IT Brief New Zealand logo
Technology news for New Zealand's largest enterprises
Story image

Industrial cybersecurity market to reach US$43.5 billion

By Shannon Williams
Mon 11 Apr 2022

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.
Related stories
Top stories
Story image
Tech job moves
Tech job moves - ARMA International, Avec, Komo & YouGov
We round up all job appointments from August 15-18, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Microsoft
CCL launches Managed M365 offering for NZ work environments
CCL, the cloud specialist within Spark Business Group, has recently launched its Managed M365 offering.
Story image
Update
InterSystems releases updates to its IRIS data platform
Provider of next-generation solutions InterSystems has announced a series of new releases to its award-winning InterSystems IRIS data platform.
Story image
Cloud Security
Organisations struggling to secure new cloud environments
“In the wake of COVID-19, organisations substantially accelerated their digital transformation initiatives to accommodate a remote workforce."
Story image
Cloud
Microsoft accelerating NZ tech sector with new data centres
Microsoft’s forthcoming New Zealand data centres are introducing hyperscale public cloud capabilities on a scale previously unseen in the country.
Story image
LawVu
Exclusive: LawVu streamlines the in-house legal struggle
LawVu is a New Zealand-born company successfully transforming the in-house legal industry with its category-defining workspace.
Story image
Mobility
Micro-mobility companies caught at a crossroads - study
Reformulating models, operations and goals, shared micro-mobility companies can tap into a market worth US$9 billion in ride revenues in 2030.
Story image
SaaS
Cloudera launches all-in-one data lakehouse cloud service
CDP One makes it faster, easier and less risky for businesses to move to the cloud and migrate existing workloads to a modern data architecture.
Story image
Mobiles
Demand grows for future-proof mobile access solutions
HID Global, in partnership with IFSEC Global, recently released the 2022 State of Physical Access Control report for the fourth year running.
Story image
Facial recognition
Benefits vs risks of facial recognition technology
Once a distant, futuristic concept, facial recognition technology is now found in many technological applications with a variety of different functions. 
Story image
Innovation
Arcion extends data replication platform with new capabilities
"Arcion is committed to investing in continuous innovation. Our goal is to be the first choice in whole-product solutions for large-scale data replication."
Story image
Mobility
Cradlepoint launches architectural extension of NetCloud solution
With this latest release Cradlepoint is focused on helping lean IT organisations with advanced SD-WAN and zero trust capabilities.
Story image
Customer experience
Exclusive: How Accenture is changing the customer experience game
Creating highly personalised real-world customer experiences using API, near-field communication, and spatial technology is about taking a traditional experience and elevating the customer journey into a digital world.
Story image
Digital Transformation
Federated change is the best path to digital evolution
Businesses that can successfully manage the exponentially expanding masses of data produced by modern consumers will be the businesses that survive and prosper.
Story image
Cloud
Whispir reports significant revenue growth as CaaS market expands
Australian cloud platform Whispir has announced its financial results, reporting significant growth as it continues to introduce new Communications-as-a Service (CaaS) offerings to the market.
Story image
Email scams
HelpSystems shines light on impact of response-based threats
Response-based attacks targeting corporate inboxes have climbed to their highest volume since 2020, representing 41% of all email-based scams.
Story image
Storage
On-premise micro data centres an emerging option for storage
Digital transformation is occurring in all industries, resulting in unprecedented amounts of data. Explore the option of storing your information on-site using micro data centres.
Story image
Environment
Lenovo launches CO2 Offset Service for SMBs across A/NZ
Lenovo has announced the rollout of a new, first-of-its-kind CO2 Offset Service for SMBs across Australia and New Zealand. 
Story image
Cybersecurity
Verizon supports Fujifilm's cybersecurity advancements
Verizon Business is supporting Japan’s Fujifilm Holdings to strengthen its global cybersecurity monitoring and cyber intelligence capabilities.
Story image
Contact Centre
Treasure Data launches new customer experience functionality
Treasure Data has introduced a new strategic vision and product positioning for Customer Data Cloud, reflecting the company's focus.
Story image
Cyber resilience
NZ’s Cyber Resilience Framework to be evolving and potentially automated
The government's already putting $2.4 million into the Cyber Resilience Framework in its initial stages, what is it and why is it important?
Story image
Microsoft
8x more users attacked via old Microsoft Office vulnerability in Q2
"Criminals craft malicious documents and convince their victims to open them through social engineering techniques."
Story image
Unified Communications
MAXHUB reveals latest innovations for ANZ at Integrate 2022 in Sydney
Some of the most exciting and innovative updates from this year's Integrate 2022 event have come from the leaders at MAXHUB.
Story image
Collaboration
Schneider Electric launches Connected Services with Claroty
Schneider Electric is teaming up with Claroty to assist in maintaining cybersecurity for physical assets - a critical issue.
AWS Marketplace
Learn how security orchestration, automation, and response (SOAR) enhances your security strategy.
Link image
Story image
Sustainability
CDC hyperscale data centres now open in New Zealand
CDC Data Centres (CDC) says two new, state-of-the-art hyperscale data centres are now open for business in Auckland.
Story image
Business Intelligence / BI
TIBCO ranks highly in 2022 business intelligence study
Dresner Advisory Services has recognised TIBCO as a Service Leader and a Credibility Leader in Business Intelligence in the 2022 Wisdom of Crowds Business Intelligence Market Study.
Story image
Radware
DDoS activity rises dramatically - Radware report
The first six months of 2022 were marked by a significant increase in DDoS activity across the globe, according to a new report.
Story image
Gartner Magic Quadrant
Spryker named Gartner Visionary in 2022 Magic Quadrant for Digital Commerce
Spyker has announced it has been recognised by Gartner as a Visionary in the 2022 Magic Quadrant for Digital Commerce.
Story image
Hybrid Cloud
The essential guide to digital transformation by SolarWinds
Digital transformation is a buzzword thrown around all the time by companies, but what does it actually mean and why is it important? SolarWinds breaks it down.
Story image
Cybersecurity
‘Windows shops’ target admin rights to de-risk their environments
New data shows up to 75% of critical vulnerabilities could be mitigated through a rights and privileges crackdown
Story image
Cryptocurrency
Crypto crime: Illicit activity falls with rest of market
Cryptocurrency scams, which typically present themselves as passive crypto investing opportunities, are less enticing to potential victims.
Story image
Cybersecurity
CISOs need to consider a risk-based cybersecurity strategy
Rather than talking in terms of attack vectors and vulnerabilities, CISOs and security decision-makers must look at actual business risk.
Story image
Data Protection
Safeguarding your financial data
As the digital revolution marches on, managing data security has never been more important. Here are five important steps to take toward better financial data security.
Story image
IDC
Collaboration app market revenue grows 28.4% year-over-year
IDC has found that global revenues in the collaboration applications market grew 28.4% year-over-year in 2021 to $29.1 billion.
Story image
Data
Workday research finds A/NZ organisations becoming leaders in digital agility
New research from Workday and IDC has revealed that Australia and New Zealand are becoming leaders in digital agility.
Story image
5G
Worldwide 5G mobile data traffic exploding - report
"With 5G, there is a wider range of deployment scenarios, forcing vendors to provide comprehensive solutions to support every need."
Story image
Solutions
Ivanti reveals potential ROI of 261% for Endpoint Management Solution
Ivanti has announced the results of a commissioned Total Economic Impact (TEI) study conducted by Forrester Consulting.
Story image
MarTech
CM Group recognised as Best Overall MarTech Company
MarTech Breakthrough has ranked CM Group as the Best Overall MarTech Company for the third year running and Cheetah Digital as Best Overall Marketing Campaign Management Solution.
Story image
Blockchain
Australian Grand Prix uses CENNZnet blockchain for fan experience
CENNZnet was employed by Power'd Digital to deliver the Formula 1 Heineken Australian Grand Prix's 2022 AusGP Access program.
Story image
Banking
Virgin Money works with 9Spokes to create custom offering
Virgin Money has worked with Kiwi SaaS 9Spokes to build a custom version of its business dashboard offering, M-Track, to generate stronger insights for the bank and its customers.
Story image
Artificial Intelligence
Concentric AI protects sensitive data with new capabilities
The new capability reveals sensitive data shared across email and business messaging platforms and highlights who has inappropriate access to content.