Industrial Cyber Security Solutions and Services Market Size & Share, by Type (Network, Application, Cloud, Wireless); Offering (Solutions, Services); End-user (Utilities, Transportation, Chemicals & Manufacturing) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 3659
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Industrial Cyber Security Solutions and Services Market size is estimated to reach USD 53 billion by the end of 2035, growing at a CAGR of 10% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of industrial cyber security solutions and services was over USD 17 billion. The growth of the market can be attributed to the rising urbanization and increasing adoption of digitalization technology across the world. The growing use of different technologies including cloud computing, AI, and other applications is estimated to drive market growth. Also, the rising number of cyber-attacks or cybercrimes in many IT and data centers is driving market growth in the coming years. As per the reports, it was estimated that every 30 seconds a cyber-attack is carried out online with cybercrimes occurring more than 2400 times every day around the world. The growing number of industries using advanced technological data management services to reduce the workload is estimated to drive market growth in the coming years.


Industrial Cyber Security Solutions and Services Market
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Industrial Cyber Security Solutions and Services Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Incidences of Industrial Cybercrimes Owing to Security Breaches – Cybercrimes are increasing in the IT and industrial sectors to collect all informational data and use that for their personal benefit or sell them to people needed. This leads to the loss of properties, and the financial, and personal activity of the business owners. Cyberattacks are carried out through networked devices, computers, or laptops hence cybersecurity is required to protect the unwanted entry into the system. All these incidents are driving market growth in the coming years. The number of websites that get hacked every day across the world was estimated to be over 28,000.

  • Growing Adoption of Cyber Security Services with Increasing Cyberattacks – The value of cybersecurity around the world in the year 2022 was estimated to be over USD 200 billion.

  • Increasing Automotive Industries across the World Owing to Increasing Need for Personal Vehicles – The increasing use of AI in automotive vehicles can exchange data with surrounding vehicles and other multiple parties such as surrounding infrastructure and any IoT device which allows hackers. This is expected to generate new threats and vulnerabilities to the ecosystem, and access to intellectual property, leading to faulty behavior, and shutdown of systems.  The global automotive manufacturing sector produced a revenue worth about USD 3 trillion in the year 2021 according to estimations.

  • Rising Number of Oil and Gas Extractions with Growing Need – The oil and gas sectors are the major target of nation-state actors, hacktivists, and various attackers with economic, political, and strategic interests. The high dependency on technology and information control systems is expected to create serious outcomes which include operational disruptions, environmental harm, reputation damage, and huge economic loss. As per the reports, in the U.S. the oil and gas extraction sectors’ gross output reached ~USD 40 billion in the year 2021.

Challenges

  • Lack of Awareness About the Cruciality of Cybersecurity
  • Require Regular Updating of the Systems to Remain Up to Date - The business organization should regularly update the software, and hardware of the systems and other control devices to prevent any threat and should always maintain a security strategy and monitor the activity of attackers a step ahead. All these require skills, and experienced personnel may increase the cost and time of management which is estimated to hamper the market growth.
  • Need for Complex Setup and Security Architectures and Tools

Industrial Cyber Security Solutions and Services Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~10%

Base Year Market Size (2022)

~ USD 17 Billion

Forecast Year Market Size (2035)

~ USD 53 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Industrial Cyber Security Solutions and Services Segmentation

Type (Network, Application, Cloud, Wireless)

The global industrial cyber security solutions and services market is segmented and analyzed for demand and supply by type into the network, application, cloud, wireless, and others. Out of these types, the application segment is estimated to gain the largest market share over the projected time frame. Application security is a security system that protects the software of industries from cybercrimes, data breaches, and other threats. The rising risk of cyber breaches and hacking on the software is estimated to drive market growth. It was reported that globally more than 44% of cyber breaches are included in hacking and over 20% are included as errors or casual events. The application security system includes firewalls, data encryption, and antivirus systems that cease the entry of unauthorized users into the systems. The security application includes the safety of external and internal software and coding threats that involve various web attacks, DDoS attacks, fraud, and site scraping. Also, the security application policies help to protect all industrial applications, websites, and sensitive data from random security attacks.

End-user (Utilities, Transportation, Chemicals & Manufacturing)

The global industrial cyber security solutions and services market is also segmented and analyzed for demand and supply by end-user into utilities, transportation, chemicals & manufacturing, and others. Amongst these segments, the transportation segment is expected to garner a significant share. The transportation segment growth is attributed to the increasing number of people using web applications for travel tickets. Approximately more than 1 billion population worldwide used travel applications as of 2019. Also, the rising risk of exposure to personal details and other information is estimated to hike the market growth in the coming years. All the transport services such as railways, roads, cabs, and metros, are providing online services to the public to reduce waiting time and improve customer satisfaction. Online travel booking service has a passenger information system that may lead to hacking of all the personal details. All these factors increase the utilization of internet and web applications thereby increasing the risk of cyber-attacks which in turn boosts the market growth. 

Our in-depth analysis of the global market includes the following segments:

     By Type

  • Network
  • Application
  • Cloud
  • Wireless
  • Others

    By Offering

  • Solutions
  • Services
  • Others

     By End-User Industry

  • Utilities
  • Transportation
  • Chemicals & Manufacturing
  • Others

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Industrial Cyber Security Solutions and Services Industry - Regional Synopsis

North American Market Forecast

The North American industrial cyber security solutions and services market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The market in North America region is estimated to garner the largest share over the forecast period on the back of the increasing adoption of novel technologies by the government as well as privately owned industries. The government IT expenditure in the U.S. crossed USD 86 billion in 2019, which was projected to cross USD 92 billion by the end of 2021. The increasing population using the internet across the world with the growing utilization of smartphones, computers, and laptops is estimated to drive the market growth in the region. Also, the rising adoption of IoT in organizations to manage and regulate industrial control systems security and the increasing application of cloud security solutions to enhance security is anticipated to hike the market growth in the coming years.

APAC Market Statistics

The market in the Asia Pacific region is estimated to witness modest growth over the forecast period, owing to the increasing investment in technological development in the countries, such as India, Japan, and China. Moreover, the emergence of new industries and up-surge in the cybercrimes are estimated to boost the market growth. According to the estimations, a loss of more than USD 1 trillion was reported in the Asia Pacific region owing to cybercrime every year.

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Industrial Cyber Security Solutions and Services Market Size
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Companies Dominating the Industrial Cyber Security Solutions and Services Landscape

top-features-companies
    • Honeywell International Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Broadcom Inc.
    • International Business Machines Corporation
    • Cisco Systems, Inc.
    • ABB Ltd.
    • Schneider Electric SE
    • CyberArk Software Ltd.
    • Dell Inc.
    • Siemens AG
    • Maverick Technologies

In the News

  • Honeywell International Inc. declared the launch of a new operational technology cybersecurity solution to support its customers in protecting the availability, safety, and reliability of industrial control operations and systems.

  • International Business Machines Corporation and ABB ltd. declared a merging of both focused on combing cybersecurity and operational technology.

Author Credits:  Abhishek Verma


  • Report ID: 3659
  • Published Date: Mar 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing privacy threats and data theft due to rising internet penetration are the major factors driving the market growth.

The market is anticipated to attain a CAGR of 10% over the forecast period, i.e., 2023-2035.

Lack of awareness about the importance of cybersecurity and the need for regular updates of software and hardware is estimated to be the growth hindering factors for the market expansion.

The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are Cisco Systems, Inc., ABB Ltd., Schneider Electric SE, CyberArk Software Ltd., International Business Machines Corporation, Dell Inc., Siemens AG, Maverick Technologies, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by type, offering, end-user industry, and by region.

The application segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Industrial Cyber Security Solutions and Services Market Report Scope
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