Industrial cybersecurity market to reach approximately $22.3 billion in revenue by 2026

Industrial cybersecurity market to reach approximately $22.3 billion in revenue by 2026

New York, 11/13/2021

The global industrial cybersecurity market, estimated at $15.2 billion in 2020, will rise to $22.3 billion by 2026, according to „ResearchAndMarkets.“ Services in particular will grow strongly – namely by 7% and reach US$10 billion by the end of the analysis period.

The following contexts are cited as the reason for this development:

►The COVID-19 pandemic has increased the need for remote operations of industrial plants and manufacturing facilities around the world. The trend toward home office work has spawned numerous new security tools.

►The Industrial Internet of Things (IIoT) has significantly improved operations in factories. However, it has also created many new vectors for potential cyberattacks. Home offices do not have robust cybersecurity measures in place. The increasing movement of data from factories through networks makes them vulnerable to attacks. If they are successful, criminals use the captured sensitive data for extortion purposes.

►In addition, attackers have taken advantage of the uncertainty and fear of the pandemic to conduct phishing attacks and other types of social engineering to trick users into granting access to various protected information and systems. Supply chains, the healthcare sector, and manufacturing facilities are favorite targets for cyberattacks. Currently, the greatest risk to the healthcare sector is phishing attacks, in which attackers use a variety of techniques and tactics to gain access to individuals‘ private information.

►In light of the heightened cyber threat environment, industries are increasingly investing in security solutions such as firewalls, antivirus programs, and intrusion detection systems (IDS) to protect assets and prevent business interruptions due to cyber attacks.