Cybersecurity for Industrial Automation Market Poised for Growth, Expected to Reach $17.9 Billion by 2028
The cybersecurity for industrial automation market is set to experience significant growth. By 2028, it is predicted to reach $17.9 billion with a compound annual growth rate (CAGR) of 11.9%.
Cyber Security for Industrial Automation Global Market Report 2024
The market for cybersecurity in industrial automation is expected to grow rapidly in the next few years. From $10.22 billion in 2023 to $11.42 billion in 2024, the market will grow at a CAGR of 11.7%. This growth is due to the increasing interconnectedness of industrial systems, more IoT devices, the adoption of Industry 4.0 technologies, and a rise in cyberattacks on complex supply chains.
Rising Threat Landscape Fuels Market Growth
The increase in cyberattacks is a major driver for the growth of the cybersecurity market in industrial automation. These attacks exploit weaknesses in computer systems, networks, and software applications, posing significant threats to critical infrastructure and processes. According to a report by Check Point, global cyberattacks saw a 38% increase in 2022 compared to the previous year. This highlights the urgent need for robust cybersecurity measures in industrial automation.
Key Players and Market Trends
Big companies like Microsoft Corporation, Siemens AG, and Cisco Systems Inc. are leading the market. They focus on expanding their product lines with innovative technologies, including all-in-one security testing suites for industrial networks. For example, Siemens AG launched the Siemens SINEC security inspector, a comprehensive tool designed to identify and fix vulnerabilities in industrial networks.
Segments
- Type: Programmable Automation System, Fixed Automation System, Flexible Automation System, Integrated Automation System
- Security Type: Enterprise Security, Supervisory Control And Data Acquisition (SCADA) Security, Network Security, Device Security, Physical Security
- Tools or Technologies: Numerical Control (NC) Machine Tools, Programmable Logic Controllers (PLCs), Computer Numerical Control (CNC) Systems, Industrial Sensors
- End-Use: Automotive Manufacturing, Electronics and Telecommunications, Food and Beverage Processing, Pharmaceuticals, Other End-Users
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the cybersecurity for industrial automation market in 2023, thanks to rapid industrialization and the adoption of advanced manufacturing technologies. The region is expected to maintain its leadership and see substantial growth, offering profitable opportunities for market players.
By converting complex industrial terms and growth metrics into simpler language and breaking down the content into clear sections, the information becomes easy to understand for everyone, including housewives. The market is growing to protect industries from cyber threats, with major companies leading innovative solutions to keep our critical infrastructure safe.
