Industrial Control Systems (ICS) Security Market Drivers 2031
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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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
Some of the customization options available based on the request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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