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ICS security market Analysis, Opportunities and Forecast To 2024 | ABB, BAE Systems, Belden Inc., Cisco, Cyberbit, Dragos, Inc., Fortinet, GE

03-17-2020 01:01 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Insights

ICS Security Market

ICS Security Market

The rapid proliferation of ICS security market has recently been witnessed when $60 million was raised by ICS security vendor Claroty in a Series B funding. The group of investors included notable industrial automation providers like Rockwell Automation as well as Schneider Electric and Siemens. Claroty provides security for industrial networks with real time monitoring among other security functions. The latest round of funding brings Claroty's investment to $93 million which the company aims at using to extend its brand across the globe along with its sales and customer support.

Apart from power and energy, one of the other industries that will offer a broad growth avenue to the ICS security industry is the transportation sector. Experts anticipate the ICS security market size from transportation applications to register a 26% CAGR over 2018-2024. Over the last thirty years ICS has majorly penetrated the transportation network and can now be found anywhere ranging from surface transport, aviation, highways to railways, subterranean tunnels and elevators in high rises. From the myriad examples of ICS vulnerabilities that have been recorded across various industries, it is rather overt that transportation has emerged as one of the crucial spheres for the application of ICS specially to maintain public safety.

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Company profiled in ICS security market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
o ABB Ltd.
o BAE Systems
o Bayshore Networks
o Belden
o Cisco Systems
o Cyberbit
o Dragos
o Fortinet
o General Electric Company
o Honeywell International
o IBM Corporation
o Kaspersky Labs
o Nozomi Networks
o Rolloos Industries B.V.
o FireEye Inc.
o McAfee
o OT Claroty Ltd.
o Raytheon Company
o Rockwell Automation
o Schneider Electric
o SecurityMatters
o Symantec Corporation
o Trend Micro Inc.

The growth in the ICS security market can be attributed to these rising malware attacks that generally drain the bank accounts, steal identities, and blackmail organizations to bring services to a halt. A significant instance is that of the NotPetya ransomware that shut down several industrial IT networks across the U.S. and Europe. The gigantic outbreak resulted in losses of thousands of millions of dollars for large enterprises, from pharmaceutical company Merck to shipping firm Maersk. WannaCry was another popular ransomware that caused enormous damage; however it was later realized that this unsophisticated attack could have been easily prevented by following the basic IT security practices.

The robust prevalence of incidences similar to the aforementioned has served as a pivotal driver for ICS security market. Owing to these constantly evolving cyberattacks that are becoming more commonplace, security concerns have grown considerably in recent times, resulting into robust demand for ICS security solutions. Speaking of the growth in the commercialization potential, reports claim that the industrial control systems security market bagged USD 1.5 billion for the year 2017 and is expected to thrive further with industry players focusing on strategic collaborations and product innovation trends.

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Kepware's latest release of the KEPServerEX® version 6.5 industrial connectivity platform, in this regard is quite an example of the rising product innovation & diversification trends in the ICS security market. The company's new product launch demonstrates its commitment to ICS security and its word in providing customers with best tools and services that support defense-in-depth programs. According to reports, the 6.5 version, which existing users can now avail for free, includes features such as enhanced password configuration, greater project file protection, comprehensive secure deployment guidelines, and other updated security components. Kepware, a business arm of PTC, also claims that it will introduce a Shared Responsibility Model that will enable the company to work together with its customers and address security issues experienced by industrial organizations of all sizes.

Industry experts speculate that in today's security landscape, the real pressure on all the industrial enterprises is to secure their operational networks. And Kepware's commitment in adding new security features and maintaining up-to-date components that would help customers reduce exposure to cyber-attacks and vulnerabilities will in turn strengthen its footprints in the competitive landscape of the global ICS security market.

The partnership between Rockwell Automation and Claroty is another fine instance that portrays how leading ICS security market players are constantly expanding their reach through such strategic collaborations. The partnership between the two is expected to develop a purpose-built anomaly detection software for the industrial network security.

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