New York, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- The Global Industrial Control Systems (ICS) Security Market Size was valued at USD 17,401.13 Million in 2021, the market is projected to grow USD 29,190.0 Million in 2030, at a CAGR of 8.92%. as per the latest research report by Spherical Insights & Consulting.
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Industrial control systems are majorly used across various industry areas including electric, transportation, chemical, pharmaceutical, pulp and paper, water and wastewater, oil and natural gas, food and beverage, and discrete manufacturing including automotive, aerospace, and durable goods.
SCADA systems are highly scattered systems majorly used for the control of geographically dispersed assets. These systems are majorly used in distribution systems such as water distribution and wastewater collection systems, railway transportation systems, oil and natural gas pipelines, electrical power grids. DCS is used as an application to manage industrial processes including electric power generation, oil refineries, water, and wastewater treatment, and chemical, food, and automotive production. PLCs are computer-based solid-state devices that control industrial equipment and processes. Though PLCs are control system components used during SCADA and DCS systems, they are often the primary components in smaller control system configurations used to provide operational control of separate processes such as automobile assembly lines, power plant soot blower controls, and others. PLCs are used broadly across all industrial processes.
Industrial control systems security has become a major concern for organizations across the globe. There is a growing trend for digitalization among industrial organizations including power sector enterprises, manufacturing facilities, and public utilities, these industries are heavily relying on industrial control systems for their operations. Along the convergence of IT and operational technology, and the wider connectivity of OT with external networks, and the rising number of industrial IoT devices help to boost the efficiency of industrial processes. According to the industry experts around ~15% of industrial organizations already using cloud solutions for their SCADA systems and a further ~25% are developing to implement such solutions in the coming year. The IIoT and cloud-based systems have added a new dimension to industrial cybersecurity, which is proving a challenge for enterprises.
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In the current situation, customized-based security solutions have become one major trend among ICS environments. ICS security drives tail the priority of availability, integrity, and confidentiality. There are many companies are investing towards enhance research and development activities and rapidly enhancing implementing advance security solutions because of increase in occurrence of cyber-attacks on industrial ICS systems. The COVID-19 pandemic boosts the demand for industrial control systems security across the globe because of increase in digitization.
The global industrial control systems security market is one unique market across the globe. It is the fastest changing industrial security solution in terms of market size of individual products, and facing rapid increase in demand of cybersecurity solutions. The global industrial control system security market is continuing to evolve, and power generation, and oil & gas industry remine industry verticals in terms of demand.
The global industrial control system security market operators are working smarter. They are heavily investing in technology development with cloud-based solution. Through the investment automated formats, they save time and yield and also able to cut labor cost. North America is known for the biggest place who face lots of cyber security issues over industrial solutions across the world. From the past few years North America have seen stringent growth cyber-attacks over industry systems.
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Managed security service providers entered the market at a time when security teams were required to manage the strength of their security devices and responding to tickets. Though today, the old model of keeping up with alerts and conducting initial triage is not enough. Security expertise must respond to hundreds, if not thousands, of alerts a day, while also proactively recognizing threats that have breached the perimeter and containing and remediating them quickly.
Managed security simplifies the burden on security teams, along with the rapid evolution of managed detection and response services helps in managing security monitoring, advanced threat detection, and incident readiness and response. Security monitoring detects attacks faster. Managed security services providers provide an end-to-end service that includes the tools and expertise to rapidly separate non-events from serious events.
Key Companies & Recent Developments
This market is fragmented by the emerging key players some of the key players includes Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, Palo Alto, BAE Systems, Raytheon, Fireeye, DarkTrace, Check Point, Kaspersky Labs, Airbus, Belden, Sophos, Cyberark, Claroty, Dragos, Nozomi Networks, Cyberbit and others.
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