Global Industrial Control Systems Security Market Outlook 2031:
The global industrial control systems security market size was valued at USD 16.70 Billion in 2022 and is projected to reach USD 31.22 Billion by 2031, expanding at a CAGR of 7.2% during the forecast period 2023 - 2031.
Industrial control system (ICS) security refers to a security software that involves the safekeeping and security of the control systems in an industry. The hardware and software programs are utilized in the daily operations of the industry to facilitate smooth running of the organization.
The security system is composed of controllers or a complex network of collaborative systems that receive data from sensors to display, observe, and measure process variables. The set points are compared with the variables and then commands are sent to control processes through the control systems.
Industrial processes can easily be managed, controlled, and monitored using industrial control systems. ICS assets comprise digital devices including components of critical infrastructure such as power grids and water treatment.
Industrial Control Systems Security Market Trends, Drivers, Restraints, and Opportunities
- Rapid integration of industry control systems with digital technology to facilitate communication on various platforms. This is expected to boost the demand for ICS security.
- Rising demand for industrial automation and robotics technologies, which also depend on ICS technology. This is projected to propel the market.
- High installation costs of industrial control systems as well as insecure and proprietary protocols are major challenges that can hamper the industrial control systems security market growth.
- Development in digital technologies and industrial systems facilitates machine to machine communication, which increase the demand for industrial control system security.
- Technological advancement such as the implementation of Industrial Internet of Things (IIoT) based technologies are being used in various verticals. This is projected to offer lucrative opportunities for industrial control systems security market growth.
Scope of Industrial Control Systems Security Market Report
The report on the global industrial control system security market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Industrial Control Systems Security Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Components (Solutions [DDoS Mitigation, Encryption, Firewall, Security & Vulnerability Management, Security Configuration Management, IAM, IDS/IPS, SIEM, Whitelisting, Anti-malware/Antivirus, and Others] and Services), Security Types (Endpoint Security, Application Security, Network Security, and Database Security), Verticals (Transportation Systems, Energy & Utility, Power, Manufacturing, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
BAE Systems; Bayshore Networks Inc.; Cisco Systems; Honeywell International Inc.; IBM Corporation; Nozomi Networks Inc.; Siemens AG; Trend Micro Inc.; Accenture plc (Symantec Corporation); General Electric Company; FireEye Inc.; and Check Point Software Technologies Ltd; and Belden Inc.
Global Industrial Control System Security Market Segment Insights
Multi factor authentication drives the IAM segment
Based on components, the industrial control system security market is bifurcated into solutions and services. The solutions segment is further segmented into DDoS mitigation, encryption, firewall, security & vulnerability management, security configuration management, IAM, IDS/IPS, SIEM, whitelisting, anti-malware/antivirus, and others.
The solutions segment is anticipated to account for significant market share in the coming years owing to the growth of the IAM component. IAM refers to identity and access management, which is a component solution to administer user identity and access enterprise resources. IAMs have an adaptive multi factor authentication function to protect the industrial data and components from credential theft or impersonation. IAMs protect IT systems against cyberattacks and data loss.
Network security segment to hold significant market share during the forecast period
On the basis of security types, the industrial control systems security market share is classified as endpoint security, application security, network security, and database security. The network security segment is projected to witness robust growth during the forecast period. Network security uses a set of configurations that protect the integrity of the computer networks and allow access to verified user at the same time.
The confidentiality of the programs and networks is maintained using various hardware and software technologies, which are safeguarded by the use of network security. The vulnerability and risk involved in data theft and sabotaged is reduced exponentially by the use of network security system. This leads to increase demand for this segment in industries.
Increasing vulnerability of security threats drives the manufacturing segment
Based on verticals, the global industrial control system market is segmented into transportation systems, energy & utility, power, manufacturing, and others. The manufacturing segment is anticipated to witness growth in the market during the projected timeline owing to high vulnerability towards security threats. Emerging cyber-attacks and cyber threats have compelled manufacturing industries to set up ICS technologies to ensure integrity and confidentiality.
The rapid adoption of smart technologies such as sensor technology, smart products, IoT strategies, and analytics lead to technological development to provide better industrial control systems. Manufacturing industries use ICS to improve business efficiency and communication while maintaining integrity and accessibility of computer hardware.
High demand of industrial control systems drives the Asia Pacific market
In terms of regions, the industrial control systems security market is categorized as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held large market share in 2022 and is expected to represent high revenue share of the market in the coming years owing to increasing number of cyber threats in industrial organizations.
Rapid industrialization and urbanization in developing countries such as India, China, and Japan present key factors to adopt ICS technologies as it facilitates business efficiency and security.
- DDoS Mitigation
- Security & Vulnerability Management
- Security Configuration Management
By Security Types
- Endpoint Security
- Application Security
- Network Security
- Database Security
- Transportation Systems
- Energy & Utility
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
By Key Players
- BAE Systems
- Bayshore Networks Inc.
- Cisco Systems
- Honeywell International Inc.
- IBM Corporation
- Nozomi Networks Inc.
- Siemens AG
- Trend Micro Inc.
- Accenture plc (Symantec Corporation)
- General Electric Company
- FireEye Inc.
- Check Point Software Technologies Ltd
- Belden Inc.
Key players in the global industrial control system security market are BAE Systems; Bayshore Networks Inc.; Cisco Systems; Honeywell International Inc.; IBM Corporation; Nozomi Networks Inc.; Siemens AG; Trend Micro Inc.; Accenture plc (Symantec Corporation); General Electric Company; FireEye Inc.; and Check Point Software Technologies Ltd; and Belden Inc.
These players have widely engaged in various business development strategies including mergers & acquisitions, collaborations, agreements, and partnerships to strengthen their geographical presence and expand their consumer base globally.