Industrial Control Systems Security Market Size, Share, and COVID-19 Impact Analysis, By Security Type (Network Security, Application Security, Endpoint Security, Database Security), By Component (Solution, Service), By Application (Power and Energy, Critical Manufacturing, Mining, Water Utility, Transportation, Chemical), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021-2028
KEY MARKET INSIGHTS
The global Industrial Control Systems (ICS) Security Market is projected to grow from USD 17.1 billion in 2020 to USD 25.72 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period. Industrial control systems (ICS) security is defined as the use of programmable logic controllers to govern localised operations in distributed control systems and smaller control systems. Distributed control systems and smaller control systems employing programmable logic controllers are used to operate locally scattered assets, while supervisory control and data acquisition systems are used to govern regionally spread assets.
The market is expected to develop due to the increasing implementation of IoT and automation technologies in industries. Increased investments in cloud computing and smart grid deployments for critical infrastructure protection in sectors, as well as a more comprehensive security framework, will boost market expansion even further. Increased need for process variables and automation, such as control valves and remote sensors/control, has exposed current infrastructure to cyber-attacks, jeopardising the integrity of crucial data and driving the ICS security industry.
COVID-19 ANALYSIS
The outbreak of COVID-19 has caused manufacturing industries to rethink their traditional production procedures, resulting in a push for digital transformation and smart manufacturing techniques across the board. Manufacturers are also being driven to come up with and adopt a variety of novel and flexible approaches to product and quality control. Moreover, the COVID-19 has increased the demand for security, which has been followed by other difficulties like as performance, availability, security, and rising IT expenditures, necessitating Industrial Control Security solutions and services.
LATEST TREND
Rising Demand for Professional and Managed Security Services
Large enterprises require seasoned professionals and managed security services, whilst SMEs lack various essential cyber infrastructures for fairly safe operations. Cybercriminals and hackers are exploiting a lack of awareness among employees about security policies and best practices to steal the company's critical information. Although they have various systems in place, including a workforce to operate the company's Security Operations Center (SOC), the herculean effort is to get all of the employees to think about cyber security in the same way. The majority of the workforce considers cyber security training, addressing issues and incidents, and procedures to be a burden. Unless employees are self-aware of security policies and procedures as business imperatives, businesses will be vulnerable in some way, even having a strong infrastructure. As a result, the growing need for professional and managed security services to address complex vulnerabilities in the ICS ecosystem could present lucrative prospects for ICS security providers in the not-too-distant future.
DRIVING FACTORS
Increasing Cyber Threats on Critical Infrastructure Drive Market Growth
The industrial control system security industry has been pushed by an increase in cyber threats. The incidence of cyber-attacks on industrial control systems is increasing in manufacturing, energy, chemical, and other industries. As many hacker groups strive to access industrial networks, ICS security is being more widely adopted, which is expected to boost market growth. Furthermore, the use of new technologies has resulted in the development of large amounts of data, which has increased demand for ICS security, hence propelling the market growth during the forecast period.
RESTRAINTS
Growth Hampered By High Procurement Costs for ICS Security Systems
For smooth and secure operations, the deployment of ICS security solutions necessitates company-wide coverage, raising infrastructure costs and proving costly for various operators. Strong multi-factor authentication is required by current ICS security requirements to ensure that only authorized persons have physical and logical access to sensitive assets. For a critical infrastructure business, upfront costs like as licensing, help desk fees, hardware needs, and maintenance and renewal activities are prohibitively expensive. These factors are expected to restrains ICS market growth during the forecast period.
SEGMENTATION
The global Industrial Control Systems (ICS) Security Market is segmented by Security Type, Component, Application, and Region. Based on the Security Type, the market is categorized into Network Security, Application Security, Endpoint Security, and Database Security. Based on Component, the market is categorized into Solution, Service. Based on Application, the market is categorized into Power and Energy, Critical Manufacturing, Mining, Water Utility, Transportation, Chemical. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
REGIONAL INSIGHTS
The global Industrial Control Systems (ICS) Security Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is largest market for the ICS securities due to the region has also been quick to respond to new technological developments, such as the integration of cloud and IoT security solutions with ICS security solutions to provide a holistic safe access mechanism and impose a security governance framework. In the region, effective ICS security and resilience have been achieved through public-private partnerships (PPPs) and international collaborations.
Cybercrime has been rapidly gaining traction in Canada, with its influence growing at an alarming rate. Ottawa's cyber security action plan, which includes USD 10 million for special programmers, was unveiled in August 2019 in response to this. The action plan for increasing the resilience of federal and essential infrastructure might contain USD 10.3 million over five years for unique initiatives developed by provincial, territorial, and municipal governments, researchers, commercial firms, and not-for-profit organizations.
The Asia Pacific is second-largest market for the ICS securities due to the rising security spending. China, India, Australia, Hong Kong, South Korea, Japan, and other emerging economies make up the Asia Pacific region. ICS security is experiencing rapid expansion in this region, thanks to effective government laws and technical advancements. Growth in the region has been fueled by public-private partnerships (PPPs), sector-specific cyber security, and research and development. Singapore's Cyber Security Agency, for example, has created a safe ecosystem that focuses on developing an effective structure for public-private partnerships, cyber training, and information exchange.
KEY INDUSTRY PLAYERS
Some of the key players in the industrial control systems security market are ABB Ltd., Belden Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., Fortinet, Inc., General Electric Company, Honeywell International, Inc., McAfee LLC, Siemens AG, Indegy, FireEye, Inc., Carbon Black, Inc., SecurityMatters,.
KEY INDUSTRY DEVELOPMENTS:
In February 2020, Darktrace and McLaren joined to guard against cyber-attacks. Darktrace could be McLaren's official AI cyber security partner starting in the 2020 Formula one season as a result of this partnership. Darktrace may be able to assist by integrating its cyber artificial intelligence across the McLaren Group, as well as the McLaren Racing business, where Dark trace may be able to secure the McLaren racing team against cyber-attacks.
In January 2020, Cisco introduced security architecture for Internet of Things (IoT) environments based on numerous IoT technologies acquired in the previous year and reinforced by Cisco's Talos security monitoring software and services. Cisco Cyber Vision is a suite of software and services that can detect anomalies and threats to IoT assets in real time, according to the company. Cisco Cyber Vision analyses traffic from connected assets and uses Cisco Identity Services Engine (ISE) and Cisco DNA Center to generate segmentation policies.
LIST OF KEY COMPANIES PROFILED:
- ABB Ltd.
- Belden Inc.
- Check Point Software Technologies Ltd.
- Cisco Systems, Inc.
- Fortinet, Inc.
- General Electric Company
- Honeywell International, Inc.
- McAfee LLC
- Siemens AG
- FireEye, Inc.
- Carbon Black, Inc.
- SecurityMatters.
SEGMENTATION
By Security Type
- Network Security
- Application Security
- Endpoint Security
- Database Security
By Component
- Solution
- Service
By Application
- Power and Energy
- Critical Manufacturing
- Mining
- Water Utility
- Transportation
- Chemical
- Others
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
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Industrial Control Systems Security Market Size
- May-2022
- 140
- Global
- Information-Technology-Communication-IoT
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