Why Invest in Cyber Security for Industrial Automation Market Size Reach USD 20.5 Billion by 2032

Allied Market Research published a new report, titled, " Why Invest in Cyber Security for Industrial Automation Market Size Reach USD 20.5 Billion by 2032." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Adoption of novel technologies in the industrial automation sector and the growing focus on cyber resilience and the development of incident response plans & business continuity are expected to offer remunerative opportunities for the expansion of the cyber security for industrial automation market. The rising popularity of cyber security in detecting & responding to cyber threats, increased number of cyber threats, and the stringent regulations & standards mandating the implementation of cybersecurity in industrial automation are the factors expected to drive the market growth.

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The global cyber security for industrial automation market size was valued at USD 9 billion in 2022, and is projected to reach USD 20.5 billion by 2032, growing at a CAGR of 8.7% from 2023 to 2032.

The cyber security for industrial automation market is segmented on the basis of type, tools or technologies, security type, end use, and region. By type, the market is divided into fixed automation system, programmable automation system, flexible automation system, and integrated automation system. By tools or technologies, the market is classified into numerical control (NC) machine tools, programmable logic controllers (PLCs), computer numerical control (CNC) systems, and industrial sensors. By security type, the market is analyzed across enterprise security, SCADA security (supervisory control and data acquisition), network security, device security, and physical security. By end use, the market is classified into automotive manufacturing, electronics & telecommunication, food & beverage processing, pharmaceuticals, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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COVID-19 Scenario

● The COVID-19 pandemic outbreak had a significant impact on the global cyber security for industrial automation market's growth. The pandemic led to disruptions in global supply chains due to lockdowns, reduced manufacturing activities, and restrictions on international trade. These disruptions led to remote work culture that exposed several industries to cyber threats by compromising network security and leading to data breaches.

● Moreover, industrial automation systems emerged as prime targets for cybercriminals amidst the COVID-19 pandemic, aiming to exploit vulnerabilities amid heightened dependence on digital technologies. Additionally, disruptions in global supply chains caused by the pandemic prompted greater scrutiny of supply chain security processes.

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The SCADA security (Supervisory Control and Data Acquisition) sub-segment accounted for the largest global cyber security for industrial automation market share of 28.5% in 2022 and is expected to grow at the highest CAGR of 9.4% during the forecast period. This is majorly because SCADA systems play a crucial role in industrial automation by providing remote monitoring and control capabilities. The rising need to protect critical processes from cyber threats is another factor to boost the sub-segment's growth. Besides, SCADA's capability for efficient centralized process control is driving the demand for cyber security in industrial automation.

The food & beverage processing sub-segment accounted for the largest market share of 34.4% in 2022 and is expected to rise at the highest CAGR of 9.3% during the forecast period. This is mainly because the food & beverage industry depends heavily on computer-controlled automation systems for its productivity. Besides, cybersecurity measures are significant to prevent downtime caused by cyberattacks. Moreover, in the food & beverage industry, intellectual property, such as formulations, proprietary recipes, and processes, is a valuable asset. A major factor to protect this intellectual property from unauthorized access or theft is cybersecurity.

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The cyber security for industrial automation market in the Asia-Pacific region accounted for the largest share of 38.2% in 2022 and is predicted to rise at the highest CAGR of 9.2% during the forecast period. This growth is mainly owing to the significant rise in cyber threats. Besides, the rapid digitalization, geopolitical tensions, and the increased Internet penetration are other factors driving the regional market growth. Moreover, several countries in the Asia-Pacific region, such as India, South Korea, Japan, China, and others are actively pursuing digital transformation initiatives to enhance the productivity and efficiency of industrial processes.

The key players profiled in the cyber security for industrial automation market analysis report include IBM, ABB, Schneider Electric, Honeywell International Inc., Siemens AG, Microsoft Corporation, Rockwell Automation Inc., Palo Alto Networks, Cisco Systems, Inc., and Dell Inc.

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