Industrial Cybersecurity Industry worth .4 billion by 2028

Posted by Steve Stark on September 19th, 2023

The Industrial cybersecurity market is expected to grow at a CAGR of 7.7%, from USD 16.3 billion in 2022 to USD 24.4 billion in 2028. The primary reasons for this rise in demand for industrial cybersecurity products in power industry.

Driver: Rising government and private investments to create safe and secure industrial

Critical resources of a country’s economy rely on digital technologies. Cyber threats and cyberattacks can disrupt or damage plant operations and IT systems by hacking vital information using malware, spyware, and phishing. Cyberattacks on utilities and chemical and manufacturing plants mostly include phishing, brute-force, and malware. Governments worldwide are increasingly providing funds to address the issue of security breaches and improve industrial cybersecurity.

Restraint: Lack of adequate funds, framework, and governance required to develop high-end cybersecurity solutions

Cybersecurity concerns are increasing and the industrial sector is struggling to tackle them. As the frequency of cybersecurity breaches has increased over the past years, organizations have increased their IT security investments to protect their systems against advanced threats, zero-day malware, and other targeted threats. However, there is a lack of framework and governance due to the high costs of innovations pertaining to advanced cybersecurity solutions. Also, numerous manufacturers do not perform any cyber risk assessments, specifically focused on the ICS operating on shop floors, resulting in a potentially significant risk to operations undertaken by facility owners.

Opportunity: Rising importance of cloud-based industrial cybersecurity services

Industrial units require enough space to establish and operate a wide variety of interconnected devices and products that work together. Industrial units are often established outside the city, limiting the ease of operation. Industrial units sometimes do not have adequate infrastructure, especially across developing or emerging economies. This leads to instances where the delivery of OT security is not practical or feasible. In such cases, the use of cloud technology enables OT security. Therefore, in the near future, cloud-based ICS-as-a-Service is expected to gain considerable importance in industrial areas that do not offer physical deployment of cybersecurity for industrial.

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Challenge: Lack of awareness about best practices and criticality of cybersecurity in industrial control systems

The companies working in the industrial verticals use security technologies to prevent cyberattacks, but attackers develop new techniques and procedures to infiltrate these technologies.Human error are some of the key reasons for most of the breaches and Investments in security defense and detection technologies help develop effective defense strategies. The errors can happen due to lack of awareness among employees, which is putting the industrial sector at risk. Advanced cyber threats have significantly increased over the last few years and have become a major security concern for the industrial sector.