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Industrial Control Systems (ICS) Security Global Market Analysis, Trends, Growth, Research And Forecast 2033
Industrial Control Systems (ICS) Security Global Market Analysis
According to The Business Research Company's, The industrial control systems (ics) security market size has grown strongly in recent years. It will grow from $16.49 billion in 2023 to $17.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to increased interconnectivity, rise in cyber attacks, regulatory mandates, awareness of industrial cyber risks, technological advancements in attacks.
The industrial control systems (ics) security market size is expected to see strong growth in the next few years. It will grow to $24.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increased connectivity and iiot expansion, rise in cyber threat sophistication, regulatory compliance evolution, integration of ai and machine learning, focus on supply chain resilience. Major trends in the forecast period include rise in cyber threats, integration of it/ot networks, regulatory compliance requirements, adoption of remote access solutions, focus on supply chain security..
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Market Drivers and Trends:
The rising number of cyberattacks on critical infrastructure is expected to propel the growth of the industrial control systems (ICS) security market going forward. Critical infrastructure refers to the systems and assets that are essential for the functioning of a society and economy, such as power and water systems, communications networks, transportation systems, and financial and government institutions. Due to the importance of these infrastructures, it is essential for organizations that operate critical infrastructure to implement robust cybersecurity measures to protect their systems and assets from cyber threats. This will lead industries to adopt industrial control systems (ICS) security. For instance, according to a DDoS threat intelligence report published by NetScout Systems, Inc., a US-based cyber security provider, in 2022, DDoS cyber-attack reported a total count of 6,019,888 across the globe with a rise in TCP (transmission control protocol) attacks, including a 21% increase in TCP SYN/ACK and a 20% increase in TCP RST (Reset) attacks, compared to 2021. Further, in the first half of 2022, the Asia-Pacific region recorded about 1.3 million DDoS attacks targeting major organizations. Therefore, the rising number of cyberattacks on critical infrastructure is driving the industrial control systems (ICS) security market.
Innovative solutions have emerged as the major trend gaining popularity in the industrial control systems (ICS) security market. Major companies operating in the industrial control systems security market are introducing innovative solutions to strengthen their position in the market. For instance, in September 2022, GuidePoint Security, a US-based cybersecurity solutions firm launched Industrial Control Systems (ICS) security services. The newly launched solutions and service offerings are tailored to provide a comprehensive assessment of an organization's industrial control system (ICS) security posture. These services include a security program review, a security architecture review, and ICS penetration testing. Together, these evaluations aim to give organizations a holistic understanding of their overall ICS security and also help organizations bridge the IT (information technology) and OT (operational technology) security gap.
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Major Key Players of the Market:
ABB Group; Honeywell International Inc.; Cisco Systems Inc.; Fortinet Inc.; Palo Alto Networks Inc.; Lockheed Martin Corporation; BAE Systems; Raytheon Technologies; CyberArk Software Ltd.; Check Point Software Technologies Ltd.; Darktrace Ltd.; Kaspersky Lab ZAO; Nozomi Networks Inc.; Cyberbit Ltd.; Belden Inc.; Airbus SE; FireEye Inc.; Claroty Ltd.; Sophos Group Plc; Dragos Inc.; Tenable Inc.; IBM Corporation; Broadcom Inc.; Rockwell Automation Inc.; Trend Micro Inc.; Schneider Electric SE; Trellix Communications Inc.; Radiflow Ltd.; Verve Industrial Protection Inc.; Forescout Technologies Inc.; Bayshore Networks Inc.; CyberX Inc.; Indegy Inc.
Industrial Control Systems (ICS) Security Market 2024 Key Insights:
• The industrial control systems (ics) security market will grow to $24.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Surge In Cyberattacks Drives Growth In Industrial Control Systems (ICS) Security Market
• Innovative Security Solutions Transforming The Market
• North America was the largest region in the industrial control systems (ICS) security market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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