Global Industrial Cybersecurity Spend to Grow to More Than US$36 Billion in 2027

To address the rise of cyber and digital security challenges, ABI Research’s new whitepaper presents critical and actionable cybersecurity trends and forecasts
02 Jun 2022

Global cybersecurity spending in industrial critical infrastructure sectors (e.g., energy, transport, and water & waste management) is expected to hit US$23 billion by the end of 2022 and grow at a CAGR of 10% to reach US$36.67 billion in 2027. This is just one of the forecasts in The State of Cyber & Digital Security whitepaper by global technology intelligence firm ABI Research.

“Businesses, industries, and in fact the entire world, have never been more connected than they are right now. They have also never been more at risk. Organizations and verticals continue to integrate technologies like the Internet of Things (IoT), 5G, and blockchain, meaning more points of connection—and points of vulnerability—than ever before. As a result, ensuring “security” is not just a hardware issue or a software issue—it is a web of challenges and solutions spanning entire technology ecosystems, explains Michela Menting, Digital Security Research Director at ABI Research. “ABI Research understands this challenging and complex reality, and that is why our research explores the cyber and digital security landscape in its entirety. This whitepaper presents critical and actionable cybersecurity trends and forecasts from our seven cyber and digital research services.”

Some trends presented in the whitepaper include:

Citizen Digital Identity

Growing Presence of Mobile Identities: Driven by digital transformation and governments’ growing appetites to extend digital platform offerings, significant uptake of mobile identities has resulted. Mobile identities, as a companion to physical documentation, once provisioned digitally via a dedicated application or web-based solution, enhance citizen use cases and allow for Identification (ID) verification using no superfluous citizen data.

Cybersecurity Applications

The Emergence of Next-Generation Cryptography: The concern with quantum-safe technologies is becoming a high priority as the advent of attack-capable quantum computers emerge on the horizon. The imminent release of draft quantum-resistant cryptographic algorithms (known as Post-Quantum Cryptography (PQC)) by the U.S. National Institute of Standards and Technology (NIST) has security and technology vendors on the starting line, ready to integrate and deploy them in their product lines.

Digital Payment Technologies
Central Banks Embracing Digital Currency: The digitization of a country’s fiat currency involves the central bank of the economy in question issuing electronic tokens, instead of the usual process of minting coins and printing paper bills. There can be no doubt that recent years have seen the concept of Central Bank Digital Currencies (CBDCs) explored with great intent by many global economies.

Industrial Cybersecurity
Critical Infrastructures Primed to Adopt Enabling Cybersecurity Solutions: Industrial operators are increasingly incorporating disruptive technologies in their migration to Industry 4.0, driving better appreciation of cybersecurity requirements in of enabling technologies with demand for fast user switching, hot patching, ICS cloudification, network probes, and secured PLC programming, among others.

IoT Cybersecurity
Optimizing Data Security in Telematics to Enable Intelligence-Driven Monetization: Secure data management for automotive telematics is becoming increasingly important for vehicle manufacturers (VMs), Tier One suppliers, telcos and insurance companies. Almost every aspect of the software-defined vehicle is set to include constantly evolving cybersecurity technologies at the hardware ,software and network level, with telematics data security being one of the core operations.

Telco Cybersecurity
The Drive Toward Embedded Cellular Connectivity Continues: With the hyper-connected world on the horizon, the drive toward embedded cellular connectivity continues, served via Subscriber Identity Module (SIM) form factors, such as eSIM and Integrated SIM (iSIM). From consumer electronics, cutting across a variety of device types from smartphones, tablets, laptops, and wearables to myriad Machine-to-Machine (M2M) and IoT applications

Trusted Device Solutions
The Impact of a Remote Workforce: Distributed working environments affect both workers and assets (IT, OT, and the IoT). Secure connectivity and identity management have become key priorities in disparate and heterogenous networks. All these elements are driving demand for hardware security.

For a deeper dive into the most critical cybersecurity trends and forecasts, download the whitepaper, The State of Cyber & Digital Security.

About ABI Research

ABI Research is a global technology intelligence firm uniquely positioned at the intersection of technology solution providers and end-market companies. We serve as the bridge that seamlessly connects these two segments by providing exclusive research and expert guidance to drive successful technology implementations and deliver strategies proven to attract and retain customers.

ABI Research 是一家全球性的技术情报公司,拥有得天独厚的优势,充当终端市场公司和技术解决方案提供商之间的桥梁,通过提供独家研究和专业性指导,推动成功的技术实施和提供经证明可吸引和留住客户的战略,无缝连接这两大主体。

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