Industrial Control Systems Security Market to reach USD 7 billion by 2024

 Robert Serry
  26th-Aug-2019
 9446

Global Industrial Control Systems Security Market is set to grow from its current market value of more than $1.5 billion to over $7 billion by 2024; according to a new research report by Global Market Insights, Inc. The ICS security market is witnessing an accelerated growth and is projected to register a robust growth over the forecast timeline due to the technological advancements in Industrial IoT (IIoT) leading to an increased deployment of connected components in industrial IT environments. Between 2015 and 2017, there was a significant increase in the number of vulnerabilities detected in ICS components in industrial sectors.

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The ICS security market growth is attributed to the increasing incidents of cyber-attacks on critical infrastructure industries. Constantly evolving cyber threats, such as ransomware and viruses, can adversely affect production processes in critical infrastructure environments resulting in large-scale financial losses for the companies. The security concerns have increased considerably after the Industry 4.0 revolution as the tendency to connect ICS equipment to the internet has grown significantly in the industries. Also, government and industry initiatives to establish standards and regulations to ensure enhanced ICS security are expected to facilitate a robust growth of the industrial control systems security market over the forecast timeline.

The endpoint security segment held a majority share of around 40% in the ICS security market in 2017 due to large-scale deployment of endpoint security solutions in critical industrial environments for securing different endpoint devices in the industrial networks that remain vulnerable to cyber threats. The industrial control systems security market in network security segment is projected to exhibit a robust growth with a CAGR of around 26% between 2018 and 2024 due to the increasing incidents of network breaches in critical industrial sectors leading to large-scale production losses for the enterprises as well as increased concerns for national security.

The firewall segment dominated the market in 2017 and is expected to secure a significant share of the overall industrial control systems security market by 2024 due to an extensive adoption of ruggedized firewalls for maintaining and managing network traffic in industrial infrastructure operating in harsh environmental conditions. Firewalls play a critical role in containing internal cyber incidents and blocking external threats that could heavily impact productivity, safety, and reliability. They manage the flow of communication and examine the data packets to ensure blocking of harmful network traffic. Hence, the adoption of firewalls for ICS security market is likely to increase consistently over the forecast timeline.

Browse key industry insights spread across 300 pages with 304 market data tables & 31 figures & charts from the report, “Industrial Control Systems (ICS) Security Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/industrial-control-systems-ics-security-market

North America held around 50% share of the ICS security market in 2017 and is projected to hold a significant share of the overall market between 2018 and 2024. With the availability of extensive industry standards, regulatory guidelines, and government initiatives in the U.S., the adoption of ICS security solutions is expected to grow in a structured manner across different industry verticals such as energy, advanced manufacturing, mining, and transportation. The National Cybersecurity and Communications Integration Center (NCCIC) under the U.S. Department of Homeland Security continuously strives to reduce the risk of cybersecurity challenges to the critical national infrastructure. With the consistent focus on maintaining a secure and robust cyber and communications infrastructure, such government agencies are encouraging the development of deploying advanced industrial control systems security market.

The Asia Pacific ICS security market is projected to register a lucrative growth during the forecast period due to the presence of several SMEs in the region focusing on delivering ICS security solutions to the major vendors operating in the market. Also, the growing rate of urbanization and industrialization in rapidly emerging economies, such as India and China, is expected to further contribute to the ma industrial control systems security market rket growth between 2018 and 2024.

Some of the key players operating in the ICS security market are BAE Systems, Cisco, ABB, Cyberbit, Belden, Fortinet, Dragos, Honeywell, Rolloos, Raytheon, SecurityMatters, Trend Micro, Claroty, Symantec, IBM, Kaspersky, FireEye, Schneider Electric, General Electric, McAfee, Nozomi Networks, and Bayshore Networks.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Domain: Electronics
Category: Business
Posted By: Robert Serry and Contact Robert Serry

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