Construction Cybersecurity Market Size & Share 2024 – 2032
Market Size by Component (Solution, Service), by Deployment Model (On-Premises, Cloud), by Enterprise Size (Large Enterprise, SME), by Functional Area and by End User Industry.
Report ID: GMI11289
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Published Date: September 2024
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Report Format: PDF
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Authors:
Preeti Wadhwani, Aishvarya Ambekar
Construction Cybersecurity Market Size
Construction Cybersecurity Market was valued at USD 6.9 billion in 2023 and is projected to grow at a CAGR of over 18% from 2024 to 2032, owing to the increased digitalization in the construction industry. Companies operating in the industry are launching digital initiatives to transform the industry through adoption of digital technologies.
Construction Cybersecurity Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The construction industry is increasingly becoming a target for cyberattacks, such as ransomware, phishing, and data breaches. For instance, in October 2023, Simpson Manufacturing Company, a producer of wood and concrete construction products confirmed disruption in its Information Technology (IT) infrastructure and applications due to cybersecurity incident. The incident caused disruptions to parts of the company’s business operations. This growing risk drives the demand for cybersecurity solutions specifically tailored to protect construction firms from these threats.
Many construction companies, particularly smaller firms, are less aware of the importance of cybersecurity and the specific threats they face. This lack of awareness leads to underestimating the risks of cyberattacks and results in inadequate protection measures. Without proper education and training, employees may not recognize phishing attempts, social engineering, or other common attack methods, making the organization more vulnerable. Additionally, the cost of comprehensive cybersecurity solutions, including advanced threat detection, incident response, and continuous monitoring, may seem expensive for SME, hindering the growth of the market.
Construction Cybersecurity Market Trends
The growing integration of IoT devices and connected technologies on job sites to enhance efficiency and productivity is a major trend witnessed in the market. Construction companies are using smart sensors, connected heavy machinery and drones for monitoring and automation. The adoption of these technologies enhances operations, however, makes cybersecurity a major concern. This has increased the demand for cybersecurity solutions that can protect these connected devices from cyber threats, resulting to the development of specialized IoT security measures for construction environments.
Building Information Modeling (BIM) is a crucial technology in modern construction, providing a digital representation of a project's physical and functional features. Governments are pushing for more BIM adoption through various initiatives and regulations. For instance, in June 2024, the UK Government has come up with directives for all public sector projects that are valued at over USD 6.5 million to use BIM Level 2 compulsorily by 2025. However, BIM involves sharing a lot of sensitive data among various stakeholders, making it a target for cyberattacks. The need to protect BIM data is driving demand for specialized cybersecurity solutions to ensure the integrity and confidentiality of project information throughout the construction lifecycle.
Construction Cybersecurity Market Analysis
Based on enterprise size, the large enterprises segment held over 65% of the market share in 2023 and is expected to cross USD 16.5 billion by 2032. Large construction firms handle high-value assets, including intellectual property, proprietary designs, and sensitive client information. The need to protect these valuable assets from cyber threats drives the demand for robust cybersecurity solutions. Additionally, these firms also work with a broad network of contractors, suppliers, and partners. Securing these integrated supply chains is crucial to prevent breaches that could harm the entire project. This complexity increases the need for comprehensive cybersecurity strategies that include managing third-party risks.
Based on end-user industry, the commercial construction segment held around 39% of the market share in 2023. Modern commercial buildings often feature complex integrated systems for HVAC, lighting, security, and energy management. These systems are connected and controlled through digital platforms, making them vulnerable to cyberattacks, driving the need for specialized cybersecurity solutions. Additionally, commercial construction projects generate and store large amounts of valuable data, including blueprints, financial records, and proprietary designs. This data is attractive to cybercriminals for various purposes such as industrial ransom. Protecting intellectual property and ensuring the integrity and confidentiality of data are major drivers for cybersecurity investments in commercial construction.
Alt Tag-North America Construction Cybersecurity Market Size, 2022 -2032, (USD Billion)North America region dominated around 40% share of the construction cybersecurity market in 2023 and is expected to expand significantly through 2032. The growing adoption of rate of advanced technologies including IoT, BIM and cloud-based project management tools in the construction industry in North America especially, the U.S. to enhance efficiency and project management has led to introduction of new cyber risks in the region. The widespread adoption of these technologies drives the demand for strong cybersecurity solutions to protect construction firms in the region from cyberattacks. This has increased the need for strong Asia Pacific region is experiencing rapid urbanization and major infrastructure development, leading to a boom in construction activities. Large projects such as smart cities and high-tech commercial hubs, there is an increasing reliance on digital technologies. These projects involve complex systems that need strong cybersecurity measures to protect against cyber threats. The scale and complexity of these projects increases the demand for cybersecurity solutions to ensure the safety of critical infrastructure and sensitive data.
Construction Cybersecurity Market Share
Palo Alto Networks and Trimble Inc. hold a market share of around 10% in the construction cybersecurity industry in 2023. Palo Alto Networks focuses on expanding its portfolio of cybersecurity solutions tailored to specific industries, including construction. By developing and offering specialized solutions that address the cybersecurity challenges faced by construction firms, such as protecting connected construction equipment and safeguarding BIM data, the company aims to capture a larger share of the construction cybersecurity.
Trimble collaborates with cybersecurity experts and firms to enhance its cybersecurity offerings. These partnerships enable the company to use specialized knowledge and technologies to enhance the security of its construction solutions. Working with established cybersecurity firms helps the company stay ahead of emerging threats and provides comprehensive protection to its customers.
Construction Cybersecurity Market Companies
Major companies operating in the construction cybersecurity industry are:
cybersecurity solutions to protect construction firms from cyberattacks. Additionally, governments in the region are enhancing cybersecurity through regulations and initiatives, pushing construction firms to secure their digital assets and prevent potential threats.
Europe focuses heavily on data privacy and protection, as seen with the General Data Protection Regulation (GDPR). Construction companies in Europe must protect all personal data collected and processed during projects, including data from employees, clients, and partners. The strict requirements of GDPR and other national regulations drive the need for comprehensive cybersecurity solutions in the construction industry.
Construction Cybersecurity Industry News
This construction cybersecurity market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2032, for the following segments:
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Market, By Component
Market, By Deployment Model
Market, By Enterprise Size
Market, By Functional Area
Market, By End-User Industry
The above information is provided for the following regions and countries:
Research methodology, data sources & validation process
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Verified data sources
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