Northbrook, IL 60062 -- (SBWIRE) -- 11/29/2023 -- The global Industrial Control Systems Security Market size is projected to grow from USD 17.8 billion in 2023 to USD 25.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period, according to research report by MarketsandMarkets™.

The integration of IT and OT systems driving expansion in ICS security solutions. However, a shortage of skilled analysts for analyzing critical ICT systems may hinder market growth.

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Based on the component, services segment is expected to grow at a highest CAGR during the forecasted period.

Integrating and administering solutions across company activities requires ICS security services. Over time, these services support businesses by monitoring and guaranteeing the seamless operation of ICS security systems. The need for these solutions is being driven by the increasing use of cloud computing and virtualization across businesses in different nations. Additionally, solution installations support businesses in controlling the number of partners, suppliers, and vendors by enabling real-time analysis of dynamic network interactions.

By solution, the encryption segment is expected to grow at the highest CAGR during the forecast period.

Encryption is the process of converting plain text to cipher text using an encryption algorithm, which may be symmetric or asymmetric. The data encrypted can be deciphered only with an encryption key. Encryption protects the data at rest, in transit, or in process. Encryption is critical to the communication channels through which ICS send/receive sensitive data to keep critical infrastructure functioning. Encryption safeguards data while it's in transit, opening up lines of communication for secure permission and preventing hacking by nefarious entities. For instance, communications to and from operations centers, power generating systems, distribution substations, and residential "smart grid" networks are all protected by encryption while traveling over the electrical grid. Government agencies and critical infrastructure organizations frequently require encryption. The NIST Framework recommends using strong encryption to increase the cybersecurity of vital infrastructure.

By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is highly concerned over the increasing security spending due to the ever-growing threat landscape on industrial systems. Moreover, the Asia Pacific region also has vast manufacturing facilities, which exhibit high demand for security measures. The variety of the region's economies, societies, and technological advancements is reflected in the vital infrastructures of the Asia Pacific area. The area is seeing significant development potential in ICS security due to the implementation of effective government policies and technical improvements. Sector-specific cybersecurity, R&D, and public-private partnerships (PPPs) have been the main drivers of growth in the area.

Initiatives taken by governments across countries in the Asia Pacific are expected to promote future ICS security market growth. For example, The Government & Critical Infrastructure APAC 2022 online event was a signature community designed to accelerate public-private collaboration on industrial control system threats and cyberattack defense of critical assets.

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Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel), Darktrace (UK), Kaspersky Lab (Switzerland), Tenable (US), Belden (US), Sophos (UK), CyberArk (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (US), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Rosk (Netherland), Positive Technology (US) are the key players and other players in the ICS security market.

Key Dynamic Factors For Industrial Control Systems Security Market:

Growing Cyberthreats: The need for strong ICS security solutions has increased due to the ever-changing landscape of cyberthreats, which include ransomware and other sophisticated attacks. Advanced defence methods are becoming more and more necessary in industrial situations as attackers become more skilled.

Regulatory Compliance: The ICS security market is significantly shaped by the regulatory environment. Regulations and standards that require the deployment of security measures to guard against cyber attacks apply to a variety of businesses, particularly critical infrastructure sectors. Investments in ICS security systems are frequently motivated by compliance with standards like ISA/IEC 62443, NIST, and others.

Integration of IIoT and Internet of Things: As IIoT and Internet of Things (IoT) technologies are increasingly incorporated into industrial processes, new security issues arise. In ICS security methods, protecting device interconnectivity and guaranteeing data integrity become crucial.

Digital Transformation: Known as Industry 4.0, this continuous digital transformation of industrial processes makes use of cutting-edge technology like cloud computing, big data analytics, and artificial intelligence. Although these technologies have many advantages, they also present new avenues for attack, therefore strong security measures are required.

Supply Chain Security: Industrial supply chains are vulnerable to cyberattacks because of their interconnectedness.

Lack of Skill: There is a deficiency in cybersecurity specialists, particularly in those with knowledge of industrial control systems. The lack of these resources presents a problem for companies trying to manage and deploy efficient ICS security solutions.

Enhanced Awareness: Organisations are devoting more resources to addressing security issues as knowledge of the possible effects of cyber threats on industrial processes expands. Investments in ICS security solutions are being driven by this increased awareness.

Emergence of Zero Trust designs: ICS security policies are increasingly adopting Zero Trust designs, which operate under the premise that no entity, whether inside or outside the network, should be trusted by default.

Competitive and Segmentation Analysis:

Strong segmentation that reflects the various needs of industries facing growing cyber risks and fierce rivalry characterise the Industrial Control Systems (ICS) security industry. Leading companies in the industry, including Siemens AG, Schneider Electric SE, ABB Ltd., and others, are working to create cutting-edge security solutions specifically designed to meet the demands of industrial settings. Security components, which include products like firewalls, intrusion detection systems, antivirus and antimalware software, and security information and event management (SIEM) systems, are the basis for market segmentation. Furthermore, services-based segmentation includes products and services like managed security, consultancy, and risk management.

The demand for ICS security solutions is driven by a wide range of industrial verticals, including critical infrastructure, manufacturing, energy and utilities, and transportation. Geographically, North America and Europe have historically had sizable market shares. This segmentation serves to accommodate regional variances in industry practises and regulatory frameworks. Innovation in ICS security solutions, including as anomaly detection, threat intelligence, and secure remote access, is driving competitiveness as the threat landscape changes. The competitive dynamics are intensified by the incorporation of emerging technologies such as blockchain and artificial intelligence, as businesses endeavour to provide comprehensive and flexible security solutions.

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