Robotics market to grow by billions in cybersecurity

According to Future Markets Insights (FMI), the cyber security robotics market is expected to grow at a sustained CAGR of 11.7% during the forecast period 2023-2033.

The market is expected to generate sales of US$3.8 billion by 2023, and is expected to reach US$11.6 billion by 2033.

FMI said the increasing number of cyberattacks on robots and autonomous systems has encouraged the widespread use of cybersecurity in these systems. It increases the losses of the end-user companies several times.

Due to the increasing popularity of smart technology, bot cyber attacks are becoming more and more common. FMI said common cyber attacks include distributed denial of service (DDoS), spoofing, man-in-the-middle, cone attacks and reply attacks.

A senior research analyst at FMI and a spokesperson for the report commented, “Robots are vulnerable to cyber attacks at the hardware, firmware/operating system and application levels.

Therefore , the demand for network security management services has increased significantly. Furthermore, the demand for cybersecurity in the robotics market is being driven by the widespread adoption of artificial intelligence, machine learning, robotics, and automation across all other verticals.

“Enterprises are strengthening their security walls by implementing robotic cybersecurity solutions. Additionally, built-in systems that provide cybersecurity and security are changing the way the market is growing.”

FMI found, Rapid automation in many industries and the increasing use of big data, machine learning, and artificial intelligence are driving the market.

In addition, there is growing demand for robotics in a range of fields including security, space exploration, entertainment, healthcare and underwater exploration. There are also commercial uses in the manufacturing, food processing, military and customer service industries.

The growing threat of financial and data theft from cyberattacks is driving the demand for robotic and autonomous system cybersecurity solutions. These technologies allow for immediate recognition and response to hazards, protecting businesses from irreversible harm.

Robotics and artificial intelligence work together to foresee danger and stop the spread of viruses. For example, first responders are often alerted when elder care robots are needed.

FMI said it is used to deliver prescribed medications and inform medical staff about patients’ health conditions. Cyberattacks on these medical robots have the potential to corrupt critical data and endanger users.

As a result, FMI said businesses introducing robots are pre-installing cybersecurity procedures. Organizations equip industrial robots with firewall devices because cyberattacks on them can cause significant financial losses.

In terms of type, the industrial robot segment dominated the market in 2022 with a market share of 26.7%. Automation of repetitive operations by goods manufacturers is the reason for its development. Due to the introduction of cutting-edge innovative technologies and AI-based features, these robots have also become more vulnerable to security threats.

In terms of service types, the security assessment category leads the way with a market share of 34.3% in 2022. Cybersecurity features of robotic systems, such as high-risk identification, early detection, and confirmation of potential threats, are expected to grow as the market segment expands.

FMI found that market players in the market are formulating the following strategies:

• Cooperation and mergers between different companies to expand market chains and experience.
• Integration of artificial intelligence and cloud storage to define types of security threats.
• Different safety procedures are introduced for different types of robotics.

According to analysts, the global cybersecurity robotics industry is very active due to its extreme fragmentation and fierce competition.

The goal is to increase public awareness of the cybersecurity use of robots and how they impact their growing market. Additionally, key players hope to enhance their skills and knowledge by conducting certification and awareness programs related to various solutions.

Market Updates:

• In January 2022, identity verification services company Veriff partnered with Starship Technologies. It is a Tallinn-based developer of small self-driving robotic delivery vehicles. The merger is key to expanding sales channels for both brands.
• Japan and the European Commission have joined forces to strengthen their research and innovation activities to enhance safety solutions for robots and autonomous machines.
• Global X said it has launched the Global X Robotics and Artificial Intelligence Themed ETF (BOTZ) fund. The company is a New York-based provider of exchange-traded funds. The fund helps the company capitalize on global disruption by leveraging numerous technologies.

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