Industrial Cybersecurity Market: Growing Risks and Need for Enhanced Protection

Strategic Insights -

The protection of industrial networks is becoming increasingly complex and critical, driven by the global adoption of cloud services and the rise of sophisticated digital threats. Companies can no longer rely solely on antivirus and firewall software, and online protection experts are no longer sufficient to prevent cyberattacks. The need for robust industrial cybersecurity solutions has never been more pressing, as risks associated with network safety are expanding rapidly.

Key Takeaways:

  • The industrial cybersecurity market is segmented into products and solution & services, with application security expected to grow at the largest rate in 2020.
  • The market is expected to grow at a significant rate, driven by the increasing adoption of cloud services and the need for enhanced protection against cyber threats.
  • Companies such as Microsoft, Honeywell, and IBM are major players in the market, with a focus on product launches, partnerships, and acquisitions.
  • Partnerships and collaborations, such as the ones between Honeywell and Nozomi Networks, and IBM and ABB, aim to deliver comprehensive cybersecurity solutions for industrial operations.
  • Recent acquisitions, such as Rockwell Automation's acquisition of Oyla, and Cisco's acquisition of Exablaze, aim to expand the portfolio of cybersecurity services available in the market.
  • The industrial cybersecurity market is expected to grow significantly, with a projected CAGR of 14.8% from 2020 to 2026.

Statistics:

  • The industrial cybersecurity market is expected to grow from $10.4 billion in 2020 to $25.4 billion by 2026, at a CAGR of 14.8%.
  • The market is segmented into products and solution & services, with application security expected to grow at the largest rate in 2020.
  • The market is expected to grow at a significant rate, driven by the increasing adoption of cloud services and the need for enhanced protection against cyber threats.
  • Companies such as Microsoft, Honeywell, and IBM are major players in the market, with a focus on product launches, partnerships, and acquisitions.

Sources:

  • "Global Industrial Cybersecurity Market By Offering Type, By Security Type, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" by Reportlinker
  • "Honeywell and Nozomi Networks Partner to Deliver Comprehensive Cybersecurity Solutions for Industrial Operations"
  • "IBM Signs Collaboration Agreement with ABB"
  • "Rockwell Automation Acquires Oyla"
  • "Cisco Acquires Exablaze"
  • "Microsoft Threat Protection GA Released"
  • "Palo Alto Networks Introduces Prisma Cloud Security Suite"