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Industrial cybersecurity market has been experiencing rapid growth and gaining widespread significance in recent years. High penetration of Industrial Internet of Things (IIoT) technology in critical infrastructure industries (power utilities, oil & gas etc.) and the manufacturing sector has resulted in increased threat attack surfaces. Cyber attacks in the energy and utilities industries alone cost an average of $13.2million/year. These cyber physical attacks have gained government and end-user scrutiny, resulting in a number of cybersecurity regulations being enforced globally. Rising incidences of cyber attacks, evolving compliance regulations by governments, and increased awareness among mature and less mature market have accelerated the adoption of cybersecurity approaches. However, the high complexity of cybersecurity and unclear return on investment (ROI) benefits are creating ambiguity among end users. Market participants are addressing current industry needs by introducing a number of service packages consisting of an assortment of managed and professional cybersecurity services. With the attacks increasing in target and sophistication, cybersecurity approaches need to evolve over time. End users want scalability and flexibility in cybersecurity amid an ever-changing threat landscape. Service providers have hence started to transition to cybersecurity-as-a-service (CSaaS) models. A service-based approach to cybersecurity has given rise to service models such as software-as-a-service (SaaS) and platform-as-a-service (PaaS). Service providers are also focusing on pay-as-you-go expertise by providing SaaS models on a subscription basis that enables continuous monitoring and assessment of the industrial environment.The industrial cybersecurity services market is largely fragmented with vendors from both the information technology (IT) and operational technology (OT) sides leveraging their domain expertise to provide lifecycle services for cybersecurity with innovative service platforms and management consoles. North America, Europe and Middle East are mature markets in terms of cybersecurity with a high degree of adoption of Internet of Things (IoT) and increased scrutiny on critical infrastructure protection. Outsourcing of managed security services is a growing trend with service providers presenting subscription-based models to implement scalability and flexibility in cybersecurity and enable alignment of their services as per end-user requirements. Professional services are also seeing high market acceptance with the increasing need of expertise as a service in the cybersecurity field owing to the crippling shortage of in-house talent. Market participants are focusing on offering a comprehensive portfolio, providing end users the ability to select services best suited to their cybersecurity goals. With security gaps existing in the IT and OT divergent scenarios of the industrial control systems (ICS) space, market participants are establishing partnerships with vendors from different backgrounds to provide joint solutions for IT/OT security in the industrial environment.
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