The Industrial Control System (ICS) Security Market size is expected to grow from USD 17.1 Billion in 2021 to USD 23.5 Billion by 2026, at a compound annual growth rate (CAGR) of 6.6 % from 2021 to 2026.
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Browse in-depth TOC on “Industrial Control System (ICS) Security Market By Component (Solution & Services), Solution, Security Type (Network Security, Endpoint Security, Application Security, databases), vertical and region – global forecast to 2026″
Accretion of digital technologies and industrial systems to facilitate the demand for ICS security solution services and to drive the growth of the industrial control system security market across the globe during the forecast period. Additionally, stringent government regulations related to CIP, services, and the convergence of IT and OT systems to fuel the growth of the ICS security market would provide lucrative opportunities for the vendors in the industrial control system security market.
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Services are expected to grow at a higher CAGR over the forecast period
The global ICS security market by service has been segregated into consulting and integration, support and maintenance, training and development, incident response services, and managed security services. Many industries and business models are at risk of disruption due to rapid technological developments, enabling new business models, replacing old distribution channels and changing the way people and businesses interact with each other. These changes are driven by megatrends that have profound and interrelated consequences for businesses, economies, industries, societies and individuals. The factors mentioned above combined are causing massive transformational changes. Therefore, mid-sized businesses are expected to face the greatest challenge, especially in compliance-related services. Some of the renowned players offering industrial control security services include Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, Palo Alto Networks, Bae Systems, Raytheon, and Fireeye.
Asia Pacific is expected to grow at the highest CAGR over the forecast period
The Asia-Pacific region is very concerned about increasing security spending due to the ever-growing threat landscape on industrial systems. The Asia-Pacific region includes emerging economies such as India, China, Australia, Hong Kong, South Korea, Japan and others. With effective government regulations and technological advancements, ICS security is witnessing strong growth opportunities in this region. Public-private partnerships (PPPs), industry cybersecurity and R&D in the region have been the drivers of growth in the region. For example, Singapore’s Cyber Security Agency has established a secure ecosystem that focuses on creating an effective framework for PPPs, cyber training, and information sharing.
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According to Kaspersky ICS CERT findings, targeted attacks against industrial organizations were reported in Japan in early 2020. Government initiatives and financial support have helped develop robust ICS security systems in countries such as Australia , Singapore and Japan. In Japan, the National Cyber Security Incident Preparedness and Strategy Center (NISC) is a central government agency responsible for collaboration between various government and private agencies and critical infrastructure operators. In 2019, a major player in the ICS market, Honeywell, with support from the Singapore Economic Development Board (EBD), designed and developed its first Industrial Cybersecurity Center of Excellence (CoE) in Asia to help industrial manufacturers in the region against sophisticated cybersecurity threats to their industrial systems. The integration of smart and advanced technologies on industrial systems and the increasing use of advanced technologies, such as cloud, 5G and IoT, are expected to drive the need to deploy ICS solutions in the region, thereby driving growth of the market.
The major vendors in the global industrial control system security market are Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), BAE Systems (UK), Raytheon (US), Fireeye (US), DarkTrace (UK), Check Point (Israel), Kaspersky Labs (Russia), Airbus (France), Belden (US), Sophos (UK), Cyberark (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (Israel ), Forescout (United States), Radiflow (United States), Verve industrial protection (United States), Applied security (Netherlands), Positive technologies (Russia).
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