The industrial control systems (ICS) security market size is projected to reach US$ 35.61 billion by 2031 from US$ 16.84 billion in 2023. The market is expected to register a CAGR of 9.8% during 2023–2031. The growth in cyberattacks and the government's focus on the adoption of cybersecurity solutions are likely to remain key trends in the market.
Industrial Control Systems (ICS) Security Market Analysis
The industrial control systems (ICS) security market has witnessed significant growth in recent years, driven by technological advancements and the growing adoption of cloud technology among businesses. Manufacturers widely demand these systems to automate or remotely control the product manufacturing, handling, and distribution activities in the industries. Growing demand and adoption of ICS security solutions across numerous industries such as automotive, power, energy and utility, transportation, manufacturing, and others are boosting the market during the forecast period. The rising number of cyber-attacks on critical infrastructure across the globe, especially in the manufacturing industry, is anticipated to drive the market in the near future. For instance, according to ReliaQuest, LLC, cyberattacks in the manufacturing sector increased 53% from 2022 to 2023, associated with growing attacks from numerous ransomware groups such as LockBit and ALPHV. These factors raise the demand for industrial control systems security in the manufacturing sector. Thus, boosting the market in the near future.
Industrial Control Systems (ICS) Security Market Overview
Industrial control systems are the integration of hardware and software with network connectivity for supporting critical infrastructure. ICS systems manage and operate critical infrastructure-supporting functions such as power, water, manufacturing, transportation, and other critical services. Industrial control system (ICS) security focuses on ensuring the safety and security function of industrial control systems. ICS security prioritizes machinery operation by ensuring the protection of processes against cyber threats. They are mainly focused on preventing incidents, the safety of workers, or public risk after an event by allowing workers to directly connect to the ICS security number to get immediate assistance on the risks. ICS security maintains the efficient working of operations. It provides full visibility of machinery operations on the production site.
Furthermore, ICS security offers full control of operations from a control room or center by reporting critical information on a series of dashboards. Increasing digitalization in all aspects of commercial and public business operations increases the demand and adoption of ICS security to protect computer-controlled systems against cybersecurity threats. However, cost-saving benefits associated with superior services are a key factor boosting the market in the near future.
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Industrial Control Systems (ICS) Security Market: Strategic Insights
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Industrial Control Systems (ICS) Security Market: Strategic Insights
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Industrial Control Systems (ICS) Security Market Drivers and Opportunities
Growing adoption of cloud-based ICS services to Favor the Market
In today's modern connected world, most organizations and government bodies have shifted their preference from traditional methods to cloud deployment and reshaping the approach to digitalization. Cloud-based solutions services support organizations to reduce their additional operational expenses Significant benefits offered by cloud-based industrial control system (ICS) security such as real-time detection and investigation by improving security across the ecosystem. Growing demand for cloud-based security services for ICS environments among industries is driving the market. Cloud-based security services allow professionals to manage industrial systems remotely. For example, over 48% of companies worldwide prefer remote work to analysing ICS working. These services support industries to reduce costs, leverage the benefits of digitalization, and achieve sustainable growth. Increasing demand for cloud-based ICS helps users with faster data communication, scalability, improved diagnostics & troubleshooting, device configuration management, redundancy, device performance analysis, and a centralized view of processes by increasing the vulnerability of ICS infrastructure. These factors of cloud-based ICS encourage market players to tackle, detect, and analyze security issues in ICS infrastructure. For instance, in 2022, XONA Systems (USO partnered with Nozomi Networks Inc. (US) to help critical industries manage the security of industrial control systems remotely.
Government focus on cybersecurity
The government deals with highly sensitive data. Due to the data breach, privacy and national security could be hampered. Therefore, the governments of various countries are taking certain initiatives to boost cybersecurity. For example, US CISA.gov partners with other government agencies to help them manage their cyber risk. In addition, India’s National Cybersecurity Policy helps to combat cyber threats. It focuses on strengthening the cyber ecosystem and infrastructure. Thus, such initiatives drive the adoption of industrial control systems (ICS) security solutions.
Industrial Control Systems (ICS) Security Market Report Segmentation Analysis
Key segments that contributed to the derivation of the industrial control systems (ICS) security market analysis are component, security, and vertical.
- Based on the offering, the industrial control systems (ICS) security market is divided into solution and services. The solution segment held the largest share of the market in 2023. The solution segment is sub-segmented into Firewall, 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), and others. The services segment is sub-segmented into managed service, integration & consulting, audit & reporting, and risk management.
- By security, the market is segmented into network, endpoint, application, and database. The database segment held a significant share of the market in 2023.
- In terms of vertical, the market is segmented into automotive, power, energy and utility, transportation, manufacturing, and others. The manufacturing segment is expected to grow with a significant CAGR.
Industrial Control Systems (ICS) Security Market Share Analysis by Geography
The geographic scope of the industrial control systems (ICS) security market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
Asia Pacific region is expected to grow with a significant CAGR. The region is experiencing growth in the number of cyberattacks, which has generated the demand for security solutions. For example, in March 2023, Cloud company Akamai reported details of the largest recorded DDoS attack ever launched against a customer based in Asia. The top locations of the attacks were Hong Kong, Tokyo, São Paulo, Singapore, and Osaka. Thus, there is a growing need to counter such attacks which fostered the demand for industrial control systems (ICS) security solutions.
Industrial Control Systems (ICS) Security Market Regional Insights
Industrial Control Systems (ICS) Security Market Regional Insights
The regional trends and factors influencing the Industrial Control Systems (ICS) Security Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Industrial Control Systems (ICS) Security Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
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Industrial Control Systems (ICS) Security Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 16.84 Billion |
| Market Size by 2031 | US$ 35.61 Billion |
| Global CAGR (2023 - 2031) | 9.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Industrial Control Systems (ICS) Security Market Players Density: Understanding Its Impact on Business Dynamics
The Industrial Control Systems (ICS) Security Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Industrial Control Systems (ICS) Security Market are:
- Fortinet, Inc
- IBM Corporation
- Cisco Systems, Inc
- Palo Alto Networks
- Honeywell International Inc
- Juniper Networks, Inc
Disclaimer: The companies listed above are not ranked in any particular order.
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Industrial Control Systems (ICS) Security Market News and Recent Developments
The industrial control systems (ICS) security market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial control systems (ICS) security market are listed below:
- MazeBolt, a leading provider of DDoS vulnerability attack simulation solutions, launched a game-changing beta version of its engine to empower organizations to rethink the ongoing battle against Distributed Denial of Service (DDoS) attacks. The introduction of this predictive rating solution comes after more than two years of research through applying AI insights to millions of real-world DDoS vulnerability data points that affect IT systems worldwide. DDoS Threat Rating (DTR) offers a swift and accurate assessment of an organization’s threat level and provides users with actual DDoS vulnerabilities identified with a 99.7% level of accuracy. (Source: MazeBolt, Press Release, January 2024)
- ManageEngine, the enterprise IT management division of Zoho Corporation, announced the launch of Identity360, its cloud-native identity management platform that addresses identity and access management (IAM) complexities arising within enterprise workforces. ManageEngine also announced the addition of access certification and identity risk assessment functions to ADManager Plus, its on-premises identity governance and administration (IGA) solution. These two functions enhance the compliance posture of enterprises and help them mitigate security risks. (Source: ManageEngine, Press Release, October 2023)
Industrial Control Systems (ICS) Security Market Report Coverage and Deliverables
The “Industrial Control Systems (ICS) Security Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Industrial control systems (ICS) security market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Industrial control systems (ICS) security market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industrial control systems (ICS) security market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the industrial control systems (ICS) security market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
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Fortinet, Inc; IBM Corporation; Cisco Systems, Inc; Palo Alto Networks; Honeywell International Inc; Juniper Networks, Inc; Check Point Software Technologies Ltd; Schneider Electric SE; Lockheed Martin Corporation; and BAE Systems plc are some of the key players operating in the industrial control systems (ICS) security market.
Strict government laws and regulations for data security are considered a key trend in the industrial control systems (ICS) security market.
The global industrial control systems (ICS) security market is estimated to register a CAGR of 9.8% during the forecast period 2023–2031.
The growth in cyberattacks and the government's focus on the adoption of cybersecurity solutions are the key driving factors impacting the industrial control systems (ICS) security market.
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