What is current size of global Industrial cybersecurity market?
The global Industrial cybersecurity market is estimated to be around USD 16.2 billion in 2022 and projected to reach USD 20.1 billion by 2027 at a CAGR of 4.4%.
What is COVID-19 impact on global Industrial cybersecurity market?
The global lockdowns and shutdowns have indirectly affected the industrial cybersecurity market. It is expected that it will take approximately 2–3 years for all the process industries to recover from the adverse effect of the pandemic and another 1–2 years for the market to recover with an organized supply and demand chain.
In this scenario, it is assumed that all measures, both health and economic, would neither help control the spread of the virus nor lead to economic recovery. Most economies would experience an unprecedented economic loss, social and political turmoil recession until the third quarter of 2022, and modest recovery starting in Q4 of 2022. This is likely to be an L-shaped economic recovery, with countries taking longer to return to their pre-crisis levels. The industrial cybersecurity market is expected to recover at a gradual pace in the coming 2–3 years and at an accelerated pace thereafter.
Where will all these developments take the industry in the mid-to-long term?
Technology will continue to play a critical role in the Industrial cybersecurity ecosystem. Key players operating in the Industrial cybersecurity marketplace are integrating emerging technologies within their existing ecosystem, which has helped to improve Industrial cybersecurity services.
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Who are the winners of global Industrial cybersecurity market?
Companies such as IBM (US), Honeywell International (US), ABB Ltd (Switzerland), Schneider Electric (France), CISCO (US), and Controlant (Iceland) are among a few key players in this market.
What are some features of industrial cybersecurity?
Industrial cybersecurity refers to the safety and security of industrial control systems, automation processes, plant operations, and critical infrastructure from cyber intrusions. Industrial control systems, including programmable logic controllers (PLCs), distributed control systems (DCS), and supervisory control and data acquisition (SCADA) systems, are primarily prone to cyberattacks. To secure these systems from cyberattacks, various technologies, such as distributed denial of service (DDoS), firewall, intrusion detection and prevention systems, antivirus software solutions, and products such as gateways and networking devices are used to ensure uninterrupted productivity of utilities, grids, transportation systems, and the manufacturing sector.
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