Pune, India., Oct. 31, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Industrial Control Systems (ICS) Security Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity Analysis – by Component [Solutions (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) and Services (Managed Service, Integration & Consulting, Audit & Reporting, and Risk Management)]; Security (Network, Endpoint, Application, and Database); Vertical (Automotive, Power, Energy and Utility, Transportation, Manufacturing, and Others), and Geography” the market in terms of revenue was estimated to be worth $14.4 billion in 2022 and is poised to reach $29.6 billion by 2030, growing at a CAGR of 9.4% from 2022 to 2030.
The growth of the industrial control systems (ICS) security market is driven by growing adoption of cloud-based services and increasing demand for industrial automation. However, growing trend of implementing ICS in big data analytics is emerging as a future trend in the industry.
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Global Industrial Control Systems (ICS) Security Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 14.4 Billion in 2022 |
| Market Size Value by | USD 29.6 Billion by 2030 |
| Growth rate | CAGR of 9.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Security, Vertical, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Significant Government Initiatives and Support are Creating Lucrative Opportunities in the Global Industrial Control Systems (ICS) Security Market:
The rising integration of digital technologies in business operations has raised the risks of industrial infrastructure threats of cyberattacks. This increases demand for innovative solutions such as ICS security to protect connected devices, boosting the market growth. Stringent rules and regulations imposed by governments of various nations to create awareness related to cyber threats are creating opportunities in the market. For instance, the Government of Canada is planning to schedule an Industrial Control Systems Security Events event by the end of October 2023. The event increases awareness related to the usage and benefits provided by ICS security to critical infrastructures. ICS security safeguards critical infrastructures such as manufacturing plants, water treatment, power plants, and transportation systems from cyber threats and breaches. Agencies are collaborating with ICS security companies to shift government focus on cybersecurity and resilience activities.
For instance, in April 2022, the Cybersecurity and Infrastructure Security Agency (CISA) partnered with Honeywell International Inc to shift the US government's focus on cybersecurity and resilience of industrial control systems. Moreover, increasing government initiatives and support to protect infrastructure from cyber-attacks are creating opportunities in the market. For instance, according to the Asian Development Bank, in March 2022, Thailand launched an industrial transformation policy (Thailand 4.0) that focuses on creating a secure digital ecosystem for consumers, digital providers, and manufacturers. Thailand 4.0 initiatives promote industrial automation and transformation by adopting new advanced technologies such as IoT, AI, Big Data, and automation. These technologies are highly vulnerable to cyber-attacks, which increases the adoption of ICS security among industries to protect critical infrastructure using advanced technologies, thus fueling the market in the near future.
The market in Asia Pacific is expected to grow at a significant rate during the forecast period, due to growing number of cyberattacks in the region, increasing the adoption of ICS security among users for protecting their critical infrastructure. For instance, in February 2022, India reported 212,485 cybercrimes, with a 15% rise from 2019, according to AAG report. Growing cybercrime forces companies to adopt ICS security to protect critical infrastructure against cyber-attacks. Moreover, rising safety concern among industries increases the deployment of safety systems that ensure the smooth running of operations without interruptions. It further enhances operational efficiency and reduces downtime by minimizing economic losses. The introduction of Industry 4.0 brings several advances in the efficiency and productivity of industrial processes. Growing demand for industrial automation among industries for protecting against cyber-attacks and network security threats is driving the industrial control systems security market. These systems are deployed to monitor complex industrial processes and critical infrastructures for maintaining operational efficiency. ICS security focuses on keeping the smooth running of processes and machinery. Technological advancements in emerging nations such as China, Japan, India, South Korea, Australia, Hong Kong, and others are boosting market growth.
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Global Industrial Control Systems (ICS) Security Market: Segmental Overview
Based on vertical, the industrial control systems (ICS) security market is segmented into automotive, power, energy and utility, transportation, manufacturing, and others. The automotive segment is anticipated to expand at a significant pace during the forecast period, due to increasing requirements for reducing manufacturing downtimes, expanding productivity, and enhancing supply chain efficiencies. Growing demand for automation in the automotive industry is increasing the adoption of ICS security for maintaining operational efficiency. The rising adoption of electric vehicles (EVs) by replacing conventional vehicles is creating opportunities in the automotive industry. Growing consumer demand for electric vehicles increases manufacturers' demand for ICS security for long-distance monitoring and improving the overall efficiency and productivity of manufacturing processes. Moreover, automotive manufacturers in Japan are investing in electric vehicle production (EV), creating demand for ICS security in EV manufacturing. For instance, in February 2022, Nissan Motor Co., Ltd. invested US$ 500 million to transform the Canton assembly plant into an all-new Nissan for EV production. The company transformed the Canton plant into an EV manufacturing and technology center. The ICS security facilitates automation and efficiency by preventing from cyber-attacks in the assembly and production processes of EVs, thus boosting the segment. The growing installation of smart/internet-connected ICS solutions in EV facilities increases the adoption of ICS Security solutions in the automotive industry. However, ICS securities help automotive manufacturers protect intellectual assets like prosperity designs and technologies from theft or sabotage by unauthorized or illegal agencies, which is expected to boost the market.
Global Industrial Control Systems (ICS) Security Market: Competitive Landscape
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 a few of the key companies operating in the industrial control systems (ICS) security market. The industrial control systems (ICS) security market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- September 2023: Lockheed Martin Corporation was selected by the US Navy as an Integrated Combat System (ICS) and Systems Engineering and Software Integration (SESI) agent. Lockheed Martin Corporation designed an integrated warfare system architecture to deliver software updates in real-time across the Navy’s surface fleet of Aegis destroyers, frigates, carriers, cruisers, and amphibious ships.
- November 2022: Honeywell International Inc launched a new operational technology (OT) cybersecurity solution, ‘Advanced Monitoring and Incident Response Service (AMIR) Dashboard’, and updated Cyber App Control that provides an enhanced visibility capability into 24x7 security monitoring and incident response. The solution empowers organizations by providing 24/7 intelligent threat detection to their industrial control systems (ICS).
- June 2023: Juniper Networks, Inc announced a partnership with Dragos to offer an active attack response for OT-ICS networks. This supports both companies in systematizing research and development work and securing critical infrastructure.
- September 2022: Cisco Systems, Inc. partnered with Radiflow to use OT security expertise in Cisco-run OT facilities. Radiflow is integrating OT IDS with Cisco ISE for better network security in industrial environments.
Go through further research published by The Insight Partners:
Industrial Control Systems Security Software Market - Global Analysis and Forecast to 2030
Industrial Automation And Control Systems Market - Global Analysis and Forecast to 2030
Industrial Automation Control Market - Global Analysis and Forecast to 2027
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