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Industrial Control Systems (ICS) Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032

  • Report ID: GMI1758

Industrial Control Systems (ICS) Market size is poised to grow with a lucrative CAGR from 2023 to 2032, owing to the rising need for innovative technology, connectivity, and digitization in almost every significant sector and increased cloud-based data integration across government bodies.
 

The market growth is driven by an increase in security breaches and the use of cloud computing services in various sectors. Furthermore, surging smart grid deployments and significant industry investments in R&D for protecting critical infrastructure against cyberattacks have fostered the industry outlook. To cite an instance, in May 2022, the U.S. Government invested nearly $2.5 billion in modernizing and improving the capacity for the outreach of the country’s power grid.
 

Despite strong traction in various industries, the absence of authentication methods, a lack of professionals with the necessary skills, a dearth of knowledge regarding industrial security solutions, and exorbitant implementation costs may restrain industrial control systems market revenue. According to a 2022 research study, a low amount of awareness regarding cybersecurity among workers in tech giants has degraded the agenda of securing data from breaches, suggesting a better company policy for professional training and improved human behaviors concerning cybersecurity.
 

The Russia-Ukraine War caused significant economic damage and impeded the recovery from the impact of COVID-19. As per Google, the Russian government employed attackers engaged in multiple tactics to disrupt the cybersecurity of enemy nations. However, measures taken by various governments to secure data from attackers have supplemented business expansion. In April 2022, the Cybersecurity and Infrastructure Security Agency (CISA) extended its Joint Cyber Defense Collaborative (JCDC) and partnered with Honeywell Inc. to implement effective measures to increase focus on cybersecurity and incorporate industrial control systems in the U.S.
 

The industrial control systems market is classified based on product into distributed control system (DCS), supervisory control and data acquisition system (SCADA) and manufacturing execution system (MES), and process control systems (PCS). Process Control Systems are energy efficient, provide automated improved safety, have a longer lifespan, and have lower manufacturing costs. The improved environmental performance helps companies detect levels of emissions and fulfill GHG regulations. Driven by these factors, the PCS segment is set to depict massive growth through 3032.
 

In terms of solution, the industrial control systems market from the SCADA encryption ICS segment is anticipated to showcase enormous growth by 2032, propelled by increasing threats to the geopolitical scenario and recent loopholes in SCADA systems, making them susceptible to cyber-attackers. The industrial control system for SCADA encryption helps in protecting SCADA performance.
 

The Asia Pacific industrial control system (ICS) market is foreseen to clock considerable revenue share as a result of favorable measures taken by the government to encourage a positive understanding of cybersecurity and secure data from attackers. The Ministry of Home Affairs launched the Indian Cyber Crime Coordination Center (I4C) and Cyber Jagrukta Divas as a plan to aware small businesses and industry players regarding cyberattacks.
 

Some of the key players profiled in the industrial control systems market are IBM Corporation, Cisco Systems, ABB Group, Fortinet Inc., EMC Corp., Juniper Networks Inc., Kaspersky Lab, Microsoft Corp., CSC Corp., Brocade Communications Systems, Hewlett-Packard Corp., Lockheed Martin, and Symantec Corp. These firms are engaging in strategic partnerships to remain ahead in the competitive landscape. For instance, in April 2022, ABB and Ramboll collaborated to develop new offshore substation opportunities in the offshore wind sector. The companies aimed to contribute their knowledge of engineering, products, installation, and operational maintenance for electrical, SCADA (Supervisory Control and Data Acquisition), automation, and telecommunications equipment.
 

What Information does this report contain?

Historical data coverage: 2018 to 2022; Growth Projections: 2023 to 2032.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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