As per the findings of a report, the cybersecurity in the robotics market reached a value of ~US 2.4 Bn in 2018. The report investigates and provides critical insights on cybersecurity in the robotics market.
Furthermore, the cybersecurity solution market is expected to experience substantial growth over the upcoming years, due to various factors, such as increasing demand for cloud security in robotics, increasing the use of machine learning and artificial intelligence for cyber defense and increasing data protection for information security.
Insecure communications, authentication issues, weak default configuration, denial of service attacks, risk and vulnerabilities, and privacy issues have raised several security concerns in robotics. In consequence, the demand for cyber security solutions and services in robotics is increasing to prevent the robot from being hacked, monitor the vulnerabilities, prevent the data from being tampered, and to prevent unauthorized access.
According to the report, the authentication solution is expected to create an incremental opportunity of ~US$ 1.6 Bn for cybersecurity in robotics during the forecast period of 2019 to 2029.
In addition, denial of service protection solution is expected to witness high adoption rates during the forecast period, due to overloading online services which are vulnerable to DOS attacks.
Furthermore, the world is witnessing a rapid increase in information security, human safety, data protection which, in turn, is creating potential growth opportunities for the cybersecurity in robotics market players.
Leveraging Artificial Intelligence and Machine Learning for Cyber Defense
Artificial Intelligence and Machine Learning are being applied across major industries and applications, including the cyber security in robotics. These technologies are used to detect cyber threats based on analyzing data and identifying a threat before it exploits a vulnerability in the information security in robotics.
Moreover, Machine Learning remains a key focus area of companies operating in the cybersecurity in robotics market, as it enables the robot to predict threat and observe behavior anomalies with more accuracy. Machine learning and artificial intelligence are also used for detecting and tracking active phishing sources.
Gains Upheld by Manufacturing Industry Prioritizing Robotic Security
Security concerns in robotics are increasing, as robots are connected to other robots, enterprise, or to the cloud, which enables access to internal systems and data servers. The data collected by robots is used by manufacturers to maximize production efficiency and improve product quality.
To ensure safe production, manufacturers are investing in cybersecurity solutions such as authentication solution, encryption solutions, secure communication solutions, and denial of service protection solution to protect robots from hacking and to deal with vulnerabilities in the process. Cybersecurity is a top priority for manufacturers as cyber-attacks on robots can cause them a huge loss in production.
Cloud-based Security in Robotics
The data gathered by robots in different sectors can be stored on the cloud and can be used in the future. This ensures productivity growth and lower costs for the enterprise. Cloud-based security is important in robotics as it provides better tracking and monitoring system than other security solutions. It also provides real-time firewall and signature updates blocking harmful traffic.
This study highlights key opportunities in the cybersecurity in the robotics market and finds that the market will depict growth at a value CAGR of ~11% during forecast period.
These insights are based on a report on Cyber Security in Robotics Market by Future Market Insights.