Industrial Cybersecurity Market Size, Share & Trends Analysis Report By Security Type (Network Security, Application Security, Endpoint Security, Wireless Security, Cloud Security, Others), By Product Type (Ethernet Switches, Gateway, Router, Others), By Size of Organization (Small & Medium-sized Enterprises, Large Enterprises), By Solutions (Firewall, Antivirus, Distributed Denial of Service (DDoS), SCADA encryption, Security Information and Event Management (SIEM), Unified Threat Management (UTM), Data Loss Prevention (DLP), Identify and Access Management (IAM), Others), By End-use (Manufacturing and Chemical, Oil and gas, Transportation, Power Grid, Others) and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America), Global Economy Insights, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast Till 2031. The report offers the value (in USD Billion) for the above segments.

Market Projections (2024-2031):

The Industrial Cybersecurity Market size was valued at around USD 22.56 Billion in 2023 and is expected to reach a value of USD 42.04 Billion by 2031, at a CAGR of 7.8 % over the forecast period (2024–2031).

The demand for related devices in enterprises to send computerization has increased, leading to an increase in online security threats. This will play a major role in propelling the development of industrial cyber defense. Businesses are the backbone of a nation's economy, so the losses incurred by enterprises as a result of industrial digital attacks would have an impact on the country's economy. This would cause governments to carefully consider allocating funds for modern network security in order to ensure the safety of contemporary activities. The industrial cybersecurity market has recently experienced rapid growth and growing general noticeability.

Increasing attack surfaces have resulted from the widespread adoption of Industrial Internet of Things (IIoT) technology in basic infrastructure projects (oil and gas, power utilities, and so on) and the assembly sector. People's increasing reliance on technological breakthroughs and online apps has led to an increase in the risk of digital threats. There is true coordination between the street, rail, and metro networks as well as between various modes of transportation. Every form of transportation is used, including surface transportation pipelines, aviation, sea, roads, and contemporary control systems.

The growing ubiquity of digitization has limited the ability of associations to rely heavily on digital data. Due to the massive amount of information that is shared both inside and outside of organizations, as well as globally, organizations are now vulnerable to several kinds of cybercrime. Ascend is well-known for its industrial cybersecurity in contrasting end-use industries, including as automotive, oil and gas, aviation, and security, where force and energy are needed to propel global market development. However, end users are becoming less assured due to the extreme unpredictability of network security and the hazy ROI advantages.

Market Dynamics:

Market Drivers:

Rising Incidents of Cyber Threats and Attacks

• One of the primary drivers for the Industrial Cybersecurity Market is the increasing frequency and sophistication of cyber threats and attacks targeting industrial control systems (ICS) and critical infrastructure. As industrial systems become more interconnected and digitized through the adoption of Industrial Internet of Things (IIoT) devices, cloud computing, and networked technologies, they become more vulnerable to cyber threats such as malware, ransomware, phishing attacks, and insider threats. Cyberattacks on industrial facilities can disrupt operations, cause equipment failures, compromise sensitive data, and pose risks to safety, security, and continuity of operations. The escalating threat landscape and the potential impact of cyber incidents drive demand for robust cybersecurity solutions and services tailored to protect industrial networks, control systems, and operational technology (OT) environments from cyber threats and vulnerabilities.

Growing Public and Private Investments to Develop a Secure Industrial Sector to Fuel Market Expansion

• Government and business sector investments in industrial cybersecurity are significantly increasing as a means of establishing safe and secure industrial environments. Governments everywhere are realizing how vital it is to defend industrial infrastructure against cyberattacks, particularly in industries like manufacturing, energy, transportation, and utilities. Consequently, companies are devoting large amounts to cybersecurity projects, such as the creation of strong frameworks, rules, and standards to protect vital infrastructure.
  Governments and corporate organizations are investing in proactive efforts to strengthen cyber resilience due to the growing awareness of cybersecurity threats and the possible consequences of cyberattacks, including disruption of operations, loss of sensitive data, and financial losses.

Market Trends:

Convergence of IT and OT Security

• The increasing convergence of Information Technology (IT) and Operational Technology (OT) security practices. Traditionally, IT and OT systems have operated in silos, with distinct security protocols, tools, and personnel responsible for each domain. However, as industrial environments become more interconnected and digitized, the boundaries between IT and OT are blurring, necessitating a more integrated approach to cybersecurity. Organizations are recognizing the importance of securing both IT and OT assets to protect critical infrastructure, industrial control systems, and production processes from cyber threats. As a result, there is a growing emphasis on deploying unified cybersecurity solutions that can provide comprehensive visibility, monitoring, and protection across IT and OT environments. The convergence of IT and OT security enables organizations to streamline security operations, facilitate threat detection and response, and improve overall cyber resilience in industrial settings.

Adoption of Zero Trust Security Architectures

• The adoption of Zero Trust security architectures to enhance security posture and mitigate cyber risks in industrial environments. Zero Trust is a security framework based on the principle of "never trust, always verify," which assumes that all users, devices, and applications, both inside and outside the network perimeter, are untrusted by default and must be continuously authenticated and authorized before accessing resources. In industrial settings, where the stakes are high and the consequences of a cyber breach can be severe, Zero Trust principles are gaining traction as organizations seek to bolster their defenses against evolving cyber threats. Zero Trust architectures incorporate techniques such as micro-segmentation, least privilege access controls, multi-factor authentication, and continuous monitoring to enforce granular security policies and prevent lateral movement of threats within industrial networks. By adopting Zero Trust principles, organizations can strengthen their cybersecurity posture, reduce the attack surface, and enhance resilience against sophisticated cyber threats targeting industrial control systems and critical infrastructure.

Market Restraining Factors:

Lack of Comprehension of stakeholders

The lack of understanding among stakeholders is one of the main things impeding the creation of solutions. Many businesses in the industrial sector are still ignorant of the dangers and hazards that cyberattacks bring to their assets, operations, and reputation. Additionally, they lack the expertise to put best practices and efficient cybersecurity measures into action. This limits the market's potential for expansion by creating a gap between the supply and demand for industrial cybersecurity services and equipment.

Key Industry Developments:

• In September 2022, ABB has launched the ABB Ability Cyber Security Workplace (CSWP), a digital platform that integrates ABB security solutions with those from third parties. By making cyber security management easier, this reduces risks to vital industrial infrastructure by allowing engineers and operators to respond quickly to problems
• In July 2023, The acquisition of SCADAfence, a renowned supplier of cybersecurity solutions for tracking large networks in the Internet of Things (IoT) and operational technology (OT) areas, by Honeywell has been finalized. SCADAfence is renowned for its proficiency in threat identification, asset discovery, and security governance—all essential elements of cybersecurity initiatives in the contexts of building and industrial management.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Industrial Cybersecurity Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Industrial Cyber Security Market Players Analysis:

Industrial Cyber Security Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Industrial Cyber Security Market Segmentation Analysis:

By Security Type

• Network Security
• Application Security
• Endpoint Security
• Wireless Security
• Cloud Security
• Others

By Product Type

• Ethernet Switches
• Gateway
• Router
• Others

By Solutions

• Firewall
• Antivirus
• Distributed Denial of Service (DDoS)
• SCADA encryption
• Security Information and Event Management (SIEM)
• Unified Threat Management (UTM)
• Data Loss Prevention (DLP)
• Identify and Access Management (IAM)
• Others

By Size of Organization 

• Small & Medium-sized Enterprises
• Large Enterprises

By End-user

• Manufacturing and Chemical
• Oil and gas
• Transportation
• Power Grid
• Others

The report also helps in understanding Global Industrial Cyber Security Market dynamics, structure by analyzing the market segments, and project the Global Industrial Cyber Security Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Industrial Cyber Security Market make the report investor’s guide.

Segmentation Analysis:

The market scope is segmented because of By Security Type, By Product Type, By Solutions, By Size of Organization, By End user.

By Size of Organization:

Based on the Size of Organization of the market is segmented Small & Medium-sized Enterprises, Large Enterprises.

The large enterprises group is expected to contribute substantially to revenue throughout the duration of the forecast period. Large firms are more susceptible to cyber threats since they have greater expenditures and resource allocations. Modern technology is being used by large corporations to collaborate with independent software developers to build cutting-edge antivirus protections against cyberattacks. Due to their volume of transactions and employee data, large firms are increasingly vulnerable to ransomware and hacker attacks and so require industrial cyber protection more than previously.

The Small and Medium-sized Enterprises (SMEs) category is anticipated to grow at a faster revenue CAGR throughout the projection period.  Working with small and medium-sized organizations is becoming increasingly appealing to sellers of cybersecurity technologies and solutions. Due to the fact that almost two-thirds of SMEs do not have a data security policy, hackers frequently target SMEs. The management of SMEs does not think that their company is in jeopardy in about 58% of cases. Attackers target SMEs because they are a simple target. They might target SME assets directly. Thus, networking companies have an opportunity to protect SMEs from cyberattacks and increase awareness among them, which should support the segment's revenue growth.

By End User

Based on the End User of the market is segmented into Manufacturing and Chemical, Oil and gas, Transportation, Power Grid, Others.

The transportation category is expected to hold a larger revenue share in the worldwide market over the course of the projected period. Transportation can include automobiles and motor transports, railroads, aircraft, and sea transportation. Associated In the transportation sector, digital technologies are quickly gaining dominance since hacks are becoming more common. Hackers target sectors related to transportation. According to a report, between June 2020 and June 2021, there was an 186% increase in weekly ransomware attacks targeting the transportation industry.

For instance, in 2020, the EasyJet company experienced a hack that resulted in the compromising of 9 million email addresses and trip details, along with the credit card information of about 2200 consumers. There is a strong need for industrial cybersecurity in the transportation sector due to the rise in cyberattack events. Businesses are working with tech businesses to improve their cybersecurity systems, which is anticipated to fuel this segment’s revenue development.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North American industrial cybersecurity market is expected to grow at a compound annual growth rate (CAGR) of 9.8% during the projected period. In terms of market share, North America leads the world's industrial cybersecurity sector. The existing environment makes it inevitable that there will be growing cyber hazards. Growing business fundamentals and the need to deploy Industrial Internet of Things (IIoT) technology are causing a lot of North American organizations to struggle with implementing industrial cybersecurity risk management systems. Moreover. Due to leading players are investing more to expand their global footprint, it is expected that the industrial cybersecurity market in North America would grow more quickly.

Asia Pacific is anticipated to expand at the quickest rate during the projected period, with a CAGR of 10.7%. The examination of the Asia-Pacific industrial cybersecurity market includes China, India, Japan, Australia, and the rest of Asia-Pacific. Among the emerging economies in Asia-Pacific are China and India. Over 70% of the workforce in these nations is employed by the numerous small and medium-sized businesses (SMEs) in these nations. SMEs are unable to adopt robust security procedures in their companies due to the high implementation costs of industrial control system security projects. However, for a number of reasons, such as growing BYOD use, rapid digitalization and virtualization, and increased organizational complexity, SMEs should be encouraged to adopt a range of industrial control solutions and services. Industrial cybersecurity providers that work with companies in the manufacturing, transportation, and energy industries would find these SMEs useful.

Industrial Cyber Security Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Industrial Cyber Security Market valued?
• Which region has the largest share in 2024 for the global Industrial Cyber Security Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Industrial Cyber Security Market

• Historic year: 2018- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Industrial Cyber Security Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: