Global Industrial Cybersecurity Market Insights Forecasts to 2033

• The Global Industrial Cybersecurity Market Size was Valued at USD 18.74 Billion in 2023
• The Market Size is Growing at a CAGR of 7.86% from 2023 to 2033
• The Worldwide Industrial Cybersecurity Market Size is Expected to Reach USD 39.94 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Industrial Cybersecurity Market Size is Anticipated to Exceed USD 39.94 Billion by 2033, Growing at a CAGR of 7.86% from 2023 to 2033.

Market Overview

Cybersecurity refers to the protection of internet-connected devices against various risks associated with the internet. It protects hardware, software, and data while preventing unauthorized individuals from accessing systems or networks. Businesses need cyber security to protect their data, finances, and intellectual property. Individuals require it for comparable reasons, even if protecting intellectual property is less critical and the risk of losing important data, such as company details, is greater. As technological advancements have increased the frequency of cyberattacks, cybersecurity has become a major concern for industrial organizations. The industrial sector is becoming more sensitive to cyber dangers as advanced technologies such as machine learning, data analytics, robots, and the IIoT gain traction. Governments and various organizations are launching measures to encourage the use of new technology in the industrial sector. As an instance, in 2022, the UAE's Ministry of Industry and Advanced Technology (MoIAT) and EDGE Group PJSC (UAE) signed a memorandum of understanding (MoU) to construct the UAE's first Industry 4.0 Enablement Centre to encourage the adoption of Industry 4.0 technologies throughout the manufacturing industry. The digital transformation boosts efficiency, enhances productivity, and lowers manufacturing expenses.

Report Coverage

This research report categorizes the market for the global industrial cybersecurity market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global industrial cybersecurity market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global industrial cybersecurity market.

Driving Factors

Digital technologies are critical resources for a country's economy. Cyber threats and cyberattacks can interrupt or destroy plant operations and IT systems by hacking key data with malware, spyware, and phishing. fraud and malware are the most common types of cyberattacks against utilities, chemical plants, and manufacturing facilities. Governments around the world are increasingly allocating cash to address the issue of security breaches and enhance industrial cybersecurity.

Restraining Factors

The high price of advanced cybersecurity solutions, there is a lack of framework and governance. In addition, many manufacturers fail to do cyber risk assessments, particularly on ICS working on shop floors, posing a potentially major risk to facility owners' operations.

Market Segmentation

The global industrial cybersecurity market share is classified into component, security, and end user.

• The solutions segment is expected to hold the largest share of the global industrial cybersecurity market during the forecast period.   

Based on the component, the global industrial cybersecurity market is categorized into solutions, and services. Among these, the solutions segment is expected to hold the largest share of the global industrial cybersecurity market during the forecast period. Increasing concerns about data security and privacy, as well as consistent initiatives by industrial sector individuals to improve efficiency, lower costs, and boost security. This expansion is mostly due to an increase in demand for software products such as DDoS, firewalls, SCADA encryption, virtualization security, antivirus/malware, backup and recovery, and many more. Key businesses are working to create and market superior industrial security software solutions in industries such as automotive, oil and gas, energy, and others.

• The cloud application security segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the security, the global industrial cybersecurity market is categorized into endpoint security, network security, cloud application security, and others. Among these, the cloud application security segment is expected to grow at the fastest CAGR during the forecast period. These developments are mostly due to the growing usage of cloud technologies across the heavy industrial industry.  The segment's growth is driven by rising demand for dependable and safe security solutions in industries such as energy, food and beverage, and automotive.

• The industrial manufacturing segment is expected to hold a significant share of the global industrial cybersecurity market during the forecast period.

Based on the end user, the global industrial cybersecurity market is categorized into industrial manufacturing, transportation & logistics, and others. Among these, the industrial manufacturing segment is expected to hold a significant share of the global industrial cybersecurity market during the forecast period. Companies are enhancing their cybersecurity knowledge to secure their industrial systems against quickly emerging cyber threats. Monitoring power system operations, maintaining a balance between power generation and production, and rapidly and effectively restoring services after outages are just a few of the difficulties that cybersecurity in the power industry addresses. Monitoring systems have grown in importance as renewable energy sources are increasingly used in power networks.

Regional Segment Analysis of the Global Industrial Cybersecurity Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global industrial cybersecurity market over the forecast period.

North America is projected to hold the largest share of the global industrial cybersecurity market over the forecast period. The United States and Canada are included in the examination of North America's industrial cybersecurity market. Growing cyber threats are a harsh reality of present situations that cannot be ignored, and North America has the largest market share in the global industrial cybersecurity industry. In addition, rising investment by critical companies in expanding their global footprint is projected to drive market growth in North America. Significant firms, including CyberArk Software Ltd., Rockwell Automation, Inc., Cisco System, Inc., and others, are significantly responsible for the region's success. Further. The market for industrial cybersecurity is projected.

Asia Pacific is expected to grow at the fastest CAGR growth of the global industrial cybersecurity market during the forecast period. The Asia-Pacific industrial cybersecurity market analysis covers China, India, Japan, Australia, and the rest of Asia-Pacific. APAC's growing economies include China and India. These countries have a large number of small and medium-sized firms (SMEs), which employ over 70% of the total population. The high cost of executing an industrial control system security project deters SMEs from implementing effective security practices in their organizations. However, increased company complexity, rapid digitization and virtualization, and the expanding BYOD trend are projected to drive SMEs to use a variety of industrial control solutions and services. Industrial cybersecurity vendors who provide solutions and services to manufacturing, transportation, and energy industries may profit from these SMEs.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global industrial cybersecurity market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• IBM 
• Honeywell International
• ABB
• Schneider Electric
• Cisco Systems
• McAfee Corporation 
• Mitsubishi Electric Corporation
• Siemens 
• Dell Technologies
• NortonLifeLock 
• Rockwell Automation 
• Fortinet 
• Palo Alto Network 
• Proofpoint
• Trend Micro
• Splunk Technology 
• Broadcom Inc.
• Microsoft Corporation 
• Others

Key Market Developments

• On March 2024, Dispel and Mitsubishi Electric Corporation announced a collaboration to grow their operational technology (OT) and security businesses through marketing and technological development.

• In July 2023, Honeywell, an American company (US) announced a purchase of SCADA-fence (Israel), a company offering operational technology and Internet-of-Things cybersecurity solutions for monitoring large-scale networks, to improve their cybersecurity portfolio.

• In April 2023, IBM Corporation will offer a new QRadar Security Suite in April 2023 to improve threat detection and response time. The IBM Security QRadar Suite is developed on an open platform and tailored to the needs of a hybrid cloud.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global industrial cybersecurity market based on the below-mentioned segments: 

Global Industrial Cybersecurity Market, By Component

• Solutions
• Services

Global Industrial Cybersecurity Market, By Security

• Endpoint Security
• Network Security
• Cloud Application Security
• Others

Global Industrial Cybersecurity Market, By End User

• Industrial Manufacturing
• Transportation & Logistics
• Others

Global Industrial Cybersecurity Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa