Report: Cybersecurity Market To Grow By Up To 25 Percent Annually

New analysis said that customized security systems will become standard as manufacturers increasingly transition to the industrial Internet of Things.

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A new analysis by consulting firm Frost & Sullivan said that customized security systems will become standard as manufacturers increasingly transition to the industrial Internet of Things.

The report, titled "The Safety-Security Argument: Expanding Needs in a Connected Enterprise," projected that the global market for cybersecurity control systems will climb by between 20 percent and 25 percent annually through 2021.

F&S analysts said that designed solutions will take the place of default security strategies, with a particular emphasis on systems that can sense and respond to threats within specific industrial ecosystems.

Read more: Internet of Things: The future of manufacturing.

Currently, the report said that companies utilize a broad, layered cybersecurity approach while industry groups develop standards.

The report said that cooperation between industry, government and research institutes will be critical to quickly developing comprehensive security management.

In addition, the report said that future security needs will require partnership between companies' information technology and operational technology departments, as well as a "new age workforce" with expertise in both fields.

"Cybersecurity service providers can provide training and change management solutions that will bridge the knowledge gap," said F&S analyst Sonia Francisco.

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