15 Apr 2024

Worldwide cybersecurity spending expected to grow to US$21 billion by 2027

Industry 4.0 Adoption Pulls Industrial Cybersecurity from Obscurity, Driving Critical Infrastructure Cybersecurity Spend

Investigation from ABI Research has revealed worldwide cybersecurity spending for operational technologies and industrial IoT in Critical Infrastructure (CI) is expected to grow to US$21 billion by 2027. Industry 4.0 evolution and increasing adoption by industrial and manufacturing operators are driving growth and maturity in a decades-old market for industrial cybersecurity.

Michela Menting, Research Director at ABI Research said: “The cybersecurity industry is now able to adapt their solutions to smart and connected industrial assets more easily. They offer basic protection and provide added value through asset visibility, management platforms, operational intelligence, and greater analytics. All these help operations build and run resilient infrastructures.”

Industry 4.0 facilitates the integration of available cybersecurity technologies through system interoperability, IP/cellular connectivity, use of COTS solutions, as well as digitisation of processes and data. The industrial cybersecurity market is expected to shift into high gear in the coming years. In fact, the competitive ecosystem today includes over 225 different vendors and service providers, a testament to a maturing and dynamic market.

ABI Research’s Blueprint for Security Solutions for Industry 4.0 report maps out the current ecosystem for security technologies and associated vendors in seven key security areas: Identity, Protection, Detection, Response, Recovery, Governance, and Services. This report is part of the company’s Industrial Cybersecurity research service, which includes research, data, and ABI Insights.

Company info: ABI Research