The global
Industrial cybersecurity market, valued at USD 20.01 billion in 2023, is expected to experience robust growth, with total revenue expected to reach nearly USD 29.69 billion by 2030, at a CAGR of 5.8% from 2024 to 2030.
This growth is driven by the increasing frequency of cyberattacks and the increasing adoption of public cloud computing, which is prompting more enterprises to relocate their business systems to cloud platforms.
Leading players in the industrial cybersecurity market are making substantial investments in research and development to broaden their product offerings, driving further market growth. Industrial cybersecurity Companies also engage in strategic initiatives, including new product launches, mergers and acquisitions, partnerships, and contractual agreements, to enhance their global presence. To remain competitive and thrive in this expanding market, businesses are focused on offering cost-effective solutions. A key strategy involves local manufacturing to reduce operational expenses, enabling companies to deliver better value to clients and strengthen their position in the market. Major industrial cybersecurity companies in this sector include IBM, Honeywell International, ABB, Schneider Electric, Cisco Systems, McAfee Corporation, Siemens, Dell Technologies, Rockwell Automation, and others. Dell Inc., with offices in Hopkinton, Massachusetts, and Round Rock, Texas, was formerly known as EMC Corporation until its rebranding in 2016. Dell EMC provides a wide range of products and services aimed at helping businesses manage, store, protect, and analyze data, including solutions in data storage, information security, virtualization, analytics, and cloud computing. Its target markets encompass various industries, catering to both large enterprises and small- to medium-sized businesses. EMC Corporation was listed on the S&P 500 index and the New York Stock Exchange on April 6, 1986. Meanwhile, IBM Corporation combines technology and services to help clients address key business challenges, offering solutions in infrastructure, software (including Red Hat), and consulting services. IBM is also committed to sustainability, having set a goal of achieving net-zero greenhouse gas emissions across all its global operations by 2030, further solidifying its leadership in environmental responsibility.
IBM (United States)
IBM Corporation, headquartered in Armonk, New York, founded in 1911, with an annual revenue of $61.9 billion, is a significant player in the industrial cybersecurity market. Its strength lies in its deep research capabilities, which fuel advancements in areas like homomorphic encryption. The company has made notable strides in unified endpoint management (UEM), security orchestration, automation, and response (SOAR), security information and event management (SIEM), encryption, database security, threat intelligence, single sign-on, and managed security service providers (MSSPs). IBM operates one of the largest global security research, development, and delivery networks, tracking over 150 billion security events daily across more than 130 countries, with over 10,000 security patents to its name. In August 2022, IBM introduced the Secure Access Service Edge (SASE) solution, helping enterprises adopt cloud-based security to protect users and devices accessing corporate resources. In April 2023, the company launched the QRadar Security Suite, aimed at accelerating threat detection and response. Designed for hybrid cloud environments, this suite reinforces IBM’s commitment to securing complex industrial ecosystems.
CISCO (United States)
Cisco Systems, Inc., headquartered in San Jose, California, has been a pioneer in networking since its founding in 1984, with its current annual revenue reaching $57.2 billion. The company has strengthened its cybersecurity portfolio through both internal innovation and strategic acquisitions, with key deals in 2023 including the purchase of Splunk, Isovalent, Lightspin, Oort, and Working Group Two. Cisco's robust security solutions, designed for seamless integration with its networking infrastructure, are widely adopted by its existing customer base, and the company has earned recognition in the cybersecurity market for its excellence in areas such as network detection, response, and zero trust solutions. Additionally, Cisco’s commitment to workforce development is evident in its January 2024 partnership with NAMTECH, backed by AMNS India, to train over 5,000 engineers and technicians in AI and cybersecurity for the manufacturing sector. This initiative, aimed at aligning academic knowledge with industry needs, underscores Cisco's role in shaping the future of cybersecurity and Industry 4.0.
Recent Development
In recent years, key players in the industrial cybersecurity market have made significant strides to enhance their capabilities.
• In September 2022, ABB introduced the ABB Ability Cyber Security Workplace (CSWP), a digital platform designed to integrate ABB’s security solutions with third-party offerings, simplifying cybersecurity management and reducing risks to critical industrial infrastructure by enabling rapid response to issues.
• Honeywell has also bolstered its cybersecurity portfolio through key acquisitions, including the purchase of SCADAfence in July 2023. SCADAfence, known for its expertise in threat detection, asset discovery, and security governance, brings vital cybersecurity solutions for large IoT and operational technology (OT) networks, particularly in industrial and building management settings.
• Earlier, in January 2022, Honeywell teamed up with Acalvio Technologies to launch HTDP, an advanced platform designed to detect and prevent cyberattacks across OT environments in commercial buildings.
• ABB has also strengthened its cybersecurity offerings through a March 2022 partnership with Nozomi Networks, allowing it to integrate cutting-edge OT and IoT security and visibility solutions to support its automation and digitalization customers globally.
• In July 2024, IBM and Microsoft strengthened their cybersecurity collaboration, aiming to help clients enhance and modernize their security operations, with a particular focus on hybrid cloud identity management. This partnership combined IBM Consulting's cybersecurity expertise with Microsoft's comprehensive security technology suite, offering clients the tools to streamline security processes, leverage cloud solutions, protect their data, and drive business growth.
• In June 2024, Microsoft launched a cybersecurity initiative aimed at bolstering the defenses of hospitals serving over 60 million rural Americans. As part of this effort, Microsoft also partnered with community colleges to roll out its Cybersecurity Skills Initiative, and through its TechSpark program, the company is promoting technology and cybersecurity job creation in collaboration with local partners.
