The global industrial cybersecurity market was valued at USD 16.2 billion in 2022 and is projected to reach USD 20.1 billion by 2027; it is expected to grow at a CAGR of 4.4% from 2022 to 2027. Increasing demand for industrial cybersecurity products in power industry to drive the market.
Industrial cybersecurity refers to the safety and security of industrial control systems, automation processes, plant operations, and critical infrastructure from cyber intrusions. Industrial control systems, including programmable logic controllers (PLCs), distributed control systems (DCS), and supervisory control and data acquisition (SCADA) systems, are primarily prone to cyberattacks. To secure these systems from cyberattacks, various technologies, such as distributed denial of service (DDoS), firewall, intrusion detection and prevention systems, antivirus software solutions, and products such as gateways and networking devices are used to ensure uninterrupted productivity of utilities, grids, transportation systems, and the manufacturing sector.
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A few key industrial cybersecurity market players are IBM (US), Honeywell Internationals (US), ABB Ltd. (Switzerland), CISCO (US), and Schneider Electric (France).
International Business Machines (IBM) Corporation provides integrated solutions that leverage information technology and knowledge of business processes. The company operates through five segments—Global Technology Services, Cloud & Cognitive Software, Global Business Services, Systems, and Global Financial Services. IBM serves customers across various industries, such as aerospace & defense, chemicals & petroleum, electronics, energy & utilities, government, and healthcare, with a strong focus on cybersecurity, security testing, big data analytics, and cloud.
IBM monitors about 20 billion security events per day in over 130 countries, serving more than 4,000 customers. The company has 9 research labs and 11 security operation centers, along with 3 institutes for advanced worldwide security, which aim at innovating security technologies and helping its clients in maintaining the required security portfolio. IBM has its presence across the Americas, Asia, Europe, and Middle East & Africa (MEA).
Honeywell International Inc. is one of the leading technology and manufacturing companies. It offers industrial cybersecurity products through Honeywell Process Solutions (US). Besides security products, the company provides sensing, control, and security technologies for buildings and homes.
Honeywell International operates through four business segments—Aerospace, Home and Building Technologies, Performance Materials and Technologies (PMT), and Safety and Productivity Solutions. Honeywell (China) Co., Ltd.; Honeywell Aerospace GmbH (Germany); ADI-Gardiner Holding Ltd. (Netherlands); Allied Signal Aerospace Services Corp. (US); Alsip Packaging Inc. (US); Grimes Aerospace Company (US); Honeywell Automation India Ltd. (India); Honeywell Avionics System Ltd. (US); and Honeywell Co. Ltd. (US) are the major subsidiaries of Honeywell International.
Honeywell serves a wide range of industries, including aerospace & defense, oil & gas, security, and fire protection, healthcare & medical, and manufacturing. It has a significant presence worldwide with more than 250,000 distribution partners, including distributors, resellers, and manufacturers. The company predominantly operates in the United States and other parts of North America and Europe.
Industrial Cybersecurity Market by Security Type (Network, Endpoint, Application, Cloud, Wireless), Offering (Products and Services), End-user (Power, Utilities, Transportation, Chemicals & Manufacturing), and Region - Global Forecast to 2027
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