Global Industrial Cybersecurity Market Report 2021-2026: As Threat of Cyberattacks on Industrial HazMat Safety Grows, Cybersecurity Comes into the Spotlight

Press Releases

Nov 04, 2021

DUBLIN, Nov. 4, 2021 /PRNewswire/ — The “Industrial Cybersecurity – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.

Global Industrial Cybersecurity Market to Reach $22.3 Billion by 2026

The global market for Industrial Cybersecurity estimated at US$15.2 Billion in the year 2020, is projected to reach a revised size of US$22.3 Billion by 2026, growing at a CAGR of 6.6% over the analysis period.

Services, one of the segments analyzed in the report, is projected to grow at a 7.3% CAGR to reach US$10 Billion by the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 6.3% CAGR for the next 7-year period. This segment currently accounts for a 36.1% share of the global Industrial Cybersecurity market.

The COVID-19 pandemic has boosted the need for remote operations of industrial facilities and production floors across the globe. The major economic impact of this pandemic has compelled businesses to reset their budgets. The `Work from Home` trend required establishment of an array of procedures and security tools for ensuring that industrial facilities can perform remote operations.

For manufacturers, the importance of cybersecurity has grown considerably with industrial companies connecting plant-level devices and software to internet-connected enterprise systems. The Industrial Internet of Things (IIoT) has greatly strengthened operations on the plant floor. However, it has also introduced many novel vectors for possible cyberattacks. Increasing movement of data from plants could boost the vulnerability of localized networks.

Such new loopholes are being exploited by criminals for stealing sensitive information such as intellectual property for extortion purposes. The COVID-19 pandemic has exacerbated such kinds of attacks owing to the adoption of `work from home` approach. Home offices lack robust cybersecurity protections. Remote access also provided hackers a wider surface to attack.

Additionally, attackers have also exploited the sense of uncertainty and fear of this pandemic to carry out phishing attacks as well as other kinds of social engineering for tricking users to provide access to various proprietary information and systems. Supply chains, healthcare sector and manufacturing facilities are becoming vulnerable to cyberattacks.

At present, the biggest risk faced by the healthcare sector is phishing attacks wherein attackers employ an array of techniques and tactics for gaining access to private information of people involved.

Amidst heightened cyber threat levels, industries are investing increasingly on deploying a wide range of security solutions like firewalls, antivirus, and intrusion detection systems (IDS) for securing assets, and to prevent any operational disruption due to cyberbreaches. Spending is also on the rise on security appliances and software solutions to ensure security of industrial control system networks, critical infrastructure facilities and data centers.

Rise in government funding and increased spending by organizations to tackle rise in cyber threats will continue to present favorable growth opportunities for the industrial cybersecurity market. The growing adoption of big data, 5G network technology and artificial intelligence in industrial settings will influence market growth in the coming years.

The market will also be impacted by the rising demand for advanced solutions like firewalls, intrusion detection systems and antivirus, as industrial facilities focus on boosting cybersecurity in their units. Routers and Ethernet switches are widely used in industrial cybersecurity market, due to the growing number of security breaches targeting sensitive data in industrial processes and manufacturing operations.

Growing penetration of Internet connectivity, trend towards IIoT, continuous advances in connected systems are all driving use of various components for cybersecurity. With incidents of cyberattacks continuing to grow, vendors are focusing efforts on the development of advanced hardware with enhanced security features. Demand for various components will also benefit from the rising number of connected devices and remotely managed industrial systems.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Shift towards Digital Technologies Enhances Prospects for Cybersecurity Technologies & Solutions
COVID-19 Outbreak Heightens Cyber Risk for Industrial Control Systems, Driving Need for Cybersecurity Solutions
Potential Threats to Industrial Facilities during the Pandemic
An Introduction to Industrial Cybersecurity
Global Market Prospects & Outlook
Application Security Segment Poised for High Growth
Power Industry Emerges as the Largest End-Use Market
Developed Regions Lead the Global Industrial Cybersecurity Market
Competition
Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 98 Featured)

ABB Group
Bayshore Networks, Inc.
Broadcom, Inc.
Cisco Systems, Inc.
CyberX
Forescout Technologies, Inc.
Honeywell International, Inc.
IBM Corporation
Tenable, Inc.
Kaspersky Lab
McAfee LLC
Rockwell Automation, Inc.
Schneider Electric S.A.

3. MARKET TRENDS & DRIVERS

Notable Trends in Industrial Cybersecurity Market
Increasing Threats of Cyberattacks on Industrial Control Systems Fuels Market Growth
Market Benefits from the Rapidly Growing Magnitude and Increasing Cost of Cybercrime in Industries
Rapid Growth in Number of Connected Devices and Increasing IoT Adoption in Industrial Control Systems Enhance Need for Effective Cybersecurity Solutions
Industrial Control Systems Cybersecurity Continues to Gain Prominence
Leading Sources of ICS Computer Attacks
Poor Security Measures Primarily Responsible for Most ICS Cyberattacks
Could Automation in ICS Security Combat Cyberattacks
IT-OT Convergence Exposes Networks to Targeted Attacks, Necessitating Deployment of Cybersecurity Solutions
Rising Use of AI Solutions for Industrial Cybersecurity Data
With 5G Devices Poised for Commercialization, Cybersecurity Assumes Criticality
Rising Threat of Disruptionware Attacks on Industrial Systems
With Windows 7 Reaching End of Life in 2020, Industrial Systems with Outdated OS Vulnerable to Cyberattacks
Amidst Rapidly Changing and Evolving Cyber Threats, Energy Sector Adopts Cybersecurity Solutions to Enhance Security
COVID-19-Led Digitalization Trend Drives Need for Robust Cybersecurity Measures in Energy Sector
As a Prime Target for Cyber Criminals, Power Sector Witnesses High Demand for Cybersecurity Solutions
Threat of Cyberattacks on the US Electric Power Sector: Assessing the Impact of Attacks by Various Actors for Power Utilities
Evolution of Cyberattacks on Industrial Control Systems in Power Sector: A Historical Timeline
IT/OT Convergence Brings Forth Cybersecurity Gaps in Manufacturing Industry
Chemical Processing Industry at High Risk of Cyber Crimes, Driving Need for Cybersecurity Solutions
With Transportation Systems Worldwide Facing High Risk of Cyberattacks, the Need for Effective Cybersecurity Solutions Grows
Rising Risk of Cyber Threats in Auto Industry: An Opportunity for Cybersecurity Vendors
As Threat of Cyberattacks on Industrial HazMat Safety Grows, Cybersecurity Comes into the Spotlight
Rising Threat of Cyberattacks Raises Importance of Cybersecurity in Oil & Gas Industry
Healthcare Networks Confront Growing Threat of Cyberattacks
Pandemic Highlights the Imperative Need for Cybersecurity Solutions in Healthcare Industry
Increased Government Funding to Address Cybersecurity Breaches Supports Industrial Cybersecurity Market
Emergence of Cyber-Physical Attacks on Critical Infrastructure Raises Importance of Cybersecurity
Outsourcing of Cybersecurity Operations Enhances Effectiveness and Value of Security Measures
Threat of Cybersecurity Breaches: A Growing Concern for Small Manufacturers
Shift towards Smart Factories and the Potential Risk of Cyberattacks Fuels Importance of Cybersecurity for Intelligent Factories
Cyberattacks on Industrial Sector Become Increasingly Destructive
As SCADA Assumes Significance in Critical Infrastructure, Cybersecurity Concerns Come into Spotlight
Industrial Cybersecurity as a Service (ICSaaS): The Future of Industrial Cybersecurity
Internet Opens Up a Range of Online Security Issues for Industries, Bringing to Light the Importance of Cybersecurity
Transforming Industrial Digital Capabilities Necessitate Adoption of New Industrial Cybersecurity Strategies
Compliance with Government Regulations Drives Adoption of Industrial Cybersecurity Solutions
Innovative Solutions Transform Industrial Cybersecurity Market
Industrial Cybersecurity Vs Traditional Cybersecurity
Cybersecurity Standards and Frameworks: Pivotal Role in Implementation of Effective Cybersecurity in Industrial Facilities
Challenges Facing Industrial Cybersecurity Market