Industrial Cyber Security Solutions and Services Market Trends

Growth Drivers

• Increasing Incidences of Industrial Cybercrimes Owing to Security Breaches – Cybercrimes are increasing in the IT and industrial sectors to collect all informational data and use that for their personal benefit or sell them to people needed. This leads to the loss of properties, and the financial, and personal activity of the business owners. Cyberattacks are carried out through networked devices, computers, or laptops hence cybersecurity is required to protect the unwanted entry into the system. All these incidents are driving market growth in the coming years. The number of websites that get hacked every day across the world was estimated to be over 28,000.

• Growing Adoption of Cyber Security Services with Increasing Cyberattacks – The value of cybersecurity around the world in the year 2022 was estimated to be over USD 200 billion.

• Increasing Automotive Industries across the World Owing to Increasing Need for Personal Vehicles – The increasing use of AI in automotive vehicles can exchange data with surrounding vehicles and other multiple parties such as surrounding infrastructure and any IoT device which allows hackers. This is expected to generate new threats and vulnerabilities to the ecosystem, and access to intellectual property, leading to faulty behavior, and shutdown of systems.  The global automotive manufacturing sector produced a revenue worth about USD 3 trillion in the year 2021 according to estimations.

• Rising Number of Oil and Gas Extractions with Growing Need – The oil and gas sectors are the major target of nation-state actors, hacktivists, and various attackers with economic, political, and strategic interests. The high dependency on technology and information control systems is expected to create serious outcomes which include operational disruptions, environmental harm, reputation damage, and huge economic loss. As per the reports, in the U.S. the oil and gas extraction sectors’ gross output reached USD 40 billion in the year 2021.

Challenges

• Lack of Awareness About the Cruciality of Cybersecurity
• Require Regular Updating of the Systems to Remain Up to Date - The business organization should regularly update the software, and hardware of the systems and other control devices to prevent any threat and should always maintain a security strategy and monitor the activity of attackers a step ahead. All these require skills, and experienced personnel may increase the cost and time of management which is estimated to hamper the market growth.
• Need for Complex Setup and Security Architectures and Tools