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The industrial control systems security market size is estimated to grow at a CAGR of 7.79% between 2022 and 2027. The market size is forecast to increase by USD 10.8 billion. The growth of the market depends on several factors, such as the increasing smart grid deployments in the power sector, the increasing investments in IT security, and the growing need to improve security.
This report extensively covers market segmentation by type (network security and cloud security), end-user (oil and gas, power, chemicals, mining, automotive, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
Industrial Control Systems Security Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
With the increase in the frequency and complexity of cyberattacks, it is essential that enterprises improve the quality of security. Also, because of the increased complexity of the applications that companies use in their day-to-day business processes, there has been an increase in false positives and false negatives. The problem becomes more complex due to the limited skills and knowledge in IT administration among the administrators.
However, with the aim of reducing the funding required to train or enroll staff specifically for this task, many companies are outsourcing their security responsibilities, which not only have skilled staff but are also concentrated on security issues and are, thus, able to provide a better quality of protection. A significant cause of concern is cybersecurity attacks across the globe. The growing need for improved security creates a huge demand for the ICS, which in turn will enhance the growth of the global ICS security market during the forecast period.
Traditionally, market vendors first provided two distribution models for cybersecurity solutions, namely on-premises and cloud-based models. A high investment from the organization was required for an on-premises deployment model, whereas a cloud-based approach offered more cost-effective solutions to organizations of all sizes. There have been instances of the loss of confidential data, such as the financial information of a customer while using cloud-based security solutions.
However, In large-scale ICS installations, cloud-based solutions frequently include powerful analytics and real-time monitoring capabilities, which can be useful for spotting anomalies and potential security concerns. From different industries, there is increasing demand for hybrid deployment models, which will encourage emerging vendors to provide ICS security solutions which will increase the growth of the global ICS security market during the forecast period.
Multiple standards and guidelines exist for ICS security, including US NIST Interagency 7628 and NIST Special Publication 800-82, which cover smart grid cybersecurity strategy, architecture, and data privacy. These standards and guidelines are a set of recommendations that are not compulsory in audits or certification. The global security market for ICS is enforceable standards is an obstacle.
Therefore, automation vendors and ICS owners are uncertain about whether the existing standards for ICS security will continue to be applicable once the above-mentioned law is enacted several years from now. Many business owners are taking the approach of waiting and seeing as a result of this lack of clarity. Hence, they are not willing to invest in ICS security solutions now as they fear losses if future laws invalidate their entire investment.
The market share growth by the network security segment will be significant during the forecast period. In the industrial control systems (ICS) security market, the top priority of network security is protecting vital infrastructure and business operations. The security of networks and control systems, which oversee important activities in a wide range of sectors, including energy and infrastructure, is addressed by the ICS.
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The network security segment was valued at USD 9.36 billion in 2017 and continued to grow until 2021. The ICS network uses intrusion detection and prevention system (IDPS) technology to identify suspicious or malicious activity and take appropriate action. By detecting anomalies and potential threats in real-time, they may be able to respond quickly to incidents. The demand for industrial control system security is high in the network security segment, which, in turn, will increase the growth of the global industrial control systems (ICS) security market during the forecast period.
With greater networking and communication, ICS in the oil and gas industry are prone to cyberattacks from terrorist groups, hostile governments, disgruntled employees, and other malicious intruders. The vulnerability of these systems to insecure and remote connections, standardization of technology, as well as easy availability on the internet, is due to a lack of technical information. These factors have made it very easy for potential hackers to intercept and issue unauthorized commands to control censorious equipment. SCADA systems control some of the vital frameworks of the oil and gas and water distribution industries. These networks and services may pose risks to the health, security, and economic welfare of people if they are interrupted or destroyed. The demand for industrial control system security is high in the oil and gas industry, which in turn will drive the growth of the global industrial control systems security market in the oil and gas segment during the forecast period.
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North America is estimated to contribute 37% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period.
North America is the largest contributor to the global industrial control systems (ICS) security market, and the region is anticipated to witness an increase in revenue during the forecast period. This is because some industries in the region have become increasingly vulnerable to targeted attacks by hackers. Also, the key factors driving the growth of the industrial control systems security market in North American countries like Canada and the US are the need for compliance with the regulations imposed by the government due to the growing instances of cyberattacks on hosted servers.
The outbreak of COVID-19 had a devastating effect on the regional economy as well as on SMEs in 2020. However, organizations started using digital solutions and other business management solutions to simplify their operations during the pandemic. Even as hackers continued to find new ways to exploit the disruptions caused by the pandemic, there was a global surge in ransomware attacks, along with an increase in cyberattacks targeting the vulnerabilities of the Microsoft Exchange server. Opportunities have been created in this region as the number of malicious attacks increased throughout the pandemic and there is a need to secure industry control systems, which will drive the regional market's growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers industrial control systems security such as ABB Ability Cyber Security Suite.
Airbus SE - The company offers industrial control systems security such as Airbus CyberSecurity Factory.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AO Kaspersky Lab, BAE Systems Plc, Belden Inc., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Claroty Ltd., CyberArk Software Ltd., Darktrace Holdings Ltd., Fortinet Inc., Honeywell International Inc., International Business Machines Corp., Lockheed Martin Corp., Musarubra US LLC, Palo Alto Networks Inc., Positive Technologies, Radiflow, and Sophos Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The industrial control systems security market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Industrial Control Systems Security Market Scope |
|
Report Coverage |
Details |
Page number |
180 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.79% |
Market growth 2023-2027 |
USD 10.8 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.29 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Japan, Germany, and the UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Airbus SE, AO Kaspersky Lab, BAE Systems Plc, Belden Inc., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Claroty Ltd., CyberArk Software Ltd., Darktrace Holdings Ltd., Fortinet Inc., Honeywell International Inc., International Business Machines Corp., Lockheed Martin Corp., Musarubra US LLC, Palo Alto Networks Inc., Positive Technologies, Radiflow, and Sophos Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
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