Global Industrial Cyber Security Market Size By Type (Network Security, Endpoint Security, Cloud Security, Application Security, and Others), Vertical (Energy & Utilities, Transportation, Chemicals, Manufacturing, and Others), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030

Market Perspective

The global Industrial Cyber Security Market was valued at USD 22.91 billion in 2022 and is projected to reach USD 44.65 billion by 2030, growing at a CAGR of 8.54% from 2023 to 2030.

The industrial cybersecurity market is a vital segment within the broader cybersecurity domain. It encompasses safeguarding critical infrastructure, manufacturing plants, and industrial control systems (ICS) against cyber threats. Security types within this market include network security, endpoint security, application security, cloud security, and others. These different forms of security aim to protect various facets of industrial systems from potential cyber-attacks, data breaches, and unauthorized access. Applications span across sectors like energy and utilities, manufacturing, transportation, and more. The drivers of this market include the increasing sophistication of cyber threats, stringent regulations mandating robust cybersecurity measures, the growing integration of IoT devices, and the rising awareness of the consequences of cyber-attacks on industrial systems.

Key Insights

• Based on product, the energy & utilities segment captured the largest industry share of 37.52% in 2022
• Based on vertical, the network security segment garnered the highest revenue of USD 6.28 billion in 2022
• On the basis of region, North America accounted for the largest market share of 42.36% in 2022

Rising Sophistication of Cyber Threats Accelerates Industrial Cybersecurity Market Growth

The increasing complexity and advancement of cyber threats drive the industrial cybersecurity market. Cyber threats are evolving with new tactics, such as ransomware, phishing, and zero-day vulnerabilities, posing significant challenges to industrial systems. This sophistication necessitates continual innovation and investment in cybersecurity solutions to counter these dynamic threats effectively.

Shortage of Skilled Professionals Poses a Restraint to the Market Growth

The scarcity of adequately skilled cybersecurity professionals acts as a significant restraint in the industrial cybersecurity market. The increasing demand for expert professionals capable of handling complex cybersecurity tasks surpasses the current availability, leading to a talent gap. This shortage impedes the implementation and management of robust cybersecurity measures within industrial systems.

Recent Developments

October 2023: ABS Consulting and Dragos have expanded their strategic partnership to deliver top-notch operational technology (OT) cybersecurity solutions, services, and training to government and commercial entities.

March 2023: Fortinet introduces new and improved products and services for operational technology (OT) environments, expanding their Security Fabric for OT. This empowers organizations to establish an integrated solution platform to effectively manage cyber risks in both OT and IT environments.

July 2023: Thales has agreed to acquire Imperva, a prominent US-based cybersecurity company, from Thoma Bravo for $3.6 billion. This strategic acquisition will elevate Thales' cybersecurity business, enabling growth in data security and entry into the lucrative application security market.

Segmentation Analysis

Based on type, the market is segmented into network security, endpoint security, cloud security, application security, and others. The network security segment commanded market dominance in 2022 with a share of 27.42% due to its fundamental role in protecting interconnected industrial systems against evolving cyber threats. Essential in safeguarding critical infrastructure, network security solutions like firewalls and intrusion detection systems served as the primary defense, shielding against unauthorized access and potential data breaches. The increasing interconnectivity of industrial networks and the imperative to maintain the integrity of these systems propelled the heightened reliance and investment in network security measures, positioning this segment as the cornerstone in the fight against cyber vulnerabilities within industrial settings.

Based on vertical, the market is classified into energy & utilities, transportation, chemicals, manufacturing, and others. The transportation segment is poised to be the fastest-growing during the forecasted period, depicting a CAGR of 9.97% due to the accelerating integration of IoT devices and connected systems within this sector. As transportation systems become more interconnected and technologically advanced, the vulnerability to cyber threats increases, propelling the urgent need for robust cybersecurity solutions. The critical nature of transportation infrastructure, including connected vehicles, traffic control systems, and logistics networks, heightens the demand for advanced cybersecurity measures to safeguard against potential cyber-attacks. This emphasis on securing and fortifying transportation systems against evolving threats drives the projected rapid growth of cybersecurity solutions.

North America Held the Largest Market in 2022 Owing to Robust Cybersecurity Prowess

North America's market dominance in 2022 with the highest valuation of USD 9.70 billion was primarily steered by its robust cybersecurity prowess. The region's proactive approach, bolstered by stringent regulations, substantial investments, and a culture emphasizing cybersecurity measures across critical infrastructure, fortified its position. The presence of leading industry players and a wealth of technological innovation further reinforced North America's market leadership. Additionally, government initiatives and a comprehensive focus on cybersecurity best practices propelled the region's superiority, positioning it at the forefront of industrial cybersecurity solutions and strategies.

Asia Pacific is Expected to be the Fastest-Growing Region During Forecasted Period Owing to Escalating Digital Transformation

Asia-Pacific is expected to be the fastest-growing region with the highest forecasted CAGR of 10.40% is underpinned by its rapid technological advancements and digital transformation initiatives. The region's burgeoning industrialization, increasing integration of IoT devices, and robust adoption of advanced technologies are propelling the demand for robust cybersecurity measures. Government initiatives, particularly in countries like China, India, and Japan, focusing on fortifying critical infrastructure against cyber threats, play a pivotal role. This proactive approach and the region's continuous efforts to strengthen cybersecurity across various industries solidify Asia-Pacific's position as a hotspot for rapid growth in the industrial cybersecurity market.

Competitive Landscape

The global industrial cyber security market is fragmented with key players such as ABS Group, Bechtel Corporation, Cisco Systems, Inc., Fortinet, Inc., Honeywell International Inc., IBM Corporation, Microsoft, Rockwell Automation, Schneider Electric, Siemens, Thales, amongst others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, Product introductions, and collaborations to expand their business globally and enhance their competitive position.

The global Industrial Cyber Security Market is segmented as follows:

By Type

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

By Vertical

• Energy & Utilities
• Transportation
• Chemicals
• Manufacturing
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • South Africa
  • North America
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America