward digitization and virtualization, are expected to encourage SMEs to adopt various industrial control solutions and services.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Industrial Cybersecurity Market
4.2 Industrial Cybersecurity Market, by End-User Industry and Region, 2022
4.3 Industrial Cybersecurity Market, by Offering
4.4 Industrial Cybersecurity Market, by Security Type
4.5 Industrial Cybersecurity Market, by Region

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Rising Investments by Governments and Private Organizations Worldwide to Create Safe and Secure Industrial Environment
5.2.1.2 Growing Number of Sophisticated Cyberattacks on Critical Industrial Infrastructure
5.2.2 Restraints
5.2.2.1 Underestimation of Threat Levels and Misunderstanding of Nature of Threats
5.2.2.2 Lack of Adequate Funds, Framework, and Governance Required to Develop High-End Cybersecurity Solutions
5.2.3 Opportunities
5.2.3.1 Rising Importance of Cloud-Based Industrial Cybersecurity Services
5.2.3.2 Growing Focus of Government Organizations on Releasing Rules and Regulations for Security of Industrial Control Systems
5.2.4 Challenges
5.2.4.1 Lack of Awareness About Best Practices and Criticality of Cybersecurity in Industrial Control Systems
5.3 Pricing Analysis
5.3.1 Industrial Routers
5.4 Value Chain Analysis
5.4.1 Industrial Cybersecurity Market
5.5 Porter's Five Forces Analysis
5.5.1 Threat of New Entrants
5.5.2 Threat of Substitutes
5.5.3 Bargaining Power of Suppliers
5.5.4 Bargaining Power of Buyers
5.5.5 Intensity of Competition Rivalry
5.6 Key Stakeholders and Buying Criteria
5.6.1 Key Stakeholders in Buying Process
5.6.2 Buying Criteria
5.7 Key Conferences and Events in 2022-2023
5.8 Industrial Cybersecurity Market: Ecosystem
5.9 Patent Analysis
5.10 Trade Analysis
5.11 Tariff and Regulatory Landscape
5.11.1 Regulatory Bodies, Government Agencies, and Other Organizations
5.12 Case Studies
5.12.1 Power and Water Industry
5.12.2 Mining Industry
5.13 Technological Trends in Industrial Cybersecurity
5.13.1 Zero-Trust Framework
5.13.2 Potential of Artificial Intelligence and Machine Learning
5.13.3 Security for Cloud-Native Environments
5.14 Codes and Standards Related to Industrial Cybersecurity
5.15 Key Stakeholders and Buying Criteria
5.15.1 Trends/Disruptions Impacting Customer's Business
5.15.1.1 Revenue Shift and New Revenue Pockets for Cybersecurity Service Providers

6 Industrial Cybersecurity Market, by Security Type
6.1 Introduction
6.2 Network Security
6.2.1 Exposure of Government Organizations and Production Facilities to Unauthorized Network Access Triggers Market Growth of Network Security
6.3 Endpoint Security
6.3.1 Endpoint Security Assures Protection of It and Ot Infrastructure That Includes Endpoints and Remote Devices from Cyber Threats
6.4 Application Security
6.4.1 Increased Presence of Cloud-Connected Networks Creates Need for Application Security to Protect Them from Cyberattacks and Data Breach Issues
6.5 Cloud Security
6.5.1 Adoption of Saas Application Accelerates Need for Cloud Security Solutions
6.6 Wireless Security
6.6.1 Strong Focus on Prevention of Data Theft Across Wireless Networks to Increase Need for Wireless Security
6.7 Others

7 Industrial Cybersecurity Market, by Offering
7.1 Introduction
7.2 Products
7.2.1 Gateways
7.2.1.1 Gateways Help Provide Cybersecurity to Industrial Control Systems
7.2.2 Networking Devices
7.2.2.1 Routers
7.2.2.1.1 Conventional Routers Will be Replaced with Advanced Technology-Based Routers
7.2.2.2 Industrial Ethernet Switches
7.2.2.2.1 Industrial Ethernet Switches Offer Industry-Grade Reliability, Network Redundancy, and Enhanced Security
7.3 Solutions & Services
7.3.1 Solutions
7.3.1.1 Antivirus/Malware
7.3.1.1.1 Antivirus/Malware Segment to Hold Largest Share of Solutions Market in 2027
7.3.1.2 Firewall
7.3.1.2.1 Working Via Vpn During COVID-19 Heightened Requirement for Firewall Solutions
7.3.1.2.1.1 Proxy Firewall
7.3.1.2.1.2 Packet-Filtering Firewall
7.3.1.2.1.3 Stateful Inspection Firewall
7.3.1.2.1.4 Next-Generation Firewall (Ngfw)
7.3.1.3 Scada Encryption
7.3.1.3.1 Scada Encryption Helps Mitigate Common Attacks
7.3.1.4 Virtualization Security
7.3.1.4.1 Demand for Virtualization Security Expected to Increase During Forecast Period
7.3.1.5 Data Loss Prevention (Dlp)
7.3.1.5.1 Dlp Solutions to Have Huge Demand in Post-Pandemic Situation
7.3.1.6 Security Information and Event Management (Siem)
7.3.1.6.1 Siem Provides Centralized Combined System
7.3.1.7 Intrusion Detection System/Intrusion Prevention System
7.3.1.7.1 Ids/Ips Technologies to Help in Detecting Suspicious Activities
7.3.1.8 Identity and Access Management (Iam)
7.3.1.8.1 Iam Helps Provide Secure Remote Access
7.3.1.9 Unified Threat Management (Utm)
7.3.1.9.1 Utm Allows Network Operators to Monitor and Control Security-Related Applications
7.3.1.10 Distributed Denial of Service (Ddos)
7.3.1.10.1 Increasing Ddos Attacks to Heighten Need for Ddos
7.3.1.11 Others
7.3.1.11.1 Application Whitelisting
7.3.1.11.2 Update and Patch Management
7.3.1.11.3 Database Activity Monitoring (Dam)
7.3.2 Services
7.3.2.1 Managed Services
7.3.2.1.1 Managed Services Help Companies with Critical Infrastructure to Gain Complete Visibility and Control Over Systems That are Part of Network Infrastructure
7.3.2.2 Professional Services
7.3.2.2.1 Professional Services to Dominate Market from 2022 to 2027
7.3.2.2.1.1 Risk Management Services (Rms)
7.3.2.2.1.2 Companies Such as Sword and Shield Enterprise Security, Inc. (Us) and Thales S.A. (France) Provide Risk Management and Assessment Services to Industries Having Critical Infrastructure. Audit and Reporting Services
7.3.2.2.1.3 Design, Integration, and Consulting Services

8 Industrial Cybersecurity Market, by End-User Industry
8.1 Introduction
8.2 Power
8.2.1 Power Sector Expected to Hold Largest Market Share in 2027
8.2.1.1 Power Generation
8.2.1.2 Nuclear Power Plants
8.2.1.3 Thermal and Hydropower Plants
8.2.1.4 Renewable Energy Power Plants
8.2.1.5 Power Grid
8.3 Utilities
8.3.1 Utilities Sector to Witness High Demand for Industrial Cybersecurity Products Owing to Rising Number of Cyber Crimes
8.3.1.1 Oil and Gas Pipelines
8.3.1.2 Electric Power Transmission
8.3.1.3 Water Treatment and Distribution
8.3.1.4 Wastewater Collection and Treatment
8.4 Transportation
8.4.1 Transportation Industry to Witness Highest CAGR in Industrial Cybersecurity Market due to Increased Number of Cyberattacks
8.4.1.1 Airports
8.4.1.2 Seaports
8.4.1.3 Railways
8.4.1.4 Others
8.5 Chemicals and Manufacturing
8.5.1 Urgent Need to Protect Industrial Control Systems Propels Growth of Industrial Cybersecurity Market
8.5.1.1 Automated Production Units
8.5.1.2 Refining Plants
8.5.1.3 Mining Units
8.6 Others

9 Geographic Analysis
9.1 Introduction
9.2 North America
9.2.1 US
9.2.1.1 Us to Hold Major Share of Industrial Cybersecurity in 2027
9.2.2 Canada
9.2.2.1 Canada to Witness High Demand for Industrial Cybersecurity Products and Services Owing to Rising Adoption of Digital Technologies by Business Owners
9.2.3 Mexico
9.2.3.1 Mexican Market Growth is Driven by Implementation of Wireless Connectivity Devices in Industrial Plants
9.3 Europe
9.3.1 UK
9.3.1.1 Rising Number of Active Cybersecurity Firms in UK to Create Opportunities for Market Growth
9.3.2 Germany
9.3.2.1 Growing Adoption of Industrial Cybersecurity Solutions by Private and Government Organizations to Ensure Data Privacy
9.3.3 France
9.3.3.1 Increasing Demand for Data Security Solutions from Defense Sector to Fuel Industrial Cybersecurity Market Growth
9.3.4 Italy
9.3.4.1 Increasing Number of Cybercrimes Prompts Use of Industrial Cybersecurity Solutions in Italy
9.3.5 Netherlands
9.3.5.1 Growing Number of Digital Attacks to Create Strong Need for Cybersecurity Products
9.3.6 Rest of Europe
9.4 Asia-Pacific
9.4.1 China
9.4.1.1 Growing Implementation of Latest Technologies in Industrial Plants to Boost Demand for Industrial Cybersecurity Products
9.4.2 Japan
9.4.2.1 Rising Technological Advancements in Japan Will Force Country to Follow Industrial Cybersecurity Measures
9.4.3 India
9.4.3.1 Increasing Number of Crimes Prompts Country to Install Industrial Cybersecurity Solutions
9.4.4 South Korea
9.4.4.1 Surging Penetration of Computer Networks to Propel Growth of Industrial Cybersecurity Market
9.4.5 Rest of Asia-Pacific
9.5 Rest of the World (Row)
9.5.1 Middle East and Africa (Mea)
9.5.1.1 Cybersecurity Spending by Governments Increased due to Growing Vulnerability of Critical Infrastructure to Cyber Threats
9.5.2 South America
9.5.2.1 Demand for Cybersecurity Solutions During Forecast Period Would Increase with Rising Number of Cyberattacks in Oil & Gas and Transportation Sectors

10 Competitive Landscape
10.1 Introduction
10.2 Key Player Strategies/Right to Win
10.2.1 Overview of Strategies Adopted by Key Players in Industrial Cybersecurity Market
10.3 Market Share Analysis
10.4 Revenue Analysis
10.4.1 Industrial Cybersecurity Market
10.5 Company Evaluation Quadrant
10.5.1 Industrial Cybersecurity Market
10.5.1.1 Star
10.5.1.2 Emerging Leader
10.5.1.3 Pervasive
10.5.1.4 Participant
10.6 Competitive Benchmarking
10.6.1 Startup/Small and Medium-Sized Enterprises (Sme) Evaluation Matrix
10.6.1.1 Progressive Company
10.6.1.2 Responsive Company
10.6.1.3 Dynamic Company
10.6.1.4 Starting Block
10.7 Competitive Scenario and Trends
10.7.1 Industrial Cybersecurity
10.7.1.1 Product Launches and Developments
10.7.1.2 Deals
10.7.1.3 Others

11 Company Profiles
11.1 Key Players
11.1.1 International Business Machines (Ibm) Corporation
11.1.1.1 Business Overview
11.1.1.2 Products/Solutions/Services Offered
11.1.1.3 Recent Developments
11.1.1.4 Analyst's View
11.1.1.4.1 Key Strengths/Right to Win
11.1.1.4.2 Strategic Choices Made
11.1.1.4.3 Weaknesses and Competitive Threats
11.1.2 Honeywell International Inc.
11.1.2.1 Business Overview
11.1.2.2 Products/Solutions/Services Offered
11.1.2.3 Recent Developments
11.1.2.4 Analyst's View
11.1.2.4.1 Key Strengths/Right to Win
11.1.2.4.2 Strategic Choices Made
11.1.2.4.3 Weaknesses and Competitive Threats
11.1.3 Abb Ltd.
11.1.3.1 Business Overview
11.1.3.2 Products Offered
11.1.3.3 Recent Developments
11.1.3.4 Analyst's View
11.1.3.4.1 Key Strengths/Right to Win
11.1.3.4.2 Strategic Choices Made
11.1.3.4.3 Weaknesses and Competitive Threats
11.1.4 Cisco Systems, Inc.
11.1.4.1 Business Overview
11.1.4.2 Products Offered
11.1.4.3 Recent Developments
11.1.4.4 Analyst's View
11.1.4.4.1 Key Strengths/Right to Win
11.1.4.4.2 Strategic Choices Made
11.1.4.4.3 Weaknesses and Competitive Threats
11.1.5 Schneider Electric
11.1.5.1 Business Overview
11.1.5.2 Products Offered
11.1.5.3 Recent Developments
11.1.5.4 Analyst's View
11.1.5.4.1 Key Strengths/Right to Win
11.1.5.4.2 Strategic Choices Made
11.1.5.4.3 Weaknesses and Competitive Threats
11.1.6 Mcafee Corporation
11.1.6.1 Business Overview
11.1.6.2 Products Offered
11.1.6.3 Recent Developments
11.1.7 Siemens
11.1.7.1 Business Overview
11.1.7.2 Products Offered
11.1.7.3 Recent Developments
11.1.8 Dell Technologies Inc.
11.1.8.1 Business Overview
11.1.8.2 Products Offered
11.1.8.3 Recent Developments
11.1.9 Nortonlifelock Inc.
11.1.9.1 Business Overview
11.1.9.2 Products Offered
11.1.9.3 Recent Developments
11.1.10 Rockwell Automation Inc.
11.1.10.1 Business Overview
11.1.10.2 Products Offered
11.2 Other Players
11.2.1 Kaspersky Lab
11.2.2 Fortinet
11.2.3 Palo Alto Network
11.2.4 Proofpoint
11.2.5 Trend Micro
11.2.6 Splunk Technology
11.2.7 Broadcom Inc.
11.2.8 Microsoft Corporation
11.2.9 Forescout Technologies Inc.
11.2.10 Opswat
11.2.11 Dragos Inc.
11.2.12 Cyberark
11.2.13 Argus Cyber Security
11.2.14 Cylus
11.2.15 Upstream Security

12 Appendix

For more information about this report visit https://www.researchandmarkets.com/r/c60lws