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Industrial Cybersecurity Market Expected to Soar in Next Decade

Industrial cybersecurity market

The industrial cybersecurity market is expected to grow at a significant rate over the next decade, with some predicting that it will exceed $40 billion by 2030.

Several market research companies have in recent months released reports focusing on the industrial cybersecurity market, and they all predict growth. These reports have hundreds of pages and typically cost thousands of dollars, but SecurityWeek has looked at the publicly available information in an effort to summarize current predictions.

The industrial cybersecurity market is currently valued at roughly $20 billion, with more conservative estimates placing it at approximately $16 billion.

According to three more conservative forecasts, the market will reach $20.1 billion in 2027, $22.4 billion by 2028, and $23.7 billion by 2030. One research company believes it will reach $34.6 billion in 2030, and another projects a growth to $33.5 billion in 2028.

Some of the companies that currently value the market at roughly $20 billion believe it will double in the next decade. Predictions include $43.5 billion by 2032 at a compound annual growth rate (CAGR) of 7.7%, $42.9 billion by 2029 at a CAGR of 14.2%, and $40.7 billion by 2029 at a CAGR of 8.54%.

Industrial organizations are increasingly relying on IoT and cloud technologies to make their operations more efficient, a trend that has been driving the demand for industrial cybersecurity solutions.

Threat actors are increasingly interested and increasingly capable of targeting industrial control systems (ICS) and other operational technology (OT) systems to cause disruption and achieve other goals.

With several major incidents coming to light over the past years, many organizations have come to realize the importance of protecting their critical systems and they are spending more on ICS/OT security.

Another key market opportunity for industrial cybersecurity vendors is represented by the increasing support from governments for securing ICS.

The Covid-19 pandemic had a negative impact on the industrial cybersecurity market due to the temporary closure of factories and plants. On the other hand, demand for certain types of solutions has increased, as organizations were often forced to rely on remote work, which has widened the attack surface.

2022 ICS Cyber Security Conference

Future Market Insights (FMI) has shared an executive summary of a recent forecast report with SecurityWeek. The company projects the ICS security market to reach $43.5 billion by the end of 2032, with the South Asia and Pacific region expected to exhibit the highest growth (CAGR of 9.3%) as a result of the high adoption rate of cloud computing in developing countries such as India, Indonesia, Thailand and Malaysia. North America will have the largest market share, FMI predicts.

In the component segment, hardware solutions are expected to have the largest market share, but software solutions are expected to represent the fastest growing area over the next decade. In the security layer segment, network security is expected to dominate the market, but cloud security will see the highest growth.

FMI says industrial cybersecurity providers are increasing business revenue and expanding their geographical presence through the acquisition of small and local players, as well as through collaboration with leading regional players.

The data cited in this article comes from Future Market Insight, Markets and Markets, Meticulous Research, Verified Market Research, Stratistics Market Research Consulting, ResearchAndMarkets, Reports and Data, and Market Research Future.

Related: Hacktivist Attacks Show Ease of Hacking Industrial Control Systems

Related: 81% of Malware Seen on USB Drives in Industrial Facilities Can Disrupt ICS

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Eduard Kovacs (@EduardKovacs) is a contributing editor at SecurityWeek. He worked as a high school IT teacher for two years before starting a career in journalism as Softpedia’s security news reporter. Eduard holds a bachelor’s degree in industrial informatics and a master’s degree in computer techniques applied in electrical engineering.