The Industrial Control Systems (ICS) Security Market size is expected to grow from US$ 14.4 billion in 2022 to US$ 29.6 billion by 2030; it is estimated to grow at a CAGR of 9.4% from 2022 to 2030.
Analyst Perspective:
The industrial control systems (ICS) security market has witnessed significant growth in recent years, driven by technological advancements and the growing adoption of cloud technology among businesses. Manufacturers widely demand these systems to automate or remotely control the product manufacturing, handling, and distribution activities in the industries. Growing demand and adoption of ICS security solutions across numerous industries such as automotive, power, energy and utility, transportation, manufacturing, and others are boosting the market during the forecast period. Rising number of cyber-attacks on critical infrastructure across the globe, especially in the manufacturing industry, is anticipated to drive the market in the near future. For instance, according to ReliaQuest, LLC, cyberattacks in the manufacturing sector increased 53% from 2022 to 2023, associated with growing attacks from numerous ransomware groups such as LockBit and ALPHV. These factors raise the demand for industrial control systems security in the manufacturing sector. Thus, boosting the market in the near future.
Industrial Control Systems (ICS) Security Overview:
Industrial control systems are integration of hardware and software with network connectivity for supporting critical infrastructure. ICS systems manage and operate critical infrastructure-supporting functions such as power, water, manufacturing, transportation, and other critical services. Industrial control system (ICS) security focuses on ensuring the safety and security function of industrial control systems. ICS security prioritizes machinery operation by ensuring the protection of processes against cyber threats. They are mainly focused on preventing incidents, the safety of workers, or public risk after an event by allowing workers to directly connect to the ICS security number to get immediate assistance on the risks. ICS security maintains the efficient working of operations. It provides full visibility of machinery operations on the production site. Furthermore, ICS security offers full control of operations from a control room or center by reporting critical information on a series of dashboards. Increasing digitalization in all aspects of commercial and public business operations increases the demand and adoption of ICS security to protect computer-controlled systems against cybersecurity threats. However, cost-saving benefits associated with superior services are a key factor boosting the market in the near future.
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Industrial Control Systems (ICS) Security Market: Strategic Insights
Industrial Control Systems (ICS) Security Market
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CAGR (2023 - 2031)
9.40%
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Market Size 2023
US$ 15.75 Billion
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Market Size 2031
US$ 32.32 Billion
Market Dynamics
GROWTH DRIVERS
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FUTURE TRENDS
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OPPORTUNITIES
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Key Players
- Fortinet, Inc
- IBM Corporation
- Cisco Systems, Inc
- Palo Alto Networks
- Honeywell International Inc
- Juniper Networks, Inc
- Check Point Software Technologies Ltd
- Schneider Electric SE
- Lockheed Martin Corporation
- BAE Systems plc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component
- Solutions
Distributed Denial of Service
- DDoS Solution
- Data Loss Prevention
Virtualization Security, Security Information and Event Management
- SIEM
Unified Threat Management
- UTM
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Industrial Control Systems (ICS) Security Market: Strategic Insights
-
CAGR (2023 - 2031)9.40% -
Market Size 2023
US$ 15.75 Billion -
Market Size 2031
US$ 32.32 Billion
Market Dynamics
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
- XXXXXXX
Key Players
- Fortinet, Inc
- IBM Corporation
- Cisco Systems, Inc
- Palo Alto Networks
- Honeywell International Inc
- Juniper Networks, Inc
- Check Point Software Technologies Ltd
- Schneider Electric SE
- Lockheed Martin Corporation
- BAE Systems plc
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Component - Solutions
Distributed Denial of Service - DDoS Solution
- Data Loss Prevention
Virtualization Security, Security Information and Event Management - SIEM
Unified Threat Management - UTM
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Industrial Control Systems (ICS) Security Market Driver:
Growing Adoption of Cloud-based ICS Services is Driving the Market
In today’s modern connected world, most organizations and government bodies have shifted their preference from traditional methods to cloud deployment and reshaping the approach to digitalization. Cloud-based solutions services support organizations to reduce their additional operational expenses. Significant benefits offered by cloud-based industrial control system (ICS) security such as real-time detection and investigation by improving security across the ecosystem. Growing demand for cloud-based security services for ICS environments among industries is driving the market. Cloud-based security services allow professionals to manage industrial systems remotely. For example, over 48% of companies worldwide prefer remote work to analyzing ICS working. These services support industries to reduce costs, leverage the benefits of digitalization, and achieve sustainable growth. Increasing demand for cloud-based ICS helps users in faster data communication, scalability, improved diagnostics & troubleshooting, device configuration management, redundancy, device performance analysis, and a centralized view of processes by increasing the vulnerability of ICS infrastructure. These factors of cloud-based ICS encourage market players to tackle, detect, and analyze security issues in ICS infrastructure. For instance, in 2022, XONA Systems (U.S.) partnered with Nozomi Networks Inc. (U.S.) to help critical industries manage the security of industrial control systems remotely.
Similarly, in 2022, DE-CIX (Malaysia) partnered with BasicBrix Cloud Pte Ltd. (Singapore) to provide cloud computing to small & medium enterprises (SMEs) in Malaysia. DE-CIX uses BasicBrix Cloud Pte Ltd. cloud computing to offer a range of secure cloud, cost-effective, and infrastructure services for SMEs in Malaysia. Such developments and continuous rising demand for cloud-based services are driving market growth in the near future.
Industrial Control Systems (ICS) Security Market Segmental Analysis:
Based on component, the market is segregated into solutions and services. The solution segment is sub-segmented into firewall, antivirus/anti-malware, intrusion detection & prevention, identity & access management (IAM), distributed denial of service (DDoS) solution, data loss prevention (DLP), virtualization security, security information and event management (SIEM), unified threat management (UTM), and others. The service segment is sub-segmented into managed service, integration & consulting, audit & reporting, and risk management. The solution segment is projected to expand rapidly during the forecast period, attributed to the rising trend of Bring Your Own Devices (BYOD) among various companies. This trend helps and supports companies to reduce additional operation costs by allowing employees to access e-mails, sensitive data of business applications, and corporate resources through their personal devices from any location. Moreover, technological advancement in industrial control systems, such as penetration of cloud computing, password management, user provisioning, and superior authentication supporting consumers in managing network resources, is driving the market during the forecast period.
Industrial Control Systems (ICS) Security Market Regional Analysis:
The market in North America is projected to grow at a high pace during the forecast period due to the growing number of cyberattacks, increases the adoption of ICS security solutions among consumers. The market is anticipated to expand in the near future owing to the presence of key market players such as Fortinet, Inc., IBM Corporation, Cisco Systems, Inc., Palo Alto Networks, and others. These players continuously develop and expand their product & service portfolio to attack new customers. For instance, in April 2023, Fortinet, Inc. launched FortiOS 7.4 to support organizations in building cybersecurity platforms across endpoint security, application security, identity and access, and threat intelligence. FortiOS 7.4 has new real-time response and automation capabilities that help the user increase effectiveness, improve efficacy, and accelerate time to resolve sophisticated attacks. Moreover, Fortinet, Inc. expands Fortinet Security Fabric by adding new and enhanced products and capabilities that allow its users to advance threat prevention and coordinate response for a self-defending ecosystem across networks, clouds, and endpoints. Moreover, the growing adoption of IoT technologies is driving the market in the region. Implementing IoT in business operations makes hyperconnectivity affordable to enterprises, increasing the demand for IoT among enterprises. According to Cisco Systems, Inc, in 2023, the US is expected to have 13.6 billion per capita IoT devices and connections by the end of 2023. Adopting IoT-based ICS security support industries to detect cyberattacks and understand patterns of cyberattacks. This further helps industries in preventing critical infrastructure against cyber-attacks.
Increasing government investment in advanced innovations in the technologies is driving the market. For instance, in December 2022, the Government of the US plans to turn the Middle American metro area into a hub for tech innovation. The government invested US$ 500 million in the Regional Technology and Innovation Hub program to convert countries of Middle America into essential centers of innovation. These centers are researching and developing new technologies such as IoT, AI, and ML to promote automation in the business. These technologies are highly vulnerable to cyberattacks and data breaches, which increases the demand for industrial control systems among users to protect their critical infrastructure. Growing use of ICS security solutions and services in a number of industries including chemicals, manufacturing, energy, and utilities. Rising awareness related to the significant benefits provided by ICS security among small and medium-sized businesses and the extensive use of data-driven methods in manufacturing industries are creating opportunities in the region.
Industrial Control Systems (ICS) Security Market Key Player Analysis:
The Industrial Control Systems (ICS) Security Market analysis consists of players such as Fortinet, Inc, IBM Corporation, Cisco Systems, Inc, Palo Alto Networks, Honeywell International Inc, Juniper Networks, Inc, Check Point Software Technologies Ltd, Schneider Electric SE, Lockheed Martin Corporation, and BAE Systems plc, among the key Industrial Control Systems (ICS) Security Market players profiled in the report.
Industrial Control Systems (ICS) Security Market Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the industrial control systems (ICS) security market. A few recent key market developments are listed below:
- September 2023, Lockheed Martin Corporation was selected by the US Navy as an Integrated Combat System (ICS) and Systems Engineering and Software Integration (SESI) agent. Lockheed Martin Corporation designed an integrated warfare system architecture to deliver software updates in real-time across the Navy’s surface fleet of Aegis destroyers, frigates, carriers, cruisers, and amphibious ships.
- In November 2022, Honeywell International Inc. launched a new operational technology (OT) cybersecurity solution, ‘Advanced Monitoring and Incident Response Service (AMIR) Dashboard,’ and updated Cyber App Control that provides an enhanced visibility capability into 24x7 security monitoring and incident response. The solution empowers organizations by providing 24/7 intelligent threat detection to their industrial control systems (ICS).
- In June 2023, Juniper Networks, Inc. announced a partnership with Dragos to offer an active attack response for OT-ICS networks. This supports both companies in systematizing research and development work and securing critical infrastructure.
- In September 2022, Cisco Systems, Inc. partnered with Radiflow to use OT security expertise in Cisco-run OT facilities. Radiflow is integrating OT IDS with Cisco ISE for better network security in industrial environments.
- In April 2021, Fortinet, Inc, partnered with Darktrace for using Darktrace's cyber-Al tools. The AI tools include corporate networks, SaaS, loT, cloud, and industrial control systems that help Fortinet, Inc in detecting and responding to attacks across the entire digital infrastructure.
- August 2021 - CyberProof collaborated with Radiflow to strengthen CyberProof's ability to provide comprehensive Managed Detection and Response (MDR) services to Operational Technology (OT) systems and converged Information Technology (IT).
Industrial Control Systems (ICS) Security Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 15.75 Billion |
| Market Size by 2031 | US$ 32.32 Billion |
| Global CAGR (2023 - 2031) | 9.40% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Component
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| Regions and Countries Covered |
North America
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| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The List of Companies
- Fortinet, Inc
- IBM Corporation
- Cisco Systems, Inc
- Palo Alto Networks
- Honeywell International Inc
- Juniper Networks, Inc
- Check Point Software Technologies Ltd
- Schneider Electric SE
- Lockheed Martin Corporation
- BAE Systems plc
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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