ICS Security Market size worth over $12bn by 2026

ICS Security Market size is set to surpass USD 12 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

ICS security includes the security and management of Supervisory Control & Data Acquisition (SCADA) systems, distributed control systems, and programmable logic controllers. ICS security tools assist cybersecurity teams in securing networking assets across various operations such as natural gas pipelines, water distribution systems, and individual machines & processes. This helps organizations to secure their critical industrial components and compete effectively in a dynamic market.

 

Request Sample Buy NowInquiry Before Buying

 

Mainstream adoption of Industrial IoT (IIoT) to propel the uptake of ICS security solutions

The ICS security market has witnessed significant investments in IIoT, with major investors backing emerging start-ups developing industrial automation and other digital technologies. ICS security tools are expected to gain traction as the increased deployment of IIoT components will spur the demand for better cybersecurity. This will also lead to reduced network attacks and increased market competitiveness by ensuring high uptime of industrial systems. In addition, the rising demand for more collaborative and integrated cyber security strategies across industries is expected to create new opportunities for market expansion.
 

Expanding web application portfolio across industries to drive the application ICS security market growth

ICS Security Market

Get more details on this report - Request Free Sample PDF
 

The application security segment is expected to witness a steady growth rate of over 25% from 2020 to 2026. The increasing use of technological portfolio including web servers, varying operating systems, and development frameworks has led to increased cyberattack risks and security vulnerabilities. For instance, it is estimated that costs incurred due to industrial security attacks and halted operation result in a loss of USD 8.4 million per day; hence, enterprises are increasingly adopting ICS security systems to manage & eliminate application vulnerabilities.
 

Surging adoption of firewalls to propel the growth of the solutions segment

The firewall solution segment in the ICS security market is anticipated to register a CAGR of 20% during the forecast timeline. Increasing cybercrimes across the globe, such as ransomware and network intrusion, have accentuated market growth of firewall solutions. According to the U.S. government, there is an increase of 20% in the attacks per year, costing losses worth more than USD 30 million. Firewalls have been a first line of defense in industrial security, acting as a barrier between secured & controlled internal networks that can be trusted and untrusted outside networks.
 

Browse key industry insights spread across 316 pages with 279 market data tables and 34 figures & charts from the report, “Industrial Control Systems (ICS) Security Market Size By Security Type (Network Security, Application Security, Endpoint Security, Database Security), By Component (Solution [Firewall, SCADA Encryption, Antivirus/Anti-Malware, Intrusion Detection & Prevention, Identity & Access Management {IAM}, Distributed Denial of Service {DDoS} Solution, Data Loss Prevention {DLP}, Virtualization Security, Security Information and Event Management {SIEM}, Unified Threat Management {UTM}], Service [Managed Service, Integration & Consulting, Audit & Reporting, Risk Management]), By Application (Power and Energy, Critical Manufacturing, Mining, Water Utility, Transportation, Chemical)” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-control-systems-ics-security-market
 

Increasing demand for risk analysis among industries to improve network security

The risk management services segment held a global market share of over 15% in 2019. The integration of ICS systems with the internet will impose permanent cyber threats, increasing the risk of cyber-attacks on operational networks. Cyberattacks are also accountable for increasing damages in critical industries such as energy and power sectors. This has forced organizations to procure risk management services to maintain market competitiveness. Rising trends of outsourcing cybersecurity requirements across various industry verticals are expected to further spur the market growth.
 

Increasing threat to mineral processing methods will surge the ICS security market across the mining sector

The mining segment accounted for nearly 15% market share in 2019 due to increasing cyber-attacks for gaining access to critical information such as the pricing data for metals, intellectual property including production technologies, chemical formulae, mineral processing methods, and custom software solutions. ICS security tools are helping mining enterprises to achieve robust data security and secure their monitoring systems.
 

Rising network threats on European industrial facilities will trigger regional market growth

The Europe ICS security market is predicted to account for nearly 15% revenue share by 2026. The rising network security threats and cyberattacks are the major factors fueling the market demand in the region. For instance, according to the Hiscox Cyber Readiness Report 2019, the number of cyberattacks on organizations in the UK increased to 55% from 40% in 2018. Furthermore, increasing assistance from government organizations for enhanced security and huge investments in smart technologies will also accelerate the market growth in Europe.
 

Focus on inorganic growth strategies by key players to augment market share

The ICS security market has witnessed several strategic partnerships amongst major vendors to amplify their competitive edge. For instance, in October 2019, ABB became a member of the global cybersecurity alliance for operational technology (OT). This was a part of the company’s strategy to gain technical expertise in the field of OT and critical infrastructure security. Similarly, in April 2019, Dragos forged an alliance with Waterfall Security Solutions. Under the partnership, the companies will develop ICS security tools for passive industrial network monitoring and threat detection capabilities.
 

Some of the key players operating in the industry include ABB Ltd. , Bayshore Networks, Inc., Belden, Inc., Check Point Security Technologies Ltd., Cisco Systems Inc., Cyberbit, Dragos Inc., FireEye, Inc., Fortinet, Inc., General Electric, Honeywell International, Inc., IBM Corporation, Kaspersky Lab, McAfee LLC, Nozomi Networks, Inc., OT Claroty Ltd., Rolloos Industries, Raytheon Company, Rockwell Automation, Schneider Electric, SecurityMatters, Siemens AG, Symantec Corporation (NortonLifeLock Inc.), and Trend Micro Inc.
 

Explore More on Related Topics:

Chat with us
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies. More info X