FMI Analysis: CybersSecurity in Robotics – scaling businesses in the market
Published on : Saturday 20-05-2023
During the forecast period, cybersecurity in the robotics market is anticipated to grow at a consistent CAGR of 11.7 percentage.
May 2023 – The increased use of robotics and autonomous machines, according to the market research report, is driving end users to look for cybersecurity solutions. In order to automate many industries, artificial intelligence, and robotics are also combined. The burgeoning robotics and self-working tool industries are popular with the elderly population.
The growing number of cyber-attacks on robotic and autonomous systems is encouraging the widespread use of cybersecurity in these systems. It increases the end user companys loss by a factor of several. Robotic cyber-attacks are becoming more prevalent due to the increased adoption of smart technology. Common cyber-attacks include distributed denial of service (DDoS), spoofing, man-in-the-middle, tapering, and reply attack.
At the hardware, firmware/OS, and application levels, robots are vulnerable to cyber-attacks. As a result, there is a huge increase in demand for cybersecurity management services. Additionally, the demand for cybersecurity in robotics market is being fuelled by the greater adoption of artificial intelligence, machine learning, robotics, and automation in all other verticals. By implementing robotic cybersecurity solutions, businesses are bolstering their security wall. Additionally, built-in systems that provide cyber safety and security are changing how the market is growing, says a Senior Research Analyst at FMI.
The market is being driven by the quick automation of many sectors and the increased use of big data, machine learning, and artificial intelligence. Additionally, there is an increasing need for robotic technology across a range of sectors, including security, space exploration, entertainment, healthcare, and underwater exploration. Additionally, there are commercial uses in the manufacturing, food preparation, military, and customer service industries.
The demand for cybersecurity solutions for robots and autonomous systems is being driven by the increased financial and data theft threats from cyberattacks. These technologies allow for immediate danger identification and reaction, shielding the business from irreparable harm. Robotics and artificial intelligence work together to foresee dangers and stop the spread of viruses. Emergency personnel are typically alerted when eldercare robots are needed. Additionally, it is employed to give out prescribed medication and inform medical personnel about the patients health. These cyberattacks on these medical robots have the potential to destroy critical data and endanger the user. Therefore, the business introducing its robots is preinstalling cybersecurity programs.
Industrial robots are outfitted with firewall devices by organisations since cyber attacks on them can result in significant financial losses.
Type-wise, the industrial robot market segment dominates with a market share of 26.7% in 2022. The automation of repetitive operations by goods makers is blamed for the development. These robots are also becoming more vulnerable to security threats due to the introduction of cutting-edge innovative technology and AI-based features.
Market players in the market are working on the following strategies.
· Collaboration and mergers between different companies for expanding the market chain and experience.
· Integration of AI and Cloud storage to define the type of security threat.
· Launch of different security programs for different types of robotic technology.
These insights are based on a report on Cybersecurity in Robotics Market by Future Market Insights.