Industrial cybersecurity or computer security is the detailed shielding of computer systems and networks from incoming threats, such as information disclosure, theft, or damage, to the internal and external hardware, software, and electronic data. Fortune Business Insights notes that the market for industrial cybersecurity was valued at USD 15.84 billion in 2019. Grow to USD 29.41 billion in 2027 with CAGR of 8.2% during the forecast period. Additional services include implementing modern control frameworks, integrating effectual product and equipment management, and supplementary organization security. Unwarranted attacks often harm production that can incur huge monetary losses. Previous forms of security included simple firewalls and antivirus software. However, current formats of cybersecurity include expanding its presence toward computer systems and various wireless networks. Such as the internet, Wi-Fi, and Bluetooth for “smart” devices such as smartphones and televisions.
COVID-19 Impact: Funding Overlays by Leading Players to Positively Impact Market
The coronavirus pandemic has been affecting various sectors and causing economic disruptions across the globe. However, the demand for cybersecurity has been on the rise as it plays a pivotal role by securing data and other restricted information by regulating numerous process outputs.
Attributed to lockdown measures implemented on a large part of the global population, there was large-scale adoption of work from home solutions. This traditional shift in the work culture is expected to put immense focus toward redevelopment and revamping cybersecurity implementations.
Working from home has also opened many doors toward increased phishing scams due to higher co-dependency of workers toward personal devices and home networks. This resulted in organizations making strategic decisions to strengthen their workforce by avoiding business disruptions, managing information risks more deliberately, and working toward a shared grid of enterprises.
Increased Adoption of AI-based Industrial Robots to Bolster Growth
Cybersecurity installations are expected to increase due to the rising integration of cloud-based ICS-as-a-service and industrial robots functioning on Artificial Intelligence (AI) platforms. These robots are often used for a wide range of applications in manufacturing and industrial plants. According to the International Federation of Robotics, in 2018, around 125.6 thousand industry robots were positioned across the automotive industry and 105.2 thousand were deployed for the electronic industry across the globe.
Companies in North America to return to Business Practices with Robust Portfolio
The North America industrial cybersecurity market was valued at USD 5.42 billion in 2019 and is expected to witness significant growth due to the increasing presence of significant players such as CyberArk Software Ltd., Rockwell Automation Inc., Cisco Systems, and others. In addition, increasing investment by key players for expanding their presence across the globe is expected to boost the growth of the market. With increased adoption of industrial cybersecurity across various end-users, the region is expected to be protected against external susceptibilities.
In November 2020, CyberArk Software Ltd. launched CyberArk, Cloud Entitlements Manager, a service based on integrating AI toward security solutions. These services will offer advanced security layers of cloud infrastructure across various end-users.
Leading Market Players of Industrial Cybersecurity
Market players, such as IBM Corporation, Check Point Software Technologies Ltd., Cisco System, ABB Ltd. Schneider Electric, ABB Ltd., Honeywell International Inc., Microsoft Corporation, Rockwell Automation, Inc., Broadcom Inc., Kaspersky Lab, Palo Alto Networks. Splunk Inc., and McAfee LLC, are among the top players in the world. These organizations often strive to execute corporate strategies for expanding their global presence and further providing advanced security services.
Integrating Security Solutions with Cloud to Open New Revenue Opportunities for Industrial Cybersecurity
The outbreak of COVID-19 has created several opportunities for industrial cybersecurity in terms of developing advanced products. Most of the prominent players are focusing on mergers & acquisitions and collaborations for creating multiple opportunities for recouping revenue. One of the emerging trends is combining cybersecurity solutions with advanced cloud services. Due to the massive influx of data and information across various industrial sectors. The key players are focusing on developing and integrating cloud-based security solutions for OT and ICS.
In December 2019, FireEye Inc. launched FireEye, a cyber-physical threat intelligence solution for the industrial sector. This solution is aimed at offering solutions across data exploration threats for cyber-physical systems.