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ICS Security Market size exceeded USD 2 billion in 2019 and is anticipated to grow at a CAGR of over 20% from 2020 to 2026. The market growth is attributed to a significant rise in the number of vulnerabilities detected in ICS components in different industrial sectors. Other critical systems, such as propulsion and machinery management systems, cargo management systems, power control systems, SCADA systems, and access control systems, are also at a high risk of being attacked by cyber criminals.
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ICS security solutions offered by leading vendors in the ecosystem can be quickly deployed and scaled to effectively monitor and mitigate Operational Technology (OT) risks across multiple facilities to reduce overall security management costs. Also, the threat of cyber attacks on critical infrastructure establishments during the COVID-19 pandemic has emerged as an important concern for government authorities to ensure the required security measures.
Report Coverage | Details |
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Base Year: | 2019 |
Market Size in 2019: | USD 2 Billion (2019) |
Forecast Period: | 2020 to 2026 |
Forecast Period 2020 to 2026 CAGR: | 20% |
2026 Value Projection: | USD 12 Billion (2026) |
Historical Data for: | 2015 to 2019 |
No. of Pages: | 316 |
Tables, Charts & Figures: | 313 |
Segments covered: | Security Type, Component, Application and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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In the U.S., the network security segment will account for 30% of the market share by 2026 due to growing demand for protecting integrity and usability of the data and network connecting different industrial applications. The integration of vessels with multiple other systems, which are connected through the internet also affects the network security of the industry. To get rid of the rising network security breaches, the governments of various countries have adopted laws and regulations, enhancing network security.
In UK, Identity and Access Management (IAM) segment in the ICS security market will witness 30% growth rate through 2026 as it encompasses technologies, such as password management, user provisioning, and advanced authentication, which enable and maintain users’ access to network resources. The increasing adoption of the Bring Your Own Devices (BYOD) trend among enterprises to reduce the cost of operation is a major factor augmenting the industry growth. Organizations have implemented the BYOD approach that allows employees to access e-mails, corporate resources, and sensitive data of organizational and business applications using their personal devices from any location.
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The managed services segment in the China ICS security market will capture 20% of revenue share by 2026. The managed service providers enable companies to minimize risks of cybercrimes and enhance the security of their critical industrial systems and network infrastructures. Rising inclination toward cloud platforms to meet workplace requirements will also accelerate the need for managed services to ensure effective management of an organization’s network systems. The managed services also help companies to lower the risk of cybercrimes as the market offers timely and enhanced ICS security management to keep the operations active continuously.
In Mexico, the critical manufacturing end-use segment is expected to expand at a CAGR of 25% till 2026 led by the rapid acceptance of smart products, sensor technologies, IoT strategies, and analytics across manufacturing companies to improve business efficiency. The critical manufacturing sector is the second most vulnerable sector to ICS cyber threats. The sector includes companies such as producers of metals, automakers, aviation equipment manufacturers, and machinery & electrical equipment manufacturers.
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Asia Pacific ICS security market will register over 30% gains during 2020-2026. The rising number of cybercrimes in this region has resulted in increased acceptance of ICS security systems, driving the industry expansion. Various participants are investing huge funds in this region to improve cybersecurity offerings and assist startups to make their way into the market.
India is a highly vulnerable target for ICS cyberattacks owing to the lack of adequate security measures in the industrial sectors. Between April 2017 and January 2018, over 22,000 websites including 114 government portals were hacked by attackers. While the country’s vulnerability is significantly high, cases of cyberattacks are often underreported due to the absence of mandatory requirements. The advancement in the manufacturing sector in developing countries, such as India and China, is also fueling the market revenue for ICS security solutions. Supportive government initiatives for development of smart factory projects in the region are also supporting the growing demand for ICS security solutions.
The major players operating in the market are ABB Ltd., BAE Systems, Bayshore Networks, Inc., Belden, Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., Cyberbit, Dragos, Inc., FireEye, Inc., Fortinet, Inc., General Electric Company, Honeywell International, Inc., IBM Corporation, Kaspersky Labs, McAfee, LLC, Nozomi Networks, Inc., OT Claroty Ltd., Rolloos Industries B.V., Raytheon Company, Rockwell Automation, Inc., Schneider Electric, SecurityMatters (Forescout Technologies Inc.), Siemens AG, Accenture plc (Symantec Corporation), and Trend Micro, Inc. The major participants are focusing on strategic acquisitions of innovative ICS security startups to enhance their capabilities of industrial cybersecurity solutions.
Market, By Security Type
Market, By Component
Market, By Application
The above information has been provided for the following regions and countries: