The need for factories to scale and operate more efficiently is ramping up quicker than ever. What does this mean? It means older devices on the floor that use multiple types of legacy serial based industrial protocols, need to get converted Ethernet based industrial protocols like Ethernet/IP, MODBUS TCP etc... Many times, these floors are expanding their networks through the addition of devices to prepare for and align with company growth goals. All these reasons lead to the anticipated growth of the global industrial Ethernet switch market at 14% CAGR (Compound Annual Growth Rate) between 2017 and 2023 (Source: Global Report on Industrial Network Switches - Market Watch). In US dollars, this market value is figured to be worth $2 billion by the end of the forecast period.
As more factory networks connect to cloud applications and converge with enterprise networks, spotting vulnerabilities becomes more difficult. The average cost of a data breach in 2021 can exceed $150 million. As you can see, taking precautions on your network security today will pay dividends in the years to come. Many companies today have cybersecurity initiatives to create protection from these threats. Designing the right switch into your manufacturing network is an important element of preventing cybersecurity threats while sustaining visibility.