Exponential growth expected in the industrial cyber security market

According to a recent report by Future Market Insights (FMI), the Industrial Cyber Security Market is forecast to expand with a compound annual growth rate (CAGR) of 7.7% from 2022 to 2032. The market is projected to reach a valuation of $20.7 billion in 2022 and $43.5 billion by 2032.

The challenges of the industrial sector in the digital age

The pandemic that began in 2020 has wrought unprecedented turmoil and disruption for businesses and individuals around the world, having a devastating impact on the global economy. The remote working methods, adopted to deal with the health emergency, have generated new operational challenges for companies. In parallel, the Internet of Things (IoT) has greatly simplified the lives of millions of people, making it easier to perform demanding tasks. The IoT offers modern businesses a new way to manage, store and process data in data centers and the cloud.

Cyber security in the industrial sector: an underestimated necessity

Despite the opportunities offered by technology, the high presence of sophisticated devices has led to a variety of interactions between customers, businesses and communication service providers. This complexity has made safety management more difficult, especially in the context of industrial control systems. Due to the relative rarity of targeted attacks on automation systems and an excessive reliance on security measures, industrial company owners and their employees tend to underestimate the current and potential dangers.

Investments and training: fundamental tools for industrial safety

Modern security technologies are used in the industrial sector to prevent cyber attacks. However, cybercriminals continuously develop new tactics to bypass these measures. It is essential that companies invest in security sensing and protection technologies to develop effective defensive strategies. At the same time, it is imperative that companies recognize the importance of employee training to prevent human errors, one of the most common causes of security breaches.

FMI's report also highlights some important developments in the Industrial Cyber Security market, including the projected growth rates for various industries and regions, as well as the key strategies adopted by the major market players, including Schneider Electric SE, Rockwell Automation, CyberArk Software , ABB, and Bayshore Networks. These companies are implementing various strategies to expand their global presence and provide advanced security services. Some recent developments in the industry include Cisco System's acquisition of Exablaze and Broadcom's introduction of BizOps.