Meticulous Research®—a leading global market research
company, published a research report titled, ‘Industrial
Control Systems Security Market by Offering, Security Type (Endpoint,
Cloud, Network), Organization Size, Application (DLP, DDoS, UTM, IAM, SIEM),
End-use Industry (Automotive, Electronics & Electrical, Energy &
Utility), and Geography -Global Forecasts to 2029’.
According to this latest publication from Meticulous
Research®, the global industrial control systems security market is expected to
grow at a CAGR of 7.6% from 2022–2029 to reach $29.9 billion by 2029.
Consistent rise in the adoption of cloud-based services, supportive government
initiatives and regulations towards the adoption of ICS security solutions and
increasing digitization in the manufacturing industry are the major factors
driving the growth of this market.
In addition, the increasing adoption of Industry 4.0 and smart
manufacturing and rising demand for robotic process automation systems are
expected to offer significant growth opportunities for the market growth.
Factors including high capital expenditure for deploying ICS security systems
are a major market challenge. The use of artificial intelligence (AI) and 5G
technology are trends in the market. However, the perception of ICS security as
a comprehensive solution may restrain the growth of this market to a certain
extent.
The global industrial control systems security market is
segmented based on offering, security type, organization size, application, and
end-use industry. The study also evaluates industry competitors and analyses
the market at the country level.
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Based on offering, the industrial control systems security
market is segmented into hardware, software, and services. In 2022, the
software segment is estimated to account for the largest share of the
industrial control systems security market. The increasing demand for ICS
security solutions and robust & cost-effective security solutions among
business enterprises to strengthen their security infrastructure, the
increasing number of large enterprises using cloud platforms for data
repositories, and the growing number of data security concerns are driving the
growth of this segment. The software segment is also projected to register the
highest CAGR during the forecast period.
Based on security type, the industrial control systems
security market is segmented into application security, endpoint security,
cloud security, and network security. In 2022, the network security segment is
estimated to account for the largest share of the industrial control systems
security market. The rising demand for network security & privacy;
increasing adoption of ICS security solutions for protecting reliability &
usability of the data & the network connecting different industrial
applications; and surge in incidences of APTs, malware, and phishing attacks
are expected to drive the growing demand for the network security segment in
the coming years. However, the cloud security segment is projected to register
the highest CAGR during the forecast period.
Based on organization size, the industrial control systems
security market is segmented into small & medium enterprises (SMEs) and
large enterprises. In 2022, the large enterprises segment is estimated to
account for the largest share of the industrial control systems security
market. The increasing number of cyber threats across large network
infrastructures & database servers, growing focus on developing strategic
IT initiatives, and early adopters of advanced technologies are expected to
drive the segment growth in the coming years. Industrial control systems
security increases efficiency and usability in large enterprises. With this new
paradigm, ICS and IoT security solutions are required to protect the safety and
functionality of Internet-connected systems in these enterprises. However, the
SMEs segment is projected to register the highest CAGR during the forecast
period.
Based on application, the industrial control systems
security market is segmented into data loss prevention, unified threat
management, encryption, identity & access management, risk & compliance
management, antivirus/antimalware, intrusion detection/prevention system,
distributed denial of service mitigation, security & vulnerability
management, security configuration management, security information, and event
management, whitelisting, firewall and other applications.
In 2022, the identity & access management segment is
estimated to account for the largest share of the industrial control systems
security market. The increasing need for integrity and safety of confidential
information in end-use industries, the growing emphasis on compliance
management, the increasing trend of mobility solutions, and the increase in
security concerns among organizations are driving the growth of this segment.
However, the data loss prevention segment is projected to register the highest
CAGR during the forecast period.
Based on end-use industry, the industrial control systems
security market is segmented into automotive, electronics & electrical,
chemicals, heavy metals & machinery, energy & utility, and other
end-use industries. In 2022, the energy & utility segment is estimated to
account for the largest share of the industrial control systems security
market. The growth of this segment is attributed to the government initiatives
to promote industrial automation and the growing number of cyberattacks on the
energy & utility industry. In 2022, in the U.S., hackers developed new
tools to gain full system access to multiple industrial control devices and
federal agencies, including the U.S. Department of Energy. This could have
allowed supervisory control and data acquisition devices at energy facilities
to be compromised. Incidents like these are expected to propel the demand for
industrial control systems security.
Some of the other factors driving the growth of this segment
include shifting preference from traditional business models to sophisticated
technologies, the need for cloud-based security solutions, rising investments
in Industry 4.0 technologies, and increasing demand for ICS security solutions.
However, the automotive segment is projected to register the highest CAGR
during the forecast period.
Based on geography, the industrial control systems security
market is segmented into North America, Asia-Pacific, Europe, Latin America,
and the Middle East & Africa. In 2022, North America is estimated to
account for the largest share of the industrial control systems security
market. The large market share of this region is attributed to the increasing
focus on technological innovation, consistently growing industrialization,
supportive government initiatives for developing industrial security
infrastructure, growing awareness regarding ICS security among small &
medium-sized enterprises, and high adoption of data-driven methods in
manufacturing operations. However, Asia-Pacific is expected to register the
highest CAGR during the forecast period. The high growth of this segment is
attributed to the growing cybercrimes, rapid investments in industrial
infrastructure, and high adoption of advanced technologies such as IoT and
cloud computing in this region.
Key Players:
The key players operating in the industrial control systems
security market are FireEye, Inc. (U.S.), Checkpoint Software Technologies Ltd.
(Israel), IBM Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Honeywell
International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.),
Darktrace Holdings Limited (U.K.), ABB (Switzerland), BAE Systems (U.K.),
Schneider Electric SE (France), Trend Micro Incorporated (Japan), Applied
Security (Netherlands), Kaspersky Labs (Russia), Airbus (France), Juniper
Networks, Inc. (U.S.), Sophos Ltd. (U.K.), Imperva (U.S.), Claroty (U.S.),
Cyberbit (Israel), Verve Industrial Protection (U.S.), Crowdstrike Holdings,
Inc. (U.S.), Positive Technologies (Russia), and Radiflow (U.S.).
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Key questions answered in the report-
·
Which are the high-growth market segments based
on offering, organization size, security type, application, and end-use
industry?
·
What was the historical market for industrial
control systems security?
·
What are the market forecasts and estimates for
the period 2022–2029?
·
What are the major drivers, restraints, and
opportunities in the industrial control systems security market?
·
Who are the major players, and what shares do
they hold in the industrial control systems security market?
·
How is the competitive landscape in the
industrial control systems security market?
·
What are the recent developments in the
industrial control systems security market?
·
What are the different strategies adopted by the
major players in the industrial control systems security market?
·
What are the key geographic trends, and which
are the high-growth countries?
·
Who are the local emerging players in the global
industrial control systems security market, and how do they compete with the
other players?
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