New York, US, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “ICS Security Market”, By Solution, By System Type, By Services, By Vertical and Region - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 22 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.9% during the assessment timeframe.
ICS Security Market Insights
The Industrial Control System Security Market Is Witnessing Rapid Revenue Growth, Mainly Due To The Proliferation Of Automation Across The Industrial Sectors And Rapid Industrialization Worldwide.
Besides, The Rapid Increase In Telecommunication, Manufacturing And Chemical Industries Boosts The Industrial Control System Security Market Size. The Rising Adoption Of ICS Security In Several End-User Industries, Including Energy & Power, O&G, Pharmaceutical, And Food & Beverage, Creates Substantial Market Demand. Over The Past Few Years, ICS Security Technologies Have Evolved Explicitly.
With Advances In ICS Security Technologies, The Market Is Expected To Perceive Rising Global Sales In The Next Few Years. Moreover, Due To The Rising Water Demand, Rapidly Growing Water Purification & Wastewater Management Sectors Escalated Industrial Control System Security Market Shares Further.
Technological Advances And The Integration Of AI Into Industrial Control System Security Have Improved ICS Security Performances And Simplified ICS Security Operations For Staff Who Are Not Data Analytics Security Experts. Additionally, 5G Network Deployments Worldwide Are Expected To Improve The Performances Of Industrial Control And Automation Systems, Planning And Design Systems, And Field Devices.
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Even During The Global Pandemic's Challenging Circumstances, Industrial Control System (ICS) Security Significantly Helped The Industrial Community Perform Amazing Feats. Industrial Control System Security Is More Vulnerable To Hacks, A Major Factor Expected To Pose Significant Challenges To The Market Players.
Vulnerabilities In Critical Manufacturing And Energy, Water, And Wastewater Sectors Are On The Rise. The Prominence Of Remote Exploitation Has Been Exacerbated By The Shift To A Global Remote Workforce And The Increased Reliance On Remotely Accessed ICS Security Networks In Response To The COVID-19 Pandemic.
ICS Security Market Key Players
Key Players Active In The ICS Security Market Are
- Emerson Electric Company (US)
- ABB Ltd. (Switzerland)
- General Electric Company (US)
- Siemens AG (Germany)
- Mitsubishi Electric Corporation (Japan)
- Honeywell International, Inc. (US)
- Schneider Electric SE (France)
- Rockwell Automation, Inc. (US)
- Metso (Finland)
- Yokogawa Electric (Japan)
- Azbil (Japan)
|Revenue forecast in 2030||USD 22 Billion|
|Growth Rate||CAGR of 6.9% from 2022 to 2030|
|Key Market Opportunities||ICS security is observed to be the key focus area for the development associated with future-ready solutions, which can facilitate high security by effective modern industrial machineries management.|
|Key Market Drivers||The high need for robust ICS security solutions can fuel the market growth.|
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Considering Opportunities In The Market, Industry Players Are Forming Strategic Partnerships With All Financing Partners Involved In Refinancing And Shareholding. Major Industry Players Are Also Investing Substantially To Improve Their Existing Product Lines With Innovative Technologies. Almost 1/3 Of The Total Number Of Devices That Keep Facilities Safe And Operational Face Unpatched Cybersecurity Vulnerabilities.
To Make It Easier To Deploy Zero-Trust For Operational Technology Systems, Industry Players Constantly Work On Solutions For High-Severity Vulnerabilities In Industrial Control Devices Based On Operational Technology Networks. Critical Infrastructure, From Electricity & Water Treatment Plants And Power Systems & Water Supply To Transportation & Supply Chain Operations, Is A Prime Target For Cyber Attacks.
Operational Technology ICS Environments Often Lack Built-In Security Controls, Connect Using Multiple Networks, And Require Remote Access To Physical Assets. Factory Devices Become Vulnerable Mainly Due To Their Distributed Nature. However, It Isn't Easy To Secure These Operations. Successful Infiltration Can Result In Shutdowns, Reputational Harm, Environmental Damage, And Even Loss Of Lives.
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Industrial Control System Security Market Segments
The ICS Security Market Is Segmented Into System Types, Solutions, Services, Verticals, And Regions. The System Type Segment Is Sub-Segmented Into SCADA, PLC, DCS, And Others. The Solution Segment Is Sub-Segmented Into Unified Threat Management (UTM), Data Loss Prevention, Antivirus, Firewall, And Distributed Denial Of Service (DDOS).
The Service Segment Is Sub-Segmented Into Change In Management, Communication Services, Managed Support, Risk Management, And Others. The Vertical Segment Is Sub-Segmented Into Manufacturing, Food & Beverage, Energy & Power, Transportation, And Others. The Region Segment Is Sub-Segmented Into North America, Europe, Asia-Pacific, And The-Rest-Of-The-World.
Industrial Control System Security Market Regional Analysis
North America Leads The Global Industrial Control System Security Market. The Region Is A Hub For Futuristic Technologies And Witnesses A Rapid Increase In ICS Security Technologies Adoption Across Industries. Besides, The Largest Market Share Is Attributed To The Increased Application Of ICS Security Technologies In The Oil & Gas And Pharmaceuticals Sectors In The Region. The Strong Presence Of Notable Technology Providers And Well-Established Development Centers Facilitates The Early Development And Adoption Of Advanced ICS Security Technologies.
Europe Is Another Lucrative Market For Industrial Control System Security Solutions. Increasing Uptake Of Advanced Cyber Security Technologies Across End-User Industries Is A Key Driving Force Influencing The Market Growth. Rapid Urbanization And Industrialization Are Major Growth Propellers For The Regional Market.
The Asia Pacific Industrial Control System Security Market Is Growing Rapidly. Factors Such As The Presence Of Leading Manufacturers And Technological Advances In The Region Foster Market Revenues. The Early Adoption Of Futuristic Safety Devices And Technologies In Various Industries And Enterprises Across The Region Propel Industrial Control System Security Market Growth. The APAC Industrial Control System Security Market Is Expected To Post A Higher CAGR During The Review Period.
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Industrial Control System Security Market Competitive Analysis
The Highly Competitive Industrial Control System Security Market Appears Fragmented, With Several Well-Established Players Forming A Competitive Landscape. Mergers & Acquisitions, Innovation, And Expansion Remain Key Trends For Semiconductor Assembly & Testing Service Companies As These Strategic Moves Support Their Growth And Expansion Plans. They Deliver Reliable, Leading-Edge Products And Services. They Invest Substantially In R&D To Develop Adept Technologies And Product Portfolios.
For Instance, On Jan.10, 2023, Schneider Electric, A Leading Global Player In The Digital Transformation Of Energy Management & Automation, Announced A Partnership With Bitsight, A Leading Player In Detecting & Managing Cyber Risks, To Develop A Unique Global Operational Technology (OT) Risk Identification And Threat Intelligence Capability.
In Addition To Improving The Detection Of Operational Technology Cybersecurity Exposure, The Partnership Will Enable Schneider Electric To Combine Its Knowledge Of OT Protocols And Systems With Bitsight's Exposure Detection And Management Capabilities To Generate The Critical Insights Required For Proactive Security Monitoring Of Externally Observable Risks To The OT Community.
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