Redding, California, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Industrial Control Systems Security Market by Offering, Security Type (Endpoint, Cloud, Network), Organization Size, Application (DLP, DDoS, UTM, IAM, SIEM), End-use Industry (Automotive, Electronics & Electrical, Energy & Utility), and Geography - Global Forecasts to 2029,’ the global industrial control (ICS) systems security market is expected to reach $29.9 billion by 2029, at a CAGR of 7.6% from 2022 to 2029.
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Rapid digital transformation across various industries, the increasing volume of data gathered through IoT devices, the widespread availability of high-speed broadband networks, and the emergence of 5G technologies have increased the risk of cyberattacks across industrial sectors. Many established organizations across the globe are facing an urgent need to continually ramp up and safeguard their industrial control systems.
Several organizations are increasingly implementing industrial control systems (ICS) security to maintain the reliability of mission-critical equipment and help monitor industrial processes. ICS security focuses on industrial processes or automation rather than other operating systems. It helps in asset inventory and detection, vulnerability management, network intrusion protection and detection, user and access management, and endpoint detection & response, among others. Thus, there is a growing demand for ICS security solutions across various industries.
The growth of this market is mainly driven by the increasing adoption of cloud-based services, supportive government initiatives & regulations towards the adoption of ICS security solutions, and increasing digitization in the manufacturing industry. In addition, the increasing adoption of Industry 4.0, smart manufacturing, and rising demand for robotic process automation systems are expected to offer significant growth opportunities for this market. However, the perception of ICS security as a comprehensive solution can restrain the market growth of this market.
Impact of COVID-19 on the Industrial Control Systems (ICS) Security Market
Amidst the pandemic, most industries came to a standstill due to raw material & workforce shortages, supply chain disruptions, and restrictions on international trade. The COVID-19 pandemic triggered a significant increase in phishing, malware, spam, and ransomware attacks, adding to the urgency of establishing a well-functioning security infrastructure for industries across the globe.
The pandemic highlighted the importance of ICS security, as it allowed personnel to remotely manage, monitor, and control the operation of machinery and associated devices in complex industrial processes and infrastructure, enhanced worker safety & security, and offered real-time visibility of misconfigurations in industrial environments. It influenced industrial operations globally, with organizations adopting cutting-edge technologies to sustain and enhance the security of business operations. Also, the heavy reliance on remote access systems made organizations more vulnerable to DDOS and phishing attacks. Many leading players started improving their cyber risk management measures and strategizing accordingly by ensuring that their remote access systems were sufficiently resilient to withstand cyberattacks.
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Several leading ICS security players leveraged this crisis as a new opportunity to restructure and revisit their existing strategies and develop advanced portfolios to defend critical infrastructure from cyber-attacks. For instance, in 2021, Siemens AG (Germany) introduced a new AI-based industrial cybersecurity service, Managed Detection, and Response (MDR), powered by Eos.ii, to help small and medium-sized energy companies defend critical infrastructure against cyberattacks. In 2021, Schweitzer Engineering Laboratories, Inc. (U.S.) launched Converged Industrial Edge (CIE) solution with Juniper Networks and Dragos, Inc. (U.S.) for the growing connectivity and cybersecurity demands placed on critical infrastructure. Also, In 2020, Check Point partnered with Claroty (U.S.) to give enterprises and critical infrastructure operators real-time cybersecurity and visibility for protecting OT and industrial control system (ICS) networks from cyber-attacks. Such developments, along with the increasing growth in digital technologies and industrial systems, show a positive sign for post-pandemic market growth.
The ongoing conflict between Russia and Ukraine has escalated into hybrid warfare and digital skirmishes with the potential to cripple industrial infrastructure. This ongoing conflict may impact global diplomacy, markets, and other aspects by escalating into cyberwarfare with significant monetary damages, as seen with the global NotPetya cyberattack and wiper virus cyberattack. Also, the U.S. and China military conflict after Beijing launched an unprecedented series of exercises around Taiwan may affect the consumer market and important industrial manufacturing bases and slow down global manufacturing. The situation has been evolving unpredictably, and organizations and industries have been alert, anticipating, and planning for various scenarios. This is also expected to drive the demand for industrial control systems security to a certain extent.
The global industrial control systems security market by offering (hardware, software, services (professional security services, managed security services)), security type (application security, endpoint security, cloud security, network security), organization size (small & medium enterprises (SMEs), large enterprises), application (data loss prevention, unified threat management, encryption, identity & access management, risk & compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service (DDoS) mitigation, security & vulnerability management, security configuration management, security information and event management (SIEM), whitelisting, firewall, and other applications), end-use industry (automotive, electronics & electrical, chemicals, heavy metals & machinery, energy & utility, transportation, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.
Based on offering, in 2022, the software segment is estimated to account for the largest share of the industrial control systems security market. The growth of this segment is attributed to the growing demand for ICS security platform solutions, a surge in demand for robust and cost-effective ICS security solutions among business enterprises to strengthen their security infrastructure, an increasing number of large enterprises using cloud platforms for data repositories, rising need for robust security infrastructure solutions, and the growing number of data security concerns. Also, the software segment is projected to grow at the highest CAGR during the forecast period.
Based on security type, in 2022, the network security segment is estimated to account for the largest share of the industrial control systems security market. However, the cloud security segment is projected to register the highest CAGR during the forecast period. This is mainly attributed to the rising need to secure workloads on the cloud, the growing number of cloud-related cyberattacks, enterprises’ growing use of cloud services for data storage, and the rise in remote access systems amid the COVID-19 pandemic.
Based on organization size, in 2022, the large enterprises segment is estimated to account for the largest share of the industrial control systems security market. The increasing number of cyber threats across large network infrastructures and database servers, larger budgets and a keen focus on developing strategic IT initiatives, and early adopters of advanced technologies are some of the major factors that are driving the market growth.
However, the small & medium enterprises (SMEs) segment is projected to register the highest CAGR during the forecast period. This is mainly attributed to the organizations’ increasing need to minimize security issues and improve infrastructure security capabilities, stringent directives for data protection, and organizations’ rising need for advanced ICS security solutions.
Based on application, in 2022, the identity & access management segment is estimated to account for the largest share of the industrial control systems security market. The increasing need for integrity and safety of confidential information in end-use industries, the growing emphasis on compliance management, the increasing trend of mobility solutions, and the increase in security concerns among organizations are some major factors driving the market growth.
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However, the data loss prevention segment is projected to register the highest CAGR during the forecast period. This is mainly attributed to the growing adoption of cloud-based solutions, organizations’ increasing focus on meeting regulatory & compliance requirements, enterprises’ transition to cloud storage, and rising incidences of data theft across organizations.
Based on end-use industry, in 2022, the energy & utility segment is estimated to account for the largest share of the industrial control systems security market. The growth of this segment is attributed to the rising integration of automation technologies in oil & gas exploration activities, the increasing need to monitor highly influenced operations, and growing reliance on data, the need for cloud-based security solutions, rising investments in Industry 4.0 technologies, and increasing demand for ICS security solutions. However, the automotive segment is projected to grow at the highest CAGR during the forecast period. This is mainly attributed to the growing number of in-vehicle electronic components, rising data breach incidents, and the increasing number of ICS security applications in the automotive sector.
Based on geography, in 2022, North America is estimated to account for the largest share of the industrial control systems security market. The large market share of this region is attributed to the increasing government initiatives for developing industrial infrastructure, growing awareness regarding ICS security among small & medium-sized enterprises, and high adoption of data-driven methods in manufacturing operations.
However, Asia-Pacific is expected to register the highest CAGR during the forecast period due to the growing awareness regarding ICS security systems among small and medium-sized enterprises, rapid investments in industrial infrastructure, growing investments in industrial security infrastructure, and high adoption of advanced technologies such as IoT and cloud computing in this region.
The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants between 2020 and 2022. The ICS security market is consolidated and dominated by a few major players, namely FireEye, Inc. (U.S.), Checkpoint Software Technologies Ltd. (Israel), IBM Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), Darktrace Holdings Limited (U.K.), ABB (Switzerland), BAE Systems (U.K.), Honeywell International Inc. (U.S.), Schneider Electric SE (France), Trend Micro Incorporated (Japan), Applied Security (Netherlands), Kaspersky Labs (Russia), Airbus (France), Juniper Networks, Inc. (U.S.), Sophos Ltd. (U.K.), Imperva (U.S.), Claroty (U.S.), Cyberbit (Israel), Verve Industrial Protection (U.S.), Crowdstrike Holdings, Inc. (U.S.), Positive Technologies (Russia), and Radiflow (U.S.).
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Scope of the report:
Industrial Control Systems Security Market, by Offering
- Hardware
- Software
- Service
- Professional Security Service
- Managed Security Service
Industrial Control Systems Security Market, by Organization Size
- Small & Medium Enterprises (SMEs)
- Large Enterprises
Industrial Control Systems Security Market, by Security Type
- Application Security
- Endpoint Security
- Cloud Security
- Network Security
Industrial Control Systems Security Market, by Application
- Data Loss Prevention
- Unified Threat Management
- Encryption
- Identity and Access Management
- Risk and Compliance Management
- Antivirus/Antimalware
- Intrusion Detection/Prevention System
- Distributed Denial of Service (DDoS) Mitigation
- Security and Vulnerability Management
- Security Configuration Management
- SIEM
- Whitelisting
- Firewall
- Other Applications
Industrial Control Systems Security Market, by End-use Industry
- Automotive
- Electronics & Electrical
- Chemicals
- Heavy Metals & Machinery
- Energy and Utility
- Transportation
- Other End-use Industries
Industrial Control Systems Security Market, by Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Netherlands
- Denmark
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Singapore
- Malaysia
- Australia & New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Saudi Arabia
- Rest of Middle East & Africa
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