Frost & Sullivan report reveals growth of industrial cybersecurity market due to OT security expert need
by CM Staff
The global industrial cybersecurity market will likely hit $10.2 billion by 2025 from $3.3 billion in 2020, registering exponential growth at a compound annual growth rate (CAGR) of 25.3%.
Enterprises’ Need for OT Security Expertise Propels Growth of Industrial Cybersecurity Market
SAN ANTONIO — Frost & Sullivan’s recent analysis of the global industrial cybersecurity market finds that organizations looking to build an effective operational technology (OT) security posture face a critical shortage of OT security expertise. This creates lucrative growth prospects for OT security vendors. As a result, the global industrial cybersecurity market will likely hit $10.2 billion by 2025 from $3.3 billion in 2020, registering exponential growth at a compound annual growth rate (CAGR) of 25.3%.
From a regional perspective, North America holds the largest revenue share of the industrial cybersecurity market. Organizations are motivated by directives from the White House, Department of Energy and Transportation Security Administration. Similarly, the renewed regulatory push, framework modernization, increasing awareness, and digitalization initiatives are accelerating industrial cybersecurity solutions growth in Europe. The Middle East has many mature cybersecurity programs, and its stable growth is due to its reliance on critical infrastructure sectors. Asia-Pacific and Latin America, although increasingly aware of cybersecurity risks, still have a way to go.
“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,” said Sankara Narayanan Venkataramani, Industrial Automation Industry Analyst at Frost & Sullivan. “In addition, successful OT alert management to reduce high volumes of false positives will be essential amid increasing threats and vulnerabilities.”
Venkataramani 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.”
Security vendors’ move to meet customer needs in the evolving threat landscape presents them with the following opportunities:
- Providing device-based querying or active querying to end customers, so they know what is happening at the network and device levels.
- Using AI and ML to fill gaps in OT security against cyber threats and protect large-scale processes in critical infrastructure and manufacturing organizations.
- Acquiring firms in the OT security space with purpose-built platforms and connections to industrial cybersecurity to elevate a company’s security portfolio.
