Global industrial security market: growth forecast to 2028

The global industrial security market is projected to reach a size of US$25.6 billion by 2028, with a compound annual growth rate (CAGR) of 7.44% over the period 2023-2028. These statistics emerge from the latest report from the IMARC Group, titled “Industrial Cybersecurity Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028”. The global industrial security market size reached US$16.6 billion in 2022, but it is projected to reach US$25.6 billion by 2028.

Functions and applications of industrial safety

Industrial security concerns the protection of industrial control systems (ICS) and critical assets from cyber threats, with the aim of guaranteeing the security of energy transmission and distribution lines, production plants, automation systems, healthcare infrastructure, communication networks, defense production facilities, critical installations and transportation systems. It encompasses various security measures, including access control, network security, endpoint protection, incident detection and response, vulnerability management, monitoring, and data security. Industrial security ensures safe and reliable industrial operations, secure communications, and the prevention of potential disruptions, unauthorized access, data breaches, and sabotage.

Trends and growth drivers of the industrial security market

The industrial security market is driven by the increase in the frequency of cyber attacks and threats targeting critical infrastructure. Additionally, the rapid use of Industrial Internet of Things (IIoT) devices to improve operational efficiency creates a demand for robust industrial security solutions to protect interconnected devices and enable seamless communication. Furthermore, the growing demand for cloud-based solutions, which offer scalability, accessibility, security, automatic updates, disaster recovery and real-time data processing benefits, acts as a significant growth driver. The adoption of machine learning (ML) and artificial intelligence (AI) techniques to improve threat detection and response, anomaly identification, and cybersecurity automation further stimulates market growth.

Competitive analysis and segmentation of the industrial security market

The industrial security market is segmented based on component, security type, and industry. Major players in the industry include ABB Ltd., AO Kaspersky Lab, Check Point Software Technologies Ltd., Cisco Systems Inc., Dell Technologies Inc., Honeywell International Inc., International Business Machines Corporation, OPSWAT Inc., Proofpoint Inc., Rockwell Automation Inc., Schneider Electric SE, Siemens AG, and many others. Emerging trends include the adoption of blockchain technologies to improve transaction security, supply chain operations, and data sharing, all of which are positively impacting the global marketplace. The implementation of stringent government regulations aimed at promoting the adoption of cyber security solutions across all industries and improving the security of critical infrastructures crucial to the economy supports the growth of the market, and the growing digitalization efforts will continue to strengthen the market of industrial safety in the foreseen period.