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Industrial Automation Cybersecurity Market Forecast 2024
Industrial Automation Cybersecurity Market Forecast
According to The Business Research Company's, The cyber security for industrial automation market size has grown rapidly in recent years. It will grow from $10.22 billion in 2023 to $11.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to growing interconnectivity of industrial systems, proliferation of Internet of Things (IoT) devices, implementation of Industry 4.0 technologies, incidents of cyberattacks, complex supply chains in industrial sectors.
The cyber security for industrial automation market size is expected to see rapid growth in the next few years. It will grow to $17.9 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to increasing awareness among industrial stakeholders, expansion of the industrial automation, convergence of information technology (IT), and modernization of legacy industrial control systems (ICS). Major trends in the forecast period include rise of IIoT security solutions, AI and machine learning technologies, expansion of cloud-based security services, adopt Zero Trust Architecture principles.
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Market Drivers and Trends:
The surge in cyberattacks is expected to propel the growth of cyber security for the industrial automation market going forward. Cyberattacks refer to malicious actions aimed at exploiting vulnerabilities in computer systems, networks, or software applications to gain unauthorized access, disrupt operations, or cause damage to digital assets. Cyberattacks are rising due to expanding attack surfaces, sophisticated threat actors, and a need for cybersecurity awareness and preparedness. Cybersecurity for industrial automation is crucial for safeguarding critical infrastructure, ensuring operational continuity, and reducing safety, environmental, and financial risks from cyber threats. For instance, in January 2023, according to a report by Check Point, an Israel-based software security provider, there was a 38% surge in global cyberattacks in 2022 compared to 2021. The communications industry experienced an average of 1,380 weekly attacks per organization, marking a 27% increase compared to 2021. Similarly, the Internet/managed service provider (ISP/MSP) industry encountered an average of 1,372 attacks per organization per week in 2022, reflecting a 28% increase from the previous year. Therefore, the surge in cyberattacks is driving the growth of cyber security for the industrial automation market.
Major companies operating in the cyber security for industrial automation market are focusing on expanding their product portfolio by adding innovative technologies such as an all-in-one security testing suite for industrial networks to gain a competitive edge. An all-in-one security testing suite is a comprehensive software tool designed to identify, assess, and mitigate vulnerabilities and security weaknesses across various applications, systems, and networks. For instance, in October 2023, Siemens AG, a Germany-based automation company, announced the launch of Siemens SINEC security inspector, an all-in-one security testing suite for industrial networks. SINEC security inspector provides a unified user interface for a software framework that integrates various cybersecurity tools. It allows individual network devices, segments, or the entire network infrastructure to be scanned during maintenance. The SINEC Security Inspector combines best-in-class security tools in a single user interface, providing a comprehensive approach to testing network security.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Microsoft Corporation, Dell Inc., Siemens AG, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Broadcom Corporation, ABB Ltd, Rockwell Automation Inc., Palo Alto Networks Inc., Fortinet Federal Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, CrowdStrike Holdings Inc., FireEye Inc., CyberArk Software Ltd., Darktrace Holdings Ltd, McAfee Associates Inc., RSA Security LLC, Forescout Technologies Inc., Claroty Inc. , Sophos Ltd, Nozomi Networks Inc, Indegy Ltd., Dragos Inc.
Cyber Security For Industrial Automation Market 2024 Key Insights:
• The cyber security for industrial automation market size is expected to see rapid growth in the next few years. It will grow to $17.9 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Rising Cyber Attacks Drive Growth In Industrial Automation Cybersecurity Market
• All-In-One Security Solutions For Industrial Automation
• Asia-Pacific was the largest region in the cyber security for industrial automation market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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