Industrial Control Systems Security Market Outlook to 2024 | Top Key Players: ABB, Bayshore Networks, Belden, Cisco, Fortinet, GE, Honeywell, IBM, Kaspersky lab, FireEye, McAfee, Raytheon, Schneider Electric, Symantec

According to latest study by Global Market Insights, Inc, Industrial Control Systems (ICS) Security market is projected to surpass USD 7 billion by 2024. Industrial control system encompasses different types of control systems in the industrial environment including Distributed Control Systems (DCS), Supervisory Control and Data Acquisition (SCADA) systems, and configurations such as Programmable Logic Controllers (PLC). An ICS comprises different mechanical, pneumatic, electrical, and hydraulic components that function together to facilitate the completion of industrial objectives such as the transportation or manufacturing of energy or matter.

It is found in various industries such as power & energy, chemical, water and wastewater, pulp & paper, pharmaceutical, and advanced manufacturing (aerospace, automotive, durable goods, etc.). It plays an important role in the functioning of the critical infrastructures that consist of mutually dependent and highly interconnected systems.

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The endpoint security segment held a majority share of around 40% in the industrial control systems security market in 2017 due to large-scale deployment of endpoint security solutions in critical industrial environments for securing different endpoint devices in the industrial networks that remain vulnerable to cyber threats. The network security market is projected to exhibit a robust growth with a CAGR of around 26% between 2018 and 2024 due to the increasing incidents of network breaches in critical industrial sectors leading to large-scale production losses for the enterprises as well as increased concerns for national security.

The industrial control systems security market is projected to register a CAGR of over 20% between 2018 and 2024. The growth is attributed to the increasing incidents of cyber-attacks on critical infrastructure industries and consistent increase in the number of vulnerabilities detected in ICS components globally with government policies to ensure a robust IT security framework for National Critical Infrastructure (NCI) protection. The increasing need to secure industrial IT infrastructure from internal threats will contribute to the growing awareness related to industrial control systems security market over the forecast timeline.

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.

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The energy sector held a major share of nearly 40% in the industrial control systems security market in 2017 and is expected to maintain this market dominance throughout the forecast period. The increasing incidents of cyber-attacks on the energy industry including gas pipeline infrastructure, oil & gas platforms, and power utility infrastructure are majorly contributing to the growing emphasis on securing critical energy production and distribution networks. Government agencies are taking appropriate measures to secure critical national energy infrastructure from terrorist attacks that could lead to a major economic loss.

North America held the majority share of the industrial control systems security market in 2017 due to the extensive availability of legislative and regulatory policies and guidelines for securing ICS environments. Various government and industry organizations in the U.S. work toward strengthening the cybersecurity framework in industrial sectors by collaborating with industry experts to frame relevant security standards. This strong emphasis on the ICS security has primarily driven the North America industrial control systems security market growth over the past decade.

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.

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