Published Year: 2019
Global Industrial IoT Market – Analysis and Forecast, 2019-2024: Focus on Ecosystem, Industry, and
The global Industrial IoT market generated $72.34 billion in 2018 and is expected to witness a...
Market Research Report
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Global Maritime Cybersecurity Market Overview
Introduction of Maritime Cybersecurity
Maritime cybersecurity involves safeguarding digital assets and networks within the maritime sector from online threats. With the rising dependence on digital technologies in maritime operations, maritime cybersecurity plays a vital role in ensuring safety, efficiency, and protection against potential risks. These risks span from common cyber threats such as viruses and scams to more complex attacks targeting vessel systems and shore-based infrastructure. Breaches in maritime cybersecurity can result in serious consequences such as disruptions in operations, financial setbacks, environmental harm, and risks to human lives. Key players in the maritime cybersecurity market include shipping firms, port authorities, regulatory bodies, and industry associations. Effective management of maritime cybersecurity requires various strategies, including risk assessment, access control, incident response planning, and continuous staff training. International regulations such as those established by the International Maritime Organization (IMO) and the International Ship and Port Facility Security (ISPS) Code provide guidelines for enhancing cybersecurity in the maritime sector. Collaboration between public and private sectors, sharing of information, and technological advancements are essential for effectively mitigating cyber threats in maritime operations. As the maritime industry embraces digital transformation, robust cybersecurity measures become increasingly critical for maintaining resilience and sustainability.
Market Introduction
The Global Maritime Cybersecurity Market is experiencing significant growth driven by the increasing digitization and interconnectedness of maritime operations. With advancements in technology, vessels are becoming more reliant on digital systems for navigation, communication, and cargo management, making them susceptible to cyber threats. This has led to a heightened awareness among maritime stakeholders regarding the importance of cybersecurity measures to safeguard against potential attacks. Additionally, stringent regulations and compliance standards imposed by maritime authorities further emphasize the need for robust cybersecurity solutions in the industry. Key players in the global maritime cybersecurity market are offering a wide range of cybersecurity products and services tailored specifically for maritime applications, including risk assessment, threat intelligence, and incident response. The market is witnessing a surge in investments aimed at developing innovative cybersecurity solutions to address evolving threats in the maritime domain. As the maritime industry continues to embrace digitalization, the demand for comprehensive cybersecurity solutions is expected to escalate, presenting lucrative opportunities for market players in the coming years.
Industrial Impact
Maritime cybersecurity profoundly influences the industrial landscape, impacting various sectors within maritime operations. Firstly, it guarantees the reliability and safety of critical maritime infrastructure, including vessel navigation systems, communication networks, and port facilities. This protection against cyber threats helps prevent potential disruptions to operations and financial losses, which is crucial for sustaining business continuity.
Maritime cybersecurity fosters trust and confidence among stakeholders, such as shipping companies, port authorities, and clients. Establishing this trust is vital for maintaining business partnerships, attracting investments, and fostering industry growth. Furthermore, adhering to stringent cybersecurity protocols is essential for meeting international regulations and industry standards, such as those mandated by the International Maritime Organization (IMO) and the International Ship and Port Facility Security (ISPS) Code. Non-compliance may result in penalties, legal ramifications, and tarnished reputations.
In addition, robust cybersecurity measures safeguard sensitive data, such as trade secrets, cargo manifests, and vessel schedules. Unauthorized access or manipulation of this information could lead to competitive disadvantages, intellectual property theft, and compromised security. Maritime cybersecurity contributes to the resilience of supply chains and global trade networks by securing digital communication channels and transaction systems. This protection helps prevent disruptions in cargo movement and logistical operations, ensuring the smooth flow of goods and services.
Market Segmentation:
Segmentation 1: by Solution
• Threat Detection and Response
• Identity and Access Management
• Network Security
• Data Protection and Encryption
• Others
Network Security Segment to Dominate the Global Maritime Cybersecurity Market (by Solution)
Network security leads the global maritime cybersecurity market based on solution. It was valued at $1,213.8 million in 2022 and is expected to be $4,923.6 million in 2033, with a substantial 32.62% share in 2022. The growing frequency of sophisticated cyber attacks aimed at maritime operations, ranging from cargo monitoring and management systems to navigational and communication infrastructures, highlights network security's supremacy in this industry. Critical to the maritime industry's efficiency and safety, these technologies have become targets for cyberattacks such as malware, ransomware, and phishing attempts, needing strong network security solutions.
Segmentation 2: by Service
• Training and Consulting Services
• Risk Assessment and Investigation
• Support and Maintenance
• Managed Services
Risk Assessment and Investigation Segment to Dominate the Global Maritime Cybersecurity Market (by Service)
The global maritime cybersecurity market is based on service and is led by network risk assessment and investigation. It was valued at $1,381.3 million in 2022 and is expected to be $5,638.9 million in 2033, with a market share of 37.12% in 2022. This is because of the important requirement of securing maritime operations from an increasingly complex and expanding spectrum of cyber threats. This leadership position is based on these segments' critical role in discovering vulnerabilities, assessing possible effects, and developing risk mitigation strategies.
Segmentation 3: by Threat Type
• Malware Attacks
• Phishing Attacks
• Insider Threats
• Others
Malware Attacks Segment to Dominate the Global Maritime Cybersecurity Market (by Threat Type)
Malware attacks lead the global maritime cybersecurity market based on threat type. It was valued at $1,099.98 million in 2022 and is expected to be $4,526.4 million in 2033, with a market share of 29.56% in 2022. This is mostly due to the increased digitalization of maritime activities and the concomitant growth of attack surfaces. This rise is fueled by the marine industry's increased dependence on networked systems for navigation, cargo management, and port operations, which has unintentionally extended the vector for cyber attacks. Malware, which includes various harmful software such as ransomware, spyware, and worms, has emerged as the preferred weapon of attackers, exploiting vulnerabilities in obsolete systems, inadequate cybersecurity processes, and marine personnel's typically low cyber literacy.
Segmentation 4: by End User
• Port Authorities
• Shipping Companies and Transportation
• Maritime Insurers
• Others
Shipping Companies and Transportation Segment to Dominate the Global Maritime Cybersecurity Market (by End User)
The global maritime cybersecurity market based on end user is led by shipping companies and transportation. It was valued at $1,649.2 million in 2022 and is expected to be $6,798.7 million in 2033, with a market share of 44.32% in 2022 owing to its vital role in global commerce and the rising digitization of its operations. Several cutting-edge technologies and industry-specific demands have contributed to the growth of these sectors in the marine cybersecurity market. First, the digital transformation of these industries has resulted in the integration of advanced technologies such as the Internet of Things (IoT) devices, automation systems, and blockchain for tracking and security, significantly increasing their vulnerability to cyber threats and driving the demand for robust cybersecurity solutions.
Segmentation 5: by Region
• North America
• Europe
• Asia-Pacific
• Rest-of-the-World
Asia-Pacific is expected to be the highest-growing market among all the regions, registering a CAGR of 14.11% during the forecast period (2023-2033). Europe is anticipated to gain traction in terms of maritime cybersecurity adoption owing to the growth in maritime commerce and the increase in cyber attacks on the maritime sector.
In Europe, Germany is anticipated to show the highest growth in the maritime cybersecurity market among other countries in the region, growing at a CAGR of 13.77%. The growth of Germany in the maritime cybersecurity market is mainly due to the country's strategic location, bordering the North and Baltic Seas, which makes it an important participant in international shipping and logistics. As a result, Germany has acknowledged the value of cybersecurity in protecting its maritime interests.
Recent Developments in the Global Maritime Cybersecurity Market
• In March 2024, CYBERANI, a leading cybersecurity entity under Saudi Aramco, entered into a strategic alliance with Thales, Europe's foremost technology conglomerate, to bolster maritime cybersecurity within Saudi Arabia. This partnership aims to enhance cybersecurity measures across both public and private sectors in the maritime domain. Aligned with the goals of Saudi Arabia's Vision 2030, the collaboration underscores the pivotal role of maritime cybersecurity and digital infrastructure in cultivating a resilient and thriving maritime economy.
• In January 2021, the IMO's resolution MSC.428(98) went into effect, requiring ships to include cybersecurity in their safety management systems. This regulatory milestone has accelerated the implementation of comprehensive cybersecurity guidelines throughout the sector.
• In 2023, the Lloyd's Market Association announced the introduction of a new cyber insurance provision tailored to the marine sector. This provision protects against a variety of cyber dangers, such as data breaches, ransomware attacks, and system outages, providing financial security and risk mitigation measures.
• In July 2021, SAAB AB finalized a significant agreement with the German Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw), securing an order focused on enhancing cybersecurity measures within the German Navy's Brandenburg-Class Frigates (F123). This contract involves the provision and integration of state-of-the-art naval radars and fire control directors, complemented by the implementation of an advanced combat management system. The primary aim is to fortify the vessels' cybersecurity defenses by modernizing existing systems and ensuring seamless integration of the new radar and fire control capabilities. Valued at approximately $0.43 billion. Deliveries and associated services are slated for execution between 2021 and 2030, signaling a long-term commitment to bolstering cybersecurity resilience in naval operations.
Analyst’s Thoughts
According to Debraj Chakraborty, Principal Analyst at BIS Research, “the maritime cybersecurity market is a burgeoning sector with immense growth potential. With the increasing digitalization of maritime operations and the rising frequency of cyber threats, demand for robust cybersecurity solutions is on the rise. Established players in the maritime cybersecurity market benefit from their experience, extensive resources, and strong market presence, allowing them to maintain dominance. However, emerging start-ups are injecting innovation and agility into the market, offering niche solutions to address specific cybersecurity challenges within the maritime industry. As regulatory scrutiny intensifies and cybersecurity risks escalate, companies across the maritime sector are prioritizing investments in cybersecurity measures. The maritime cybersecurity market is expected to witness further consolidation as established players seek strategic acquisitions and partnerships to expand their offerings and reach. Overall, analysts anticipate sustained growth in the maritime cybersecurity market as stakeholders prioritize safeguarding critical infrastructure and data against evolving cyber threats.”
Maritime Cybersecurity Market - A Global and Regional Analysis, 2023-2033
Focus on End User, Solution, Service, Threat Type, and Country-Wise Analysis
Some Faq's
Frequently Asked Questions
Ans: The global maritime cybersecurity market encompasses a range of products segmented into categories that include solution, service, and threat type. Maritime cybersecurity products and services are essential defenses against the rising cyber threats faced by the maritime sector. These offerings encompass a wide range of tools and measures aimed at safeguarding critical maritime infrastructure, vessels, and data from malicious actors. From firewalls and intrusion detection systems to endpoint security solutions and incident response services, maritime cybersecurity solutions address various cybersecurity needs within the industry. Additionally, compliance consulting, vulnerability assessments, and training programs play pivotal roles in ensuring maritime organizations comply with industry regulations and standards while enhancing their cybersecurity posture. With the increasing adoption of cloud-based applications and the growing interconnectivity of maritime systems, the significance of robust cybersecurity measures cannot be overstated. As cyber threats evolve, maritime cybersecurity products and services must adapt and innovate to protect the integrity, safety, and efficiency of maritime operations worldwide.
Ans: In the competitive landscape, existing players in the maritime cybersecurity market are implementing novel strategies to fortify their competitive standing. These tactics involve integrating advanced technologies such as AI, machine learning, and blockchain into their solutions to bolster protection against evolving threats. Furthermore, partnerships with industry leaders, government bodies, and cybersecurity firms provide access to complementary expertise and resources, fostering the development of tailored cybersecurity solutions. Market players are also prioritizing compliance with maritime cybersecurity regulations such as those set by the IMO and ISPS Code to build trust and credibility. Customizable and scalable offerings cater to diverse organizational needs, while proactive customer support and training programs empower clients to utilize solutions effectively. Continuous investment in research and development ensures market players stay ahead of emerging threats, reinforcing their role as trusted cybersecurity partners in the maritime sector and driving industry growth.
Ans: For a new company aiming to penetrate the global maritime cybersecurity market, it could focus on several key areas to gain a competitive advantage. Firstly, prioritizing innovation by developing cutting-edge cybersecurity solutions tailored specifically for the maritime sector can set the company apart. Secondly, establishing strategic partnerships with established players in the maritime industry and cybersecurity domain can provide access to valuable resources and expertise. Thirdly, emphasizing a customer-centric approach by offering customizable solutions and exceptional customer support can enhance the company's reputation and attract clients. Additionally, staying abreast of emerging cyber threats and regulatory changes in the maritime sector and proactively adapting its offerings accordingly can ensure relevance and competitiveness. Lastly, investing in continuous research and development to explore new technologies and stay ahead of the curve can position the company as a leader in maritime cybersecurity solutions.
Ans: The following can be seen as some of the USPs of the report:
• A dedicated section on growth opportunities and recommendations
• A qualitative and quantitative analysis of the global maritime cybersecurity market based on product and application
• Trend and challenge analysis of different countries, which includes:
o U.S.
o Canada
o U.K.
o France
o China
o India
• Regional and country-level forecast
• A detailed company profile comprising established players and some start-ups that are capable of significant growth, along with an analyst view
Ans: Companies developing maritime cybersecurity products, equipment manufacturers, government and regulatory bodies, R&D institutions, educational institutes, and training providers should buy this report.
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