Global Industrial Cyber Security Market to Grow at 9.2% CAGR by 2026

Today, cyber-attacks are more sophisticated and targeted, resulting in financial and reputation loss. It has become easy for hackers to monetize their attacks using zero-day malware. Traditional cyber security solutions such as intrusion detection solutions and firewalls are unable to provide adequate protection for industrial control systems. The increase in number of cyber-attacks on industrial facilities has resulted in their impairment, led to disruption of production, compromised their safety, and damaged equipment. The industrial cyber security market is expected to experience strong growth over the forecast period due to increasing number of cyber-crimes across process and discrete industries. The market for industrial cyber security is forecast to reach US$ 29.97 Bn by 2026 from US$ 13.75 Bn in 2017, recording a CAGR of 9.2%.

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Industrial cyber security solutions are designed to protect industrial environments from cyber threats at all stages. Industrial cyber security is a highly growing and dynamic area of concern. It includes industrial control systems, the software and hardware solutions, and network security. These cyber security solutions are designed for the secured operation of machines and plants in industries. Increasing adoption of cloud security solutions; growing adoption of IoT in industrial control systems; rising number of cyber-crime related incidents in different end use industries such as energy and power, aerospace and defense, oil and gas, and automotive sector; and rise in internet penetration across the world has led to the expansion of the industrial cyber security market. Moreover, rise in BYOD applications is one of major factors responsible for the growth of the industrial cyber security market over the forecast period. The industrial cyber security market, as a result, is expected to witness an increase in market growth between 2018 and 2026. However, lack of awareness and proper knowledge among users about cyber-attacks is projected to hamper the growth of the industrial cyber security market.

Based on component, the industrial cyber security market is segmented into hardware solutions, software solutions, and services. Under the hardware solutions segment, Ethernet switches segment accounted for significant market share globally in 2017 and is projected to hold its leading position over the forecast period. On the other hand, gateways segment is estimated to witness significant growth over the forecast period due to increasing application in different end use industries. Among software solutions sub-segment, antivirus/malware held the largest market share in the global industrial cyber security market in 2017. DDoS sub segment is expected to see strong growth over the forecast period. In terms of services segment, the managed services segment accounted for major share of the market and is estimated to see robust growth over the forecast period. Rising number of cyber-attacks is expected to propel managed services demand over the forecast period. Risk management services are one of the most favored cyber security technologies and are evolving rapidly due to ease of operations and management in different end use industries.

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The global industrial cyber security market is expected to witness steady growth during 2018 – 2026. Remarkable number of existing users across North America is anticipated to generate maximum revenue for the industrial cyber security market over the forecast period. Europe is anticipated to follow a similar trend during 2018 – 2026. Middle East & Africa is forecasted to witness highest CAGR growth after APAC.

Attracted by this steadily expanding market and underlying embryonic demand, many players are driven to invest in the market for industrial cyber security solutions and services. Right from platform/software developers to integrators and professional services providers across industries are strengthening their position in the industrial cyber security market. Product innovation and upgrade of research and development are constantly taking place in the industrial cyber security market. For instance, in May 2016, Schneider Electric SE introduced PowerTag, the smallest wireless power meter designed to enhance the monitoring and security of electrical assets.

Some of the prominent players identified in the industrial cyber security market and profiled in the study include Schneider Electric SE, Rockwell Automation, Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks, Inc., Kaspersky Lab, McAfee, LLC, Cisco Systems, Inc., Symantec Corporation , IBM Corporation, Dell Inc., Honeywell International Inc., Siemens AG, Lockheed Martin Corporation, and Maverick Technologies.

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