According to a new market research report titled, ‘Industrial Control Systems Security Market by Offering, Security Type (Network Security, Cloud Security), Organization Size, Application (Identity & Access Management, Firewalls), and End-use Industry (Energy & Utilities, FMCG) - Global Forecast to 2030,’ the industrial control systems security market is projected to reach $30.2 billion by 2030, at a CAGR of 10.1% during the forecast period 2023–2030.
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Industrial control systems (ICS)
are digital devices used for industrial process control. These systems are used
for controlling and monitoring industrial processes. ICS security is an area of
concern for organizations for safekeeping and securing control systems from
cyber-attacks. This involves safeguarding industrial control systems, the
integrated hardware and software designed to monitor and control the
operational process, and associated devices in industrial environments.
The significance of ICS security
is growing in the industrial sector due to increasing cyber-attacks on
operational processes to cause harm to critical production systems. Several
organizations are increasingly implementing cybersecurity solutions & services
to understand and reuse threat patterns and identify new threats. They provide
wider security solutions and simplify cyber-attack recognition and
acknowledgment procedures. Thus, there is an increasing demand for ICS security
solutions in the industrial sector.
Based
on offering, in 2023, the services segment
is expected to account for the largest share of the industrial control systems
security market. The large market share of this segment is attributed to the
rising demand for cybersecurity services in the industrial sector and the
growing need to improve business processes by protecting networks against
unauthorized access and securing device connectivity. However, the software
segment is projected to register the highest CAGR during the forecast period.
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Based
on security type, in 2023, the network security
segment is expected to account for the largest share of the industrial control
systems security market. The large market share of this segment is attributed
to the rising adoption of network services, growing data security & privacy
concerns, and the increasing demand for network security software solutions due
to the growth in malware attacks. However, the cloud security segment is
expected to record the highest CAGR during the forecast period. The growth of
this segment is driven by increasing demand for malware scanning and identity
access management among industrial organizations and the rising adoption of
cloud-based models in ICS environments.
Based
on organization size, in 2023, the large enterprises
segment is expected to account for the larger share of the industrial control
systems security market. The large enterprises segment is expected to continue
its dominance in the industrial control systems security market in the coming
years due to the strong IT-OT infrastructure of large enterprises and the
availability of skilled IT-OT personnel to manage ICS security platforms.
Furthermore, large enterprises have a stable financial backup, which allows
them to easily procure customized ICS security solutions. However, the small
and medium-sized enterprises segment is expected to record the highest CAGR
during the forecast period.
Based
on application, in 2023, the identity &
access management segment is expected to account for the largest share of the
industrial control systems security market. The large market share of this
segment is attributed to the rapid increase in industrial control systems in
the manufacturing sector and the growing demand for IAM solutions due to rising
security concerns in the industrial sector. However, the risk & compliance
management segment is projected to register the highest CAGR during the
forecast period.
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Based
on end-use industry, in 2023, the energy &
utilities management segment is expected to account for the largest share of
the industrial control systems security market. The large market share of this
segment is attributed to the proliferation of connected devices and the
increasing incorporation of advanced technologies in the energy & utilities
sector. However, the FMCG segment is slated to register the highest CAGR during
the forecast period. The growth of this segment is driven by the adoption of advanced
technologies in the FMCG market due to frequent changes in consumer preferences
and increasing data breaches in FMCG companies.
Based
on geography, in 2023, North America is
expected to account for the largest share of the industrial control systems
security market. The large market share of this segment is attributed to
increasing government initiatives, rising cyberattacks in the industrial sector,
and growing advanced technologies in the region. However, Asia-Pacific is
projected to register the highest CAGR during the forecast period. The growth
of this market is attributed to the advent of Industry 4.0 and increasing
cyberattacks in the industrial sector.
The key players operating in the
industrial control systems security market are Fortinet, Inc. (U.S.), Cisco
Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc.
(U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd.
(Israel), ABB Ltd (Switzerland), Honeywell International, Inc. (U.S.),
Schneider Electric SE (France), BAE Systems plc (U.K.), Applied Risk
(Netherlands), Verve Industrial Protection (U.S.), CrowdStrike Holdings, Inc.
(U.S.), Sophos Ltd. (U.K.), Claroty Ltd. (U.S.), Imperva, Inc. (U.S.), Trend
Micro Incorporated (Japan), Darktrace Holdings Limited. (U.K.), Cyberbit Ltd
(Israel), AO Kaspersky Lab (Russia), Radiflow LTD (Israel), Positive
Technologies (Russia), and Airbus SE (Netherlands).
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