Industrial Control Systems Security Market to be Worth $30.2 Billion by 2030

According to a new market research report titled, 'Industrial Control Systems Security Market by Offering, Security Type (Network Security, Cloud Security), Organization Size, Application (Identity & Access Management, Firewalls), and End-use Industry (Energy & Utilities, FMCG) - Global Forecast to 2030,' the industrial control systems security market is projected to reach $30.2 billion by 2030, at a CAGR of 10.1% during the forecast period 2023-2030.
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Industrial control systems (ICS) are digital devices used for industrial process control. These systems are used for controlling and monitoring industrial processes. ICS security is an area of concern for organizations for safekeeping and securing control systems from cyber-attacks. This involves safeguarding industrial control systems, the integrated hardware and software designed to monitor and control the operational process, and associated devices in industrial environments.

The significance of ICS security is growing in the industrial sector due to increasing cyber-attacks on operational processes to cause harm to critical production systems. Several organizations are increasingly implementing cybersecurity solutions & services to understand and reuse threat patterns and identify new threats. They provide wider security solutions and simplify cyber-attack recognition and acknowledgment procedures. Thus, there is an increasing demand for ICS security solutions in the industrial sector.

Based on offering, in 2023, the services segment is expected to account for the largest share of the industrial control systems security market. The large market share of this segment is attributed to the rising demand for cybersecurity services in the industrial sector and the growing need to improve business processes by protecting networks against unauthorized access and securing device connectivity. However, the software segment is projected to register the highest CAGR during the forecast period.

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Based on security type, in 2023, the network security segment is expected to account for the largest share of the industrial control systems security market. The large market share of this segment is attributed to the rising adoption of network services, growing data security & privacy concerns, and the increasing demand for network security software solutions due to the growth in malware attacks. However, the cloud security segment is expected to record the highest CAGR during the forecast period. The growth of this segment is driven by increasing demand for malware scanning and identity access management among industrial organizations and the rising adoption of cloud-based models in ICS environments.

Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the industrial control systems security market. The large enterprises segment is expected to continue its dominance in the industrial control systems security market in the coming years due to the strong IT-OT infrastructure of large enterprises and the availability of skilled IT-OT personnel to manage ICS security platforms. Furthermore, large enterprises have a stable financial backup, which allows them to easily procure customized ICS security solutions. However, the small and medium-sized enterprises segment is expected to record the highest CAGR during the forecast period.

Based on application, in 2023, the identity & access management segment is expected to account for the largest share of the industrial control systems security market. The large market share of this segment is attributed to the rapid increase in industrial control systems in the manufacturing sector and the growing demand for IAM solutions due to rising security concerns in the industrial sector. However, the risk & compliance management segment is projected to register the highest CAGR during the forecast period.

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Based on end-use industry, in 2023, the energy & utilities management segment is expected to account for the largest share of the industrial control systems security market. The large market share of this segment is attributed to the proliferation of connected devices and the increasing incorporation of advanced technologies in the energy & utilities sector. However, the FMCG segment is slated to register the highest CAGR during the forecast period. The growth of this segment is driven by the adoption of advanced technologies in the FMCG market due to frequent changes in consumer preferences and increasing data breaches in FMCG companies.

Based on geography, in 2023, North America is expected to account for the largest share of the industrial control systems security market. The large market share of this segment is attributed to increasing government initiatives, rising cyberattacks in the industrial sector, and growing advanced technologies in the region. However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The growth of this market is attributed to the advent of Industry 4.0 and increasing cyberattacks in the industrial sector.

The key players operating in the industrial control systems security market are Fortinet, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Juniper Networks, Inc. (U.S.), Palo Alto Networks, Inc. (U.S.), IBM Corporation (U.S.), Check Point Software Technologies Ltd. (Israel), ABB Ltd (Switzerland), Honeywell International, Inc. (U.S.), Schneider Electric SE (France), BAE Systems plc (U.K.), Applied Risk (Netherlands), Verve Industrial Protection (U.S.), CrowdStrike Holdings, Inc. (U.S.), Sophos Ltd. (U.K.), Claroty Ltd. (U.S.), Imperva, Inc. (U.S.), Trend Micro Incorporated (Japan), Darktrace Holdings Limited. (U.K.), Cyberbit Ltd (Israel), AO Kaspersky Lab (Russia), Radiflow LTD (Israel), Positive Technologies (Russia), and Airbus SE (Netherlands).

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This release was published on openPR.