Press release
Industrial Control Systems Security Market to Surpass $29.9 Billion by 2029
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Driving this growth are several key factors, including the escalating adoption of cloud-based services, proactive government initiatives promoting ICS security solutions, and the pervasive digitization across the manufacturing landscape. Furthermore, the report highlights the flourishing opportunities stemming from the increased adoption of Industry 4.0, smart manufacturing practices, and a burgeoning demand for robotic process automation systems. However, challenges such as substantial capital expenditure for ICS security system deployment pose significant obstacles to market expansion. Notably, the utilization of artificial intelligence (AI) and 5G technology emerges as prominent trends, while the perception of ICS security as an all-encompassing solution may hinder market growth to some extent.
The industrial control systems security market is meticulously analyzed and segmented based on offering, security type, organization size, application, and end-use industry. The study delves into a comprehensive evaluation of industry competitors and provides a detailed analysis at the country level.
Offering Segment Dynamics: In terms of offerings, the industrial control systems security market is categorized into hardware, software, and services. In 2022, the software segment is anticipated to dominate the market, fueled by the escalating demand for ICS security solutions. The robust and cost-effective nature of software solutions, coupled with an increasing number of large enterprises leveraging cloud platforms for data repositories, propels the growth of this segment. Moreover, the software segment is poised to register the highest CAGR during the forecast period.
Security Type Segment Trends: The security type segment comprises application security, endpoint security, cloud security, and network security. The network security segment is projected to command the largest market share in 2022. This can be attributed to the rising demand for network security and privacy, coupled with an increased adoption of ICS security solutions for safeguarding the reliability and usability of data networks across diverse industrial applications. Nevertheless, the cloud security segment is forecasted to exhibit the highest CAGR during the forecast period.
Organization Size Segment Insights: In the context of organization size, the market is bifurcated into small & medium enterprises (SMEs) and large enterprises. Large enterprises are expected to account for the largest market share in 2022, driven by an upsurge in cyber threats across expansive network infrastructures, a focus on strategic IT initiatives, and the early adoption of advanced technologies. Conversely, SMEs are anticipated to register the highest CAGR during the forecast period.
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Application Segment Overview: The industrial control systems security market, when segmented by application, includes data loss prevention, unified threat management, encryption, identity & access management, risk & compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service mitigation, security & vulnerability management, security configuration management, security information, and event management, whitelisting, firewall, and other applications. In 2022, the identity & access management segment is predicted to dominate the market share, driven by the increasing need for integrity and safety of confidential information in end-use industries. However, the data loss prevention segment is poised to register the highest CAGR during the forecast period.
End-use Industry Segment Analysis: Segmented by end-use industry, the market includes automotive, electronics & electrical, chemicals, heavy metals & machinery, energy & utility, and other end-use industries. In 2022, the energy & utility segment is expected to hold the largest market share, propelled by government initiatives promoting industrial automation and the escalating number of cyberattacks on the energy & utility sector. Notably, the automotive segment is forecasted to register the highest CAGR during the forecast period.
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Geographic Landscape: The industrial control systems security market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. North America is projected to dominate the market share in 2022, owing to its focus on technological innovation, consistent industrialization growth, supportive government initiatives for industrial security infrastructure development, heightened awareness of ICS security among small & medium-sized enterprises, and a high adoption of data-driven methods in manufacturing operations. On the other hand, Asia-Pacific is anticipated to register the highest CAGR during the forecast period, driven by the surge in cybercrimes, substantial investments in industrial infrastructure, and the widespread adoption of advanced technologies such as IoT and cloud computing.
Key Players: Key players operating in the industrial control systems security market include FireEye, Inc., Checkpoint Software Technologies Ltd., IBM Corporation, Palo Alto Networks, Inc., Honeywell International Inc., Cisco Systems, Inc., Fortinet, Inc., Darktrace Holdings Limited, ABB, BAE Systems, Schneider Electric SE, Trend Micro Incorporated, Applied Security, Kaspersky Labs, Airbus, Juniper Networks, Inc., Sophos Ltd., Imperva, Claroty, Cyberbit, Verve Industrial Protection, Crowdstrike Holdings, Inc., Positive Technologies, and Radiflow.
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In conclusion, Meticulous Research® foresees a robust growth trajectory for the industrial control systems security market, driven by technological advancements, government initiatives, and the evolving threat landscape. As industries embrace digitization, the demand for secure and resilient control systems is poised to soar, providing significant opportunities for market players to innovate and thrive.
Mr. Khushal Bombe
Meticulous Market Research Inc.
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