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Future Market Insights (FMI) predicts that the industrial cybersecurity market will grow at a rate of 7.7% annually, making it worth US$43.5 billion by 2032; this is up from its estimated value in 2022 of only US$20.7 billion.
According to the report, “various regions of the globe, increased internet penetration is anticipated to contribute to growth in the industrial cybersecurity market share. The adoption of internet of things (IoT) solutions in industrial control systems and cloud security applications is driving the industrial cybersecurity market size.”
5G networks, big data, and artificial intelligence are all expected to grow in popularity among industries, resulting in the growth of the industrial cybersecurity market.
Furthermore, as the demand for sophisticated solutions such as firewalls, antivirus, and intrusion detection systems (IDS) grows, so will the need for cybersecurity solutions across industries.
COVID-19 was also noted in the FMI report, which stated that it would significantly influence the industrial cybersecurity market.
The current requirement to work from home has widespread effects, including increased cyberattacks. Consequently, the demand for industrial cybersecurity solutions is growing as security measures at home are insufficient. Besides that, remote access also gave hackers more opportunities to attack.
“The current COVID-19 pandemic has resulted in an increased demand for industrial cybersecurity solutions and services as more industries are turning to digitalisation amid the outbreak,” said the FMI report.
The post-pandemic world is expected to see a “new normal” where digitalisation will be essential, leading to even more growth in the industrial cybersecurity market.
Furthermore, bad actors have exploited the public’s current unrest to phish for confidential information and access to systems.
Cyberattacks are unfortunately becoming more common in supply chains, healthcare, and manufacturing sectors.
As a result, there has been an increase in demand for industrial cybersecurity solutions and services.
It is evident that the industrial cybersecurity market is increasing and is only expected to continue in the coming years. This can be attributed to the increased digitalisation among industries, making them more vulnerable to cyberattacks. In light of this, enterprises must invest in robust industrial cybersecurity solutions to protect their systems and data.
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