Sellbyville, DE -- (SBWIRE) -- 03/23/2019 -- North America held the majority share of the Industrial Control Systems (ICS) Security Market in 2017 due to the extensive availability of legislative and regulatory policies and guidelines for securing ICS environments. Various government and industry organizations in the U.S. work toward strengthening the cybersecurity framework in industrial sectors by collaborating with industry experts to frame relevant security standards. This strong emphasis on the ICS security has primarily driven the North America ICS security market growth over the past decade.

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Industrial Control Systems (ICS) Security market is projected to surpass USD 7 billion by 2024. Industrial control system encompasses different types of control systems in the industrial environment including Distributed Control Systems (DCS), Supervisory Control and Data Acquisition (SCADA) systems, and configurations such as Programmable Logic Controllers (PLC). An ICS comprises different mechanical, pneumatic, electrical, and hydraulic components that function together to facilitate the completion of industrial objectives such as the transportation or manufacturing of energy or matter. It is found in various industries such as power & energy, chemical, water and wastewater, pulp & paper, pharmaceutical, and advanced manufacturing (aerospace, automotive, durable goods, etc.). It plays an important role in the functioning of the critical infrastructures that consist of mutually dependent and highly interconnected systems.

Securing Industrial Control Systems components from the risks of cyber-attacks is highly critical as the consequences of cyber incidents in an industrial environment can be far more severe than the associated financial losses. Some of these consequences include a long-lasting impact on the environment, fines from regulators or partners or customers, who have been put at risk, and loss of a service or a product due to a data breach. As industrial cyber-attacks are becoming common, it is one of the most critical concerns for industries to identify and assess risks and establish the necessary policies and procedures to manage those risks effectively.

The Industrial Control Systems (ICS) Security Market is projected to register a CAGR of over 20% between 2018 and 2024. The growth is attributed to the increasing incidents of cyber-attacks on critical infrastructure industries and consistent increase in the number of vulnerabilities detected in Industrial Control Systems components globally with government policies to ensure a robust IT security framework for National Critical Infrastructure (NCI) protection. The increasing need to secure industrial IT infrastructure from internal threats will contribute to the growing awareness related to ICS security over the forecast timeline. Using ICS security, companies can minimize the potential exposure to threats arising from internal resources by preventing access violations from unauthorized users. IT administrators can implement policies to determine, who can gain access to the applications and control systems equipment by centrally managing the user authentication and authorization.

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The ICS system providers play a critical role in the Industrial Control Systems (ICS) Security Market landscape wherein they develop and commercialize advanced solutions as well as focus on developing robust cyber security solutions. These companies combine their long-standing expertise in the fields of industrial automation and process control to provide highly relevant security solutions and services to their customers. Some of these solutions include SCADA encryption, firewalls, identity & access management, virtualization security, endpoint protection, network security, secure media exchange, and managed Industrial Control Systems security services.

As industrial organizations currently seek to leverage operational expenditure over capital expenditures, they want to reduce the concerns of acquiring, installing, and maintaining headwear or software systems on their premises. Security providers are focusing on offering flexible and scalable solutions in the form of a service to their customers. The benefits of Security-as-Service (SECaaS) model are constant virus updates and enhanced security expertise not available within an organization, outsourcing of administrative tasks such as log management, and faster user provisioning.

Advanced technologies in Artificial Intelligence (AI) and machine learning are emerging as effective tools to facilitate improved ICS security against sophisticated cyber threats. By using the real-time data monitoring with automated response and orchestration, these solutions offer an enhanced value compared to the legacy systems that function on the human-intervention based response.

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LAMEA ICS security market is projected to register the fastest growth between 2018 and 2024 with a CAGR of around 30%. The key factors that are expected to facilitate this accelerated growth are increasing cyber attacks on oil & gas industries along with the other critical industrial sectors. Recent Triton malware attacks on industrial safety systems in the region in 2017 are examples of evolving cyber threats to the national critical infrastructure in the region.