Industrial Control Systems Security Market expected to gain $18.05 billion by 2023

According to a new market research report "Industrial Control Systems (ICS) Security Market by Solution (Firewall, Antimalware/Antivirus, IAM, Encryption, Whitelisting, Security Configuration Management, DDoS, and IDS/IPS), Service, Security Type, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets(TM), the ICS Security Market expected to grow from USD 13.20 billion in 2018 to USD 18.05 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.

The major factors driving the ICS Security Market growth are huge investments by organizations in Industry 4.0, convergence of Information Technology (IT) and Operational Technology (OT), and rise in the number of cyber threats on the critical infrastructure.

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The encryption solution is expected to grow at the highest CAGR in the global ICS Security Market during the forecast period

The ICS Security Market has been segmented on the basis of solutions into antimalware/antivirus, Distributed Denial of Service (DDoS) mitigation, encryption, firewall, Identity and Access Management (IAM), Intrusion Detection System/Intrusion Prevention System (IDS/IPS), security and vulnerability management, security configuration management, Security Information and Event Management (SIEM), whitelisting, and others. These solutions are required to safeguard the network, endpoint, application, data, and cloud environment. Among these, the encryption solution is expected to be the fastest growing segment in the overall ICS Security Market, due to the increasing instances of data thefts and the high need for data protection. Traditional IT security solutions are incompetent in detecting and mitigating the OT. Therefore, there is a strong need for next-generation ICS security solutions that can detect and remediate advanced industrial cyber-attacks.

The manufacturing vertical is expected to grow at the highest CAGR in the global ICS Security Market during the forecast period

The manufacturing vertical includes areas such as chemicals and materials, automotive, mining units, paper and pulp, food and beverages, pharmaceutical, and semiconductor. The vertical is highly vulnerable, due to constant threats from cyber-attackers. Any cyber-attack can cause serious disruption to the functioning of automation systems and thereby result in data loss and theft. A cyber-attack of massive intensity can bring the entire plant to a standstill. Experts shall then be required to bring the plant back to a fully functional state. The major motives behind cyber-attacks on the paper and pulp industry include financial gain, vandalism, political attack, and espionage. The energy and utilities vertical is expected to hold the largest market size in the ICS Security Market, as there is a dire need for protecting energy and utilities plants against health hazard, environmental hazard, and financial loss. Any damage to energy plants can result in shut down, thereby leading to a huge economic loss for the nation.

North America is expected to hold the largest market size in the ICS Security Market during the forecast period

North America is estimated to account for the largest market share in 2018. The region is considered the most advanced in terms of technology adoption and infrastructure, and the wide presence of key industry players offering ICS security solutions in the telecom space is driving the growth of the North American ICS Security Market. Some of the main opportunity areas where North American ICS security vendors can expect future opportunities include the rise in cloud-based Supervisory Control and Data Acquisition (SCADA) systems, reliance of ICS on big data analytics, and strategic partnerships between ICS security and cyber insurance vendors.

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The major vendors in the ICS Security Market include ABB (Switzerland), Check Point Software (Israel), Cisco (US), Honeywell (US), McAfee (US), FireEye (US), Fortinet (US), BHGE (US), Kaspersky Lab (Russia), Belden (US), Airbus (France), BAE Systems (UK), Bayshore Networks (US), Dragos (US), CyberArk (US), Cyberbit (Israel), Indegy (US), Nozomi Networks (US), Palo Alto Networks (US), Rockwell Automation (US), Schneider Electric (France), SecurityMatters (Netherlands), Sophos (US), Symantec (US), Positive Technologies (US), and Waterfall Security Solutions (Israel).

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