Industrial Control Systems Security Market Will Reach $23.5 Billion by 2026 at 6.6% CAGR
Industrial Control Systems (ICS) Security Market by Component (Solution and Services), Solution, Security type (Network Security, Endpoint Security, Application Security, Database security), Vertical, and Region - Global Forecast to 2026
Northbrook, IL 60062 -- (SBWire) -- 10/07/2022 --Industrial Control Systems Security Market size is expected to grow from USD 17.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.6% from 2021 to 2026.
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Accretion in digital technologies and industrial systems to facilitate the demand for ICS security solutions services and to boost the growth of Industrial Control Systems Security market across the globe during the forecast period. Moreover, Stringent government regulations related to CIP, and services and the Convergence of IT and OT systems to fuel the growth of ICS security market would provide lucrative opportunities for Industrial Control Systems security market vendors.
Services to grow at a higher CAGR during the forecast period
The global ICS security market by service has been segregated into consulting and integration, support and maintenance, training and development, incident response services, and managed security services. Many industries and business models face the risk of being disrupted due to rapid technological developments, enabling new business models, replacing old distribution channels, and changing the way people and businesses interact with each other. These changes are driven by megatrends that have far-reaching, interrelated consequences for business, economies, industries, societies, and individuals. The above-mentioned factors combined cause massive transformational shifts. Therefore, it is expected that medium-sized firms are likely to face the biggest challenge, especially at the level of compliance-related services. Some of the renowned players offering Industrial Control Security services include Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, Palo Alto Networks, Bae Systems, Raytheon, and Fireeye.
Asia Pacific to grow at the highest CAGR during the forecast period
The Asia Pacific region is highly concerned over the increasing security spending as a result of the ever-growing threat landscape on industrial systems. The Asia Pacific region comprises emerging economies, such as India, China, Australia, Hong Kong, South Korea, Japan, and others. With effective government regulations and technological advancements, ICS security is witnessing high growth opportunities in this region. Public-Private Partnerships (PPPs), sector-specific cybersecurity, and R&D in the region have been the driving factors for growth in the region. For example, the Cyber Security Agency of Singapore has built a secure ecosystem that emphasizes building an effective framework for PPPs, cyber training, and information sharing.
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According to the findings from Kaspersky ICS CERT, targeted attacks on industrial organizations were reported in Japan in early 2020. Government initiatives and fund support have helped develop robust ICS security systems in countries such as Australia, Singapore, and Japan. In Japan, the National Center for Incident Readiness and Strategy for Cybersecurity (NISC) is a central government agency responsible for collaboration among various government and private agencies and critical infrastructure operators. In 2019, a major ICS market player, Honeywell, with the support of the Singapore Economic Development Board (EBD), designed and developed its first industrial cybersecurity Center of Excellence (CoE) in Asia to help the region's industrial manufacturers against sophisticated cybersecurity threats on their industrial systems. The integration of smart and advanced technologies on the industrial systems, and the growing use of advanced technologies, such as the cloud, 5G, and IoT, is expected to drive the need for deploying ICS solutions in the region, thus driving the market growth.
Major vendors in the global Industrial Control Systems security market include Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), BAE Systems (UK), Raytheon (US), Fireeye (US), DarkTrace (UK), Check Point (Israel), Kaspersky Labs (Russia), Airbus (France), Belden (US), Sophos (UK), Cyberark (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (Israel), Forescout (US), Radiflow(US), Verve industrial protection (US), Applied security (Netherlands), Positive technologies (Russia).
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