DELRAY BEACH, Fla., Oct. 23, 2024 /PRNewswire/ — The global industrial cybersecurity market was estimated to be valued at USD 84.54 billion in 2024 and is projected to reach USD 135.11 billion by 2029; it is expected to register a CAGR of 9.8% during the forecast period according to a new report by MarketsandMarkets™. Increasing focus on integrating the Internet of Things (IoT) in Industrial Control Systems (ICS), deployment of artificial intelligence (AI) and generative AI in security solutions, the growing shift towards smart manufacturing, increasing risk of cyberattacks, the rising need to protect critical infrastructure from sophisticated cyber threats, and stringent regulatory compliance in various sectors are the major factors driving the overall market growth.
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Browse in-depth TOC on “Industrial Cybersecurity Market”
230 – Tables
73 – Figures
331 – Pages
Industrial Cybersecurity Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 84.54 billion
Estimated Value by 2029
$ 135.11 billion
Growth Rate
Poised to grow at a CAGR of 9.8%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Offering, Security Type, End-user Industry, deployment type, and Region.
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Integrating cybersecurity solutions with existing industrial processes
Key Market Opportunities
Increasing demand for automation solutions meeting safety standards
Key Market Drivers
Deployment of AI/Gen AI models in industrial setups
By Security Type, Network security segment to account for the largest market share in 2029.
It is anticipated that network security will dominate the market for industrial cybersecurity throughout the forecast period since it serves as the grounding for protecting linked systems from external threats. When AI and IoT are introduced into enterprises, their networks are threatened by intrusions, which underlines the need to manage data flow between devices and systems. As industrial networks become increasingly complex, companies focus on enhancing network security to safeguard their operations, maintain information integrity, and ensure organizational resilience when facing new and growing threat risks.
By Deployment Type, the Cloud segment is expected to exhibit the highest CAGR between 2024 and 2029.
In the industrial cybersecurity market by deployment type, the cloud segment is expected to have the highest CAGR as more firms achieve cloud adoption for their solutions than on-premises due to factors such as flexibility and cost of acquiring infrastructure. While organizations implement digital strategies and distributed work, cloud security remains an important issue. One of the major reasons that cloud security is rapidly growing is that more important data and critical operations have started storing in the cloud services.
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North America to dominate the market from 2024 to 2029.
North America is anticipated to have the largest share in the industrial cybersecurity industry because of its early adaptation of modern technologies as well as its strong industrial environment. The presence of major industrial cybersecurity players coupled with legal frameworks that put pressure on firms to adopt enhanced security measures are driving the market growth. Furthermore, the increasing trend of cyber threats towards critical infrastructure, such as energy and manufacturing sectors is forcing organizations in North America to embrace more advanced and superior cybersecurity solutions, making the region a leader in the market.
Key Players-
The key companies offering industrial cybersecurity companies include Microsoft (US), IBM (US), Palo Alto Networks (US), ABB (Switzerland), Siemens (Germany), Schneider Electric (France), Rockwell Automation (US), Honeywell International Inc. (US), Fortinet, Inc. (US), and Musarubra US LLC (Trellix) (US).
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