Industrial Control Systems Market Outlook To 2024 - ABB, BAE Systems, Belden, Cisco, General Electric Company, Honeywell, IBM, Kaspersky Labs, FireEye, McAfee, Raytheon Company, Rockwell Automation, Schneider

The growth in the Industrial control systems market can be attributed to 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 rapid proliferation of Industrial control systems market has recently been witnessed when $60 million was raised by Industrial control systems 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.

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To elaborate on the competitive landscape of the Industrial control systems market it will be worthy to mention Honeywell's latest venture into the market with a security management solution for industrial cyber safety. The solution is particularly targeted at industrial customers who have to deal with diverse process control sites, networks and vendors. Honeywell's multi-site solution for cybersecurity management is aimed at lowering security vulnerabilities and reducing operational risks.

Apart from private companies, even governments are pushing to implement and upgrade Industrial control systems in various critical infrastructural fields, adding impetus to the Industrial control systems market. After the cyberattack on Ukraine's power grid in December 2015 which left 230,000 people without power during winter, governments of various nations have grown aware of the importance of implementing cybersecurity over energy infrastructure. This has prompted the US government to set a new office, namely, Cybersecurity, Energy Security, and Emergency Response (CESER) at the Department of Energy. CESER will focus on creating coordinated preparedness and security against man-made threats. President Trump's FY19 budget funded the DOE with $96 million to advance the energy security project. CESER will focus on early stage activities such as development of next generation of cybersecurity control systems, devices and components for the greater ability to detect, prevent and recover data in care of cyberattacks, adding a new growth dimension to Industrial control systems market.

European nations are also implementing legislations in the wake of cyberattacks such as NotPetya and WannaCry that crippled infrastructure networks by initiating operation shutdowns. The EU Network and Information Security (NIS) Directive is an example of such a legislation that is underway in the UK. Other bodies like the European Union Agency for Network and Information Security (ENISA) have been around for years, offering advice on securing ICS/SCADA systems, ICS testing and ICS attack mitigation.

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