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Report reveals by 2032, industrial cyber security market set to be US$43.5bn

According to a new report by Future Market Insights (FMI), the industrial cyber security market is anticipated to grow at a compound annual growth rate (CAGR) of 7.7 per cent, from US$20.7 billion in 2022 to US$43.5 billion in 2032.

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Mon, 12 Sep 2022
Report reveals by 2032, industrial cyber security market set to be US$43.5bn
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The industrial cyber security market is set to develop due to the increasing adoption of emerging technologies such as 5G networks, big data, and artificial intelligence across industries.

"The increased adoption of internet of things solutions in industrial control systems and cloud security applications is driving the industrial cyber security market size.

"Increased internet penetration in various regions of the globe is anticipated to contribute to the growth of the industrial cyber security market share," according to the FMI report.

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The demand for cyber security solutions across industries is predicted to increase as the demand for advanced solutions such as firewalls, antivirus, and intrusion detection systems (IDS).

The report by FMI also noted the impact of COVID-19 on the industrial cyber security market.

Due to the adoption of a work from home strategy, the COVID-19 pandemic has amplified cyber attacks. As a result, the demand for industrial cyber security solutions is rising as measures in home offices are inadequate. In addition, remote access also gave hackers a larger attack surface.

Attackers have taken advantage of the pandemic's uncertainty and anxiety to carry out phishing attacks to fool users into providing access to confidential information and systems.

As cyber attacks grow in supply chains, healthcare, and manufacturing sectors, these factors have led to the demand for industrial cyber security solutions and services.

Manufacturing and industrial facilities are increasingly adopting cloud-based ICS-as-a-service and industrial robots based on artificial intelligence platforms. These industrial robots have cyber security solutions installed to protect them from cyber attacks and keep them running properly.

The rising use of the internet in all parts of the world has significantly increased cyber crime incidents in various industries, including discrete and process management. As a result, businesses in multiple industries, including oil and gas, automotive, energy and power, and aerospace and defence, are increasingly adopting industrial cyber security solutions.

In the years ahead, FMI further explained, rising acceptance of cloud security solutions and IoT in industrial cyber security systems are anticipated to drive market expansion.

"As vast volumes of data and information are generated across sectors on a daily basis, one of the developing market trends is integrating industrial cyber security solutions with modern cloud services.

"Advanced cloud services are necessary to monitor and analyse this data.

"The market's major players are concentrating their efforts on creating and integrating cloud-based cyber security solutions for OT and ICS applications across various sectors," the FMI report stated.

The FMI report also analysed the anticipated growth of the industrial cyber security market in the 10-year period between 2022 and 2032.

North America is expected to have a significant industrial cyber security market share. This is predicted to rise even further as key companies increase their investment to extend their global footprint.

Europe's share is expected to increase at a significant rate too.

Asia-Pacific’s share is expected to increase at the fastest rate. The adoption of cloud-based security software is a priority for major players in this region.

Specifically, the report listed the market size for industrial cyber security in the United States as expected to reach US$9.7 billion by 2032, growing at a CAGR of 7.3 per cent.

  • By then, the United Kingdom market will be US$2.6 billion, with a CAGR of 7.7 per cent.
  • China's will be US$3.2 billion, with a CAGR of 9.1 per cent.
  • Japan's will be US$2 billion, with a CAGR of 9.2 per cent.
  • And India's industrial cyber security market will reach US$2.6 billion, with a CAGR of 9.3 per cent during the 10 years.

Finally, the report listed recent developments in the industrial cyber security market worldwide.

These include IBM releasing the Secure Access Service Edge (SASE) solution last month to assist enterprises in implementing cloud-delivered security closer to users and devices accessing corporate resources. SASE is a cloud-based solution that combines software-defined networking and network security technologies.

[Related: New EU cyber security rules drafted tipped to regulate IoT device market]

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