The industrial cybersecurity market is predicted to increase at a CAGR of 7.7%, from USD20.7 billion in 2022 to USD29.99 billion in 2027, according to a new report from Future Market Insights.

The pandemic caused chaos in the global economy at the start of 2020, causing unprecedented chaos and disruption for organisations and individuals all across the world. The pandemic has resulted in the introduction of a work-from-home option for most employees, posing operational issues for enterprises.

"The Internet of Things has made it much easier to do difficult activities and has eased the lives of millions of people. It provides a new approach for contemporary companies to handle, store, and process data in the cloud and data centres," the report says.

"Customers, businesses, and communication service providers all interact differently because of smart gadgets. They've made it possible to automate and adapt many company procedures. The rising use of smartphones throughout the world has resulted in an increase in the number of networked devices that run on many platforms."

According to the report, owners of industrial companies and their personnel underestimate the present and impending possible risks in the industrial control systems environment due to the relative rarity of targeted assaults against automation systems and the excessive dependence on safety measures.

Synthetic assaults are guarded against by industrial control systems. As a result, security goods and software solutions are developed without addressing new risks or the nature of future assaults, as well as without a full analysis and examination of the current threat environment. As a result, real-world dangers are undervalued.

Modern security technologies are used in the industrial sector to prevent cyber attacks, but attackers create new strategies and processes to get around them. Investments in security defence and detection technologies aid in the development of successful defensive plans, yet, one of the most common causes of breaches is human error.

"These mistakes occur as a result of employees' lack of understanding, putting the industrial sector at risk," the report says.

"Advanced cyber-attacks vary in design, but they always target specific network weaknesses and exploit them to get access to company networks. Advanced cyber threats have risen dramatically in recent years, becoming a serious security problem for the industrial sector."

Employee training should be regarded as equally important to properly safeguard industrial facilities from cyber-attacks or cyber threats, in addition to adopting appropriate hardware and software-based security technologies.

In the absence of understanding of the related hazards, every employee who is a member of an organisations constitutes a threat to security, the report says.

"As a result, cyber security training is essential for personnel to comprehend, anticipate, and avoid future dangers before they become more serious. Staff will also be able to implement safe business practices at work as a result of the training."

The report shows North America is expected to have a significant industrial cyber security market share. Significant industrial cyber security market players are mostly responsible for the region's progress. The North American industrial cyber security market is predicted to rise as key companies increase their investment to extend their global footprint.

During the anticipated period, Asia Pacific is expected to increase at the fastest rate. The adoption of cloud-based security software is a priority for major players. In the manufacturing industry, these nations have a large number of SMEs and startups.

Throughout the forecasted period, Europe is expected to increase at a significant rate. The rise in investment for the expansion of secure IT infrastructure throughout the automotive industry is largely responsible for the region's success.

Key takeaways from the report include:

• The hardware solutions from the industrial cyber security market are expected to grow at the fastest CAGR of 7.1% in the component sector.
• Discrete industry is expected to grow at a high rate in the end-use sector of the industrial cyber security market, with a CAGR of 7.6%.
• The market size for industrial cyber security in the United States is expected to reach US$ 9.7 Billion by 2032, growing at a CAGR of 7.3% during the research period.
• UK is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market by 2032, with a CAGR of 7.7% during the research period.
• China's industrial cyber security market is expected to be worth US$ 3.2 Billion by 2032, with a CAGR of 9.1% over the forecast period.
• Japan is expected to have a market size for the industrial cyber security of US$ 2 Billion by 2032, with a CAGR of 9.2% during the research period.
• By 2032, India is expected to reach a market size of US$ 2.6 Billion in the industrial cyber security market, with a CAGR of 9.3% during the research period. 

Major players such as Schneider Electric SE, Rockwell Automation Inc., CyberArk Software Ltd., ABB Ltd., Bayshore Networks Inc. are among the industrial cyber security market's top participants.

Several business strategies are being implemented by these companies in order to boost their global expansion and deliver sophisticated security services.

• Exablaze, an Australian developer and producer of innovative network devices, was acquired by Cisco System, Inc. in February 2020. This acquisition will help the organisations improve their security network performance.
• Broadcom Inc. will introduce BizOps, an improved decision-making platform for sectors, in June 2020. This approach would aid businesses in speeding up decision-making across a variety of commercial and technological fields.
• CyberArk Software Ltd. introduced CyberArk, Cloud Entitlements Manager, an artificial intelligence-based solution, in November 2020. The solution was created to improve cloud infrastructure security layers across businesses.