Key Revenue Pockets - Industrial Cybersecurity Market

By Author: Steve Stark
Total Articles: 138
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The global industrial cybersecurity market is expected to grow from USD 16.9 billion in 2020 to USD 22.5 billion by 2025, at a CAGR of 5.81%. The industrial cybersecurity market is expected to grow due to increasing cyber-attacks on industrial control systems.

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The ICS market for application security is expected to grow at the highest CAGR during the forecast period. Application security refers to the security of software and code from external and internal threats, including web attacks, DDoS attacks, site scraping, and fraud. It involves security policies to protect industrial applications and confidential information from both random and targeted application security attacks. It is a structured practice for the protection of applications, using hardware, software, and operational policies. Application security comprises the protection of SCADA applications and critical controllers, which are responsible for the proper running of industrial processes. A few of the major players who offer application security are CyberArk ...
... Software Inc. (US), Belden Incorporated (US), and Cisco Systems Inc. (US). Application security is important because more applications are available, nowadays, over various networks that can be connected to the cloud due to which there might be increased attacks and data breaches. Application security is of different types, namely, authentication, authorization, encryption, logging, and application security testing. Application developers that create different applications use application security for testing the software solutions they develop to ensure that there are no vulnerabilities in the newly developed application.

The market for products is expected to grow at the highest CAGR during the forecast period. Networking devices (routers and industrial Ethernet switches) accounted for the larger share of 58.6% of the industrial cybersecurity market, in terms of value, in 2019, while gateways are likely to witness a higher growth rate in the coming years. With the introduction of IoT-enabled devices and industry 4.0, networks are now more exposed to cyber threats. This has also boosted the demand for secure hardware, along with software. Gateways help prevent cyberattacks on SCADA systems by allowing them to securely connect with management information systems. Gateways help manage network user access by directly accessing the networks in the industrial zone. With the evolution of automation and the IoT ecosystem, companies are developing intelligent gateways capable of encrypting data and data analytics before sending the data outside a particular network or to the cloud for storage

The ICS market for transportation application is expected to grow at the highest CAGR during the forecast period. The growing dependence of people on technologies and web-based applications has led to an increase in the risk of cyber threats. Road, rail, and metro networks are physically integrated with each other and with other modes of transport. In all transportation modes, such as highways, aviation, maritime, surface transportation pipelines and industrial control systems, are used.

Cyberattacks on transportation systems can lead to a delay in operation, theft of data, and passenger injury, among others. With the adoption of new technologies in transportation, the complexity has increased. This has raised security challenges in terms of response to threats and prevention of threats by using the available resources. The Department of Homeland Security (DHS) (US) has introduced several relevant security rules and regulations to secure transportation systems from cyberattacks. Companies such as Transdyn (US) and GE Transportation (US) help transit authorities to control real-time train power control systems, wayside signals, create new train schedules, automatically change tracks, and monitor trains from a single control unit.

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The ICS market in the APAC region is projected to grow at the highest CAGR during the forecast period. the need for huge investment associated with the successful deployment of an industrial control system security project restricts SMEs from adopting a strong security practice within their organizations, but factors such as increasing complexity of businesses, rapid shifting toward digitization and virtualization, and growing trend of BYOD are expected to encourage SMEs to adopt various industrial control solutions and services.

In the coming years, several major security vendors from APAC countries are expected to widen their partner networks across the region as it is an untapped market. A few of the major security vendors operating in the APAC market are Trend Micro Inc. (Japan) and AGS Group (India).

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