Global industrial control systems market expected to reach USD 181.6 billion by 2024, at a CAGR of around 11.5% between 2018 and 2024. The rapidly growing power sector across the globe coupled with the convergence of IT and OT is likely to further drive the global industrial control systems market in the analysis period.
Sarasota, FL -- (SBWIRE) -- 01/09/2019 -- Zion Market Research has published a new report titled "Industrial Control Systems Market by Solution (Encryption, Security and Vulnerability Management, Security Configuration Management, Intrusion Detection System/Intrusion Prevention System, Antimalware/Antivirus, Firewall, Distributed Denial of Service Mitigation, Security Information and Event Management, and Identity and Access Management), by Service (Consulting and Integration, Managed Security, Incident Response, Support and Maintenance, and Training and Development), by Security Type (Network, Endpoint, Vertical, and Database), and Vertical (Power, Energy and Utilities, Transportation Systems, Manufacturing, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024". According to the report, the global industrial control systems market accounted for USD 84.75 billion in 2017 and is expected to reach USD 181.6 billion by 2024, at a CAGR of around 11.5% between 2018 and 2024.
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An industrial control system is any distributed control system (DCS), supervisory control and data acquisition (SCADA), programmable logic controller (PLC), or any automation system that is used in industries with complex infrastructures. Industrial control systems target cybercriminals by primarily monitoring the industrial processes and critical infrastructures that distribute water, transport, manufacturing, power, and other vital services.
The increasing adoption of IIoT for real-time decision-making processes, rising government initiatives for the adoption of automation in numerous industries, and growing industrial infrastructure in developing nations, such as India and China, are the major factors predicted to propel the development of the industrial control systems market in the upcoming years. The rapidly growing power sector across the globe coupled with the convergence of IT and OT is likely to further drive the global industrial control systems market in the analysis period. However, the lack of awareness about industrial control systems might limit the industrial control systems market in the years ahead. Nonetheless, strategic partnerships and mergers among market participant are expected to open new growth avenues in the global industrial control systems market in the years to come.
The industrial control systems market is bifurcated into a solution, service, vertical, and security type. By solution, this market includes encryption, security and vulnerability management, security configuration management, intrusion detection system/intrusion prevention system, antimalware/antivirus, firewall, distributed denial of service mitigation, security information and event management, and identity and access management. Encryption solutions are anticipated to register the highest CAGR in the market in the future, owing to the increasing data thefts and the rising demand for data protection by various industries.
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By service, this market is divided into consulting and integration, managed security, incident response, support and maintenance, and training and development. Consulting and integration services are estimated to offer significant opportunities for market participants in the forecast time period. On the other hand, incident response services are expected to be the fastest growing segment in the years to come.
Power, energy and utilities, transportation systems, manufacturing, and others comprise the market's vertical segment. The energy and utilities sector held the largest share in the industrial control systems market globally in 2017. Additionally, the manufacturing sector is expected to register the highest CAGR in the analysis period.
In 2017, North America and Europe currently held the majority share in the industrial control systems market globally. This was due to the high technology adoption rate, the presence of key solution providers, and the rising use of cloud-based SCADA system. The cloud-based SCADA software is a supreme platform for IIoT gateway. The Asia Pacific region is predicted to be the most lucrative for the industrial control systems market in the forthcoming years.
Some key players of the industrial control systems market are ABB, Check Point Software Technologies, Sophos, Schneider Electric, Positive Technologies, NozomiNetworks, Baker Hughes, GE Company, Cyberark Cisco, Honeywell, FireEye, McAfee, Bayshore Networks, Symantec, Kaspersky Lab, Belden, Airbus, BAE Systems, and Rockwell Automation, among others.
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This report segment the global industrial control systems market into:
Global Industrial Control Systems market: Solution Segment Analysis
Security and Vulnerability Management
security Configuration Management
Intrusion Detection System/Intrusion Prevention System
Distributed Denial of Service Mitigation
Security Information and Event Management
Identity and Access Management
Global Industrial Control Systems market: Service Analysis
Consulting and Integration Services
Managed Security Services
Incident Response Services
Support and Maintenance Services
Training and Development Services
Global Industrial Control Systems Market: Security Type Analysis
Global Industrial Control Systems market: Vertical Analysis
Energy and Utilities
Global Industrial Control Systems Market: Regional Analysis
The Middle East and Africa