According to Frost & Sullivan, revenues in the booming worldwide industrial cybersecurity market are expected to reach $10.2 billion by 2025
According to Frost & Sullivan’s recent analysis of the worldwide industrial cybersecurity industry, firms seeking to establish a strong Operational Technology (OT) security posture face a serious scarcity of OT security expertise. For OT security vendors, this opens up lucrative growth prospects. As a result, the global industrial cybersecurity market is expected to increase at a compound annual growth rate (CAGR) of 25.3 percent from $3.3 billion in 2020 to $10.2 billion in 2025.
North America has the largest revenue share of the industrial cybersecurity market in terms of regional perspective. Directives from the White House, the Department of Energy, and the Transportation Security Administration motivate organisations. Similarly, in Europe, the renewed regulatory push, framework modernization, increased awareness, and digitization initiatives are accelerating the growth of industrial cybersecurity solutions. The Middle East features a number of mature cybersecurity programs, and its steady growth can be attributed to its reliance on critical infrastructure sectors. Although Asia-Pacific and Latin America are becoming more conscious of cybersecurity risks, they still have a long way to go.
Sankara Narayanan Venkataramani, Industrial Automation Industry Analyst at Frost & Sullivan, said “Industrial cybersecurity is pivoting toward convergence and creating an ecosystem of trust. More companies from different backgrounds will form strategic partnerships to deliver fully integrated and joint solutions,”
“In addition, successful OT alert management to reduce high volumes of false positives will be essential amid increasing threats and vulnerabilities.”
He added “Advanced technologies such as artificial intelligence (AI), self-learning AI, and machine learning (ML) will be differentiating factors in detecting advanced and unknown threats, and more companies will embrace AI and ML.”
Attacks are becoming more sophisticated, and the threat landscape is changing. Increasing Sophistication of Attacks and Evolving Threat Landscape Powering Global Industrial Cybersecurity, Outlook 2022 is the latest addition to Frost & Sullivan’s Industrial Automation research and analyses, is available through the Frost & Sullivan Leadership Council, which helps organisations in identifying a continuous flow of growth opportunities to succeed in an unpredictable future.