Industrial Control Systems Security Market Growth and Trends By Key Players: BAE Systems, Cisco, ABB, Cyberbit, Belden, Fortinet, Dragos, Honeywell, Rolloos, Raytheon, SecurityMatters, Trend Micro, Claroty, Symantec, IBM, Kaspersky, General Electric

Industrial control systems security market growth is attributed to the increasing incidents of cyber-attacks on critical infrastructure industries. Constantly evolving cyber threats, such as ransomware and viruses, can adversely affect production processes in critical infrastructure environments resulting in large-scale financial losses for the companies. The security concerns have increased considerably after the Industry 4.0 revolution as the tendency to connect ICS equipment to the internet has grown significantly in the industries. Also, government and industry initiatives to establish standards and regulations to ensure enhanced ICS security are expected to facilitate a robust growth of the industrial control systems security market over the forecast timeline.

Securing ICS 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.

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The firewall segment dominated the market in 2017 and is expected to secure a significant share of the overall industrial control systems security market by 2024 due to an extensive adoption of ruggedized firewalls for maintaining and managing network traffic in industrial infrastructure operating in harsh environmental conditions. Firewalls play a critical role in containing internal cyber incidents and blocking external threats that could heavily impact productivity, safety, and reliability. They manage the flow of communication and examine the data packets to ensure blocking of harmful network traffic. Hence, the adoption of firewalls for ICS security is likely to increase consistently over the forecast timeline.

The ICS system providers play a critical role in the ICS security 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 market. 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.

Industrial control systems security was estimated at over USD 1.5 billion in 2017, is set and to exceed USD 7 billion by 2024 with to growing at a CAGR of 20% from 2018 to 2024.

Growth Drivers:

• Increasing incidents of cyber-attacks on offshore industrial platforms and marine operations
• Growing adoption of IIoT
• Advancements in smart technologies for identity management
• Government initiatives for ICS security

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North America held around 50% share of the industrial control systems security market in 2017 and is projected to hold a significant share of the overall market between 2018 and 2024. With the availability of extensive industry standards, regulatory guidelines, and government initiatives in the U.S., the adoption of ICS security solutions is expected to grow in a structured manner across different industry verticals such as energy, advanced manufacturing, mining, and transportation.

The National Cybersecurity and Communications Integration Center (NCCIC) under the U.S. Department of Homeland Security continuously strives to reduce the risk of cybersecurity challenges to the critical national infrastructure. With the consistent focus on maintaining a secure and robust cyber and communications infrastructure, such government agencies are encouraging the development of deploying advanced ICS security solutions.

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Some of the key players operating in the industrial control systems security market are ABB, BAE Systems, Bayshore Networks, Belden, Cisco, Cyberbit, Dragos, Fortinet, General Electric, Honeywell, IBM, Kaspersky, Nozomi Networks, Rolloos, FireEye, McAfee, Claroty, Raytheon, Schneider Electric, SecurityMatters, Symantec, and Trend Micro.

Browse Related Reports:

Automotive Cybersecurity Market By Security, Application and Region-Forecasts, 2024

Some of the key players operating in the market are Audi, Argus Cyber Security Ltd., Arilou Technologies Ltd., BMW, BT Security, Cisco Systems, Inc., Continental AG, Karamba Security, Symantec Corporation, Daimler Trucks, Ford, GM, Honda, Nissan, Tesla Motors, Volvo Car Group, and Lear Corporation.

https://www.gminsights.com/industry-analysis/automotive-cybersecurity-market

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