The Cyber Security for Industrial Automation Market is Projected to Grow at a CAGR of 8.7% and Generate a Revenue of $20,456.7 Million by 2032

Download Sample   Reports Overview

The global cyber security for industrial automation market is predicted to be valued at $9,000.0 million by 2032, surging from $20,456.7 million in 2022, at a noteworthy CAGR of 8.7%.

Impact Analysis of COVID-19 on the Cyber Security for Industrial Automation Market

The extensive and adverse effects of the COVID-19 pandemic on cybersecurity in industrial automation were evident. The pandemic's uncertainties and vulnerabilities led to a surge in cyber-attacks in industrial and manufacturing sectors, such as food processing, pharmaceutical processing, and other industries. Notably, the instances of phishing attacks, ransomware, and various types of malware experienced a significant increase, as many professionals in industrial automation shifted to remote work. Owing to the shift towards digital transformation that led to increased work efficiency, gave rise to new cybersecurity challenges associated with the adoption of new technologies. In addition, the healthcare infrastructure and industrial sector witnessed a surge in cyberattacks during the pandemic that impacted the cyber security for industrial automation industry growth during the pandemic.

Global Cyber Security for Industrial Automation Market Analysis

The rising popularity of cybersecurity in industrial automation can be attributed to factors such as digital transformation, the incorporation of the Industrial Internet of Things (IIoT), and rising concerns about data security. For instance, the ongoing digital transformation in industrial processes, commonly referred to as Industry 4.0, has resulted in increased connectivity and the incorporation of digital technologies. The integration of these new technologies has highlighted the importance of robust cybersecurity measures to ensure the protection of critical infrastructure. Moreover, industrial automation systems dealing with sensitive data pertaining to production processes and crucial operations require safeguarding against unauthorized access and potential disruptions. These factors are anticipated to boost the popularity of cyber security in the industrial automation sector.

The limitations and challenges associated with the implementation of cyber security in the industrial automation are expected to restrict the market growth. Many industrial facilities use legacy systems that were not designed keeping cybersecurity in mind. The lack of security features and updates in these outdated systems makes them vulnerable to contemporary cybersecurity threats. Furthermore, increased interconnectivity poses a significant risk, as the compromise of one component within the system can result in extensive disruptions. These factors are anticipated to restrain the cyber security for industrial automation market expansion in the upcoming years.

Cyber security presents several opportunities for industrial automation sector owing to growing demand for risk assessment & management, compliance consulting, and network security. For instance, cyber security consulting offers risk assessment & management along with compliance consulting. With risk assessment & management, the professionals working in the cyber security sector can offer services to manage the cybersecurity risks specific to industrial automation environments. Also, with compliance consulting, the industrial organizations navigate and comply with cybersecurity regulations and standards. In addition, the cyber security for industrial automation offers supply chain security as well as network security. The supply chain security helps in vendor risk management and providing security to the industrial devices. The network security services help in developing secure communication solutions for the industrial systems. These factors are anticipated to create several growth opportunities in the cyber security for industrial automation market during the forecast period.

Global Cyber Security for Industrial Automation Market, Segmentation

The cyber security for industrial automation market is segmented on the basis of type, tools or technologies, security type, end use, and region.

Type:

The type segment is classified into fixed automation system, programmable automation system, flexible automation system, and integrated automation system. Among these, the flexible automation system sub-segment is anticipated to be the fastest growing during the forecast period. Flexible automation systems are gaining huge popularity as these systems can be programmed to perform different tasks. With flexible automation system, the factories or manufacturing units can manufacture wide range of products and can be customized to make production line more efficient. Computer numerical control (CNC) machines are popular example of flexible automation systems.

Tools or Technologies:

The tools or technologies segment is further classified into numerical control (NC) machine tools, programmable logic controllers (PLCs), computer numerical control (CNC) systems, and industrial sensors. Among these, the programmable logic controllers (PLCs) sub-segment is projected to witness the highest CAGR during the forecast years. The PLCs are widely used in industrial settings as these systems are versatile and robust that can be used in variety of industrial settings. With PLCs, the wiring & troubleshooting are less and the reliability of PLCs is high. In addition, PLCs can communicate with multiple controllers, and it is designed to handle real-time applications.

Security Type:

The security type segment is further classified into enterprise security, SCADA security (supervisory control and data acquisition), network security, device security, and physical security. Among these, the SCADA security (supervisory control and data acquisition) sub-segment is predicted to have the fastest growth during the forecast period. SCADA (Supervisory Control and Data Acquisition) systems provide numerous benefits to businesses. The remote monitoring and control functionalities of SCADA enable centralized process control, promoting streamlined operations. By collecting and analyzing real-time data, informed decisions can be made, leading to increased efficiency and cost-effectiveness. In addition, SCADA enhances safety by continuously monitoring critical process parameters and equipment in real-time. Its capacity to optimize processes and reduce downtime also leads to enhanced quality and productivity. Furthermore, SCADA systems are adaptable to changes in process or equipment requirements, allowing for customization to specific organizational needs. In addition, SCADA offers robust data management capabilities, enabling the long-term storage, analysis, and reporting of data.

End Use:

The end use segment is further classified into automotive manufacturing, electronics & telecommunication, food & beverage processing, pharmaceuticals, and others. Among these, the food & beverage processing sub-segment is predicted to have the fastest growth during the forecast period. To combat the rising threat of cybercrime, the food processing industry needs to implement appropriate measures for safeguarding its operations. Due to the sensitive nature of food processing activities, businesses cannot compromise on the quality of essential workflow applications. The incidences of cyber-attacks in the food processing sector have surged significantly, with hackers and scammers shifting their focus from industrial control systems to businesses of all sizes within the food processing domain. This shift is attributed to a perceived lack of security measures prevalent across the industry. Common vulnerabilities, including phishing emails and ransomware, result in substantial financial losses. Hence, the use of cyber security for industrial automation in the food & beverage sector holds the highest potential.

Region:

The cyber security for industrial automation market in Asia-Pacific is projected to show the fastest growth during the forecast period. Asia-Pacific countries namely India, China, Japan, and South Korea have shown higher demand for cybersecurity in industrial automation owing to the growing importance of securing critical infrastructure and industrial processes. Rapid industrialization in the countries namely India, China, and others have led to increase in demand for cybersecurity in the industrial automation sector. In addition, as these countries are heavily investing in crucial infrastructure projects such as transportation systems, water treatment facilities, power plants, and others, the demand for cybersecurity in industrial automation is increasing rapidly. The growing awareness regarding cyber security risks among businesses & government agencies in the Asia-Pacific countries has led to increase in demand for cyber security solutions.

Key Players in the Global Cyber Security for Industrial Automation Market

Some of the leading cyber security for industrial automation market players are IBM, ABB, Schneider Electric, Honeywell International Inc., Siemens AG, Microsoft Corporation, Rockwell Automation Inc., Palo Alto Networks, Cisco Systems, Inc., and Dell Inc.