Global Industrial Cybersecurity Market to Be Worth US$25.6 Billion by 2027
The global market for industrial cybersecurity is projected to reach US$25.6 billion by 2027.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Industrial Cybersecurity market. Report segmentation includes End-Use (Power, Energy & Utilities, Transportation Systems, Chemical and Manufacturing, Other End-Uses); Product (Gateways, Routers, Industrial Ethernet switches); Type (Network Security, Application Security, Endpoint Security, Wireless Security, Other Types)
10 June 9:05 A.M., California/Marketwire/ - According to the new market research report, the global market for industrial cybersecurity is projected to reach US$25.6 billion by 2027. The COVID-19 pandemic is acting as a key catalyst for the long-term growth of the market. The pandemic by accelerating the digital transformation curve has also highlighted the extreme vulnerability of digital assets. Social distancing as a means to reduce the spread and transmission of the disease is resulting in forced digitalization of operations right from remote offices to automation in factories to reduce worker density on plant floors. This has exposed digital assets to a whole new level of threat hitherto unimagined and unprepared for. As a lesson learnt from the pandemic, investments in technologies like automation, smart factory, industrial internet of things, artificial intelligence, cloud computing, non-contact 3D printing/additive manufacturing, will spiral in the post COVID-19 period. In parallel, investments in cybersecurity technology solutions like block chain will also grow. Companies which until now have failed to invest adequately in internet and network security technologies will now double up the emphasis on the same to ensure business continuity and preparedness for future disasters. Over 85% of companies feel that cyber risks have increased significantly over the past year and even more so now as COVID-19 exposes digital assets to increased cyber security risk. From Jan-2020 to April 2020, corona virus related spam emails rose to 200,000 while malicious files & URLs rose to 95,000 and 26,000 respectively. Adapting manufacturing for COVID-19 will require automation and Industry 4. 0, which in turn will re-double the focus on cybersecurity practices.
Implementation of Industrial Internet of Things (IIoT), machine-to-machine communication (M2M), Industrial Control Systems (ICS) and Cyberphysical System (CPS) allow internet-borne cyber-threats to invade the once protected industrial networks. Industrial digital networks are the foundation for smart factories as they provide the additional intelligence needed for better performance and more flexible manufacturing. Developments in industrial Ethernet standards and protocols such as EtherCAT, EtherNet/IP, PROFINET, POWERLINK, SERCOS III, CC-Link IE, and Modbus TCP, have made industrial networks more robust to support industrial equipment and higher level network functions needed for industrial networking applications. Research efforts continue to be underway for Ethernet time-sensitive networking (TSN). As a result there is a growing shift towards the use of Ethernet for industrial control and automation applications. Benefits that Ethernet offers for industrial automation include reduced latencies; higher fault tolerances without additional hardware; and interoperability of solutions from multiple manufacturers. Ethernet is therefore increasingly replacing proprietary communications at the plant floor level to enable real-time automation networking. In other words, these networks today rely heavily upon mobile Internet, i. e. , telecommunication networks, which carry a higher level of security risks. The role of 5G in industrial automation and networking is poised to become bigger in the coming years. 5G network infrastructures will be key supporting assets and will be the core of Industry 4. 0. As myriad types and number of internet-enabled industrial devices act as end points for accessing manufacturing data, device and data security and safety is emerging into the spotlight.
Key Competitors Covered in the Report
Bayshore Networks, Inc.
Cisco Systems, Inc.
Forescout Technologies, Inc.
Honeywell International, Inc.
Rockwell Automation, Inc.
Schneider Electric S.A.
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, and Rest of Europe)
Rest of World
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 33478. Among this pool, 2678 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 672 unique participations, a total of 302 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
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