The industrial cybersecurity market is expected to reach $42.96 billion by 2029, at a compound annual growth rate (CAGR) of 14.2% from 2022 to 2029, according to a new market research report, Industrial Cybersecurity Market, from Meticulous Research.
Industrial Cybersecurity Explained
Industrial cybersecurity involves the prevention of cyberattacks on systems, networks, programs, devices and data, Meticulous Research explained in a prepared statement. As such, cyberattacks have the biggest impact on businesses, leading to operational disruption and loss of data, sales and profits. And because cyberattacks are usually aimed at accessing, changing, damaging or destroying sensitive data and interrupting business processes, cybersecurity has become vital among organizations due to rapidly increasing attacks.
The increasing dependence on technology and data in the industrial sector triggers the need for cybersecurity solutions, Meticulous Research asserts. Thus, increasing investments to fortify digital infrastructure, the growing sophistication of cyberattacks, and the increasing demand for high-security solutions to prevent cyberattacks in the manufacturing industry, are driving market growth.
Key Trends from the Meticulous Research Report
Cloud security forecast
The increasing need for cloud-based security solutions among small and medium enterprises (SMEs) is expected to spur growth opportunities in the industrial cybersecurity market, according to Meticulous Research. Emerging technologies, such as 5G and Industry 4.0, have contributed to the increase in cloud-based data storage.
The research points to the rising adoption of cloud-based security technologies in the industrial sector and the increasing use of cloud services contributing to the growth of the industrial cybersecurity market.
Solutions segment outlook
The industrial cybersecurity market is segmented into solutions and services. In 2022, the solutions segment is expected to account for the larger share of the industrial cybersecurity market, the research said. Factors such as increasing concerns regarding data security and privacy, and the increasing need to improve efficiency, reduce costs and increase security in the industrial sector will drive the growth of this segment.
Network security growth projected
The industrial cybersecurity market is segmented into network security, application security, cloud security and endpoint security. In 2022, the network security segment is expected to account for the largest share of the industrial cybersecurity market, the research said. The large market share of this segment is attributed to the increasing adoption of cloud computing, big data, Internet of Things (IoT) in industrial sectors.
The growth of on-premises security
Based on deployment mode, the industrial cybersecurity market is segmented into on-premises and cloud-based. In 2022, spurred by large enterprises, the on-premises segment is expected to account for the larger share of the industrial cybersecurity market, the research said.
Industrial manufacturing cybersecurity growth anticipated
The industrial cybersecurity market is also segmented into industrial manufacturing, energy and utilities, transportation and logistics, and other industry verticals. In 2022, the industrial manufacturing segment is expected to account for the largest share of the industrial cybersecurity market, based on the rising number of cyberattacks, the research said.
North America, Asia Pacific markets on the rise
Based on geography, North America is expected to account for the largest share of the industrial cybersecurity market in 2022, the research said. However, the industrial cybersecurity market in Asia-Pacific is expected to register the highest CAGR during the forecast period. The rapid incorporation of disruptive technologies across different sectors in Asia-Pacific is driving the growth of this market in the region.