Industrial Control Security Market worth $25.1 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 22, 2023 /PRNewswire/ — A complex and dynamic environment will continue to define the Industrial Control Security market in the future, with a particular emphasis on managing increasing cyber threats, guaranteeing regulatory compliance, and embracing novel technologies to improve the overall security posture of critical infrastructure. To keep ahead of new threats, industrial sector organisations will need to invest in cybersecurity measures and adapt on a constant basis.

The global Industrial Control Security Market size is projected to grow from USD 17.8 billion in 2023 to USD 25.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period, according to a new report by MarketsandMarkets™. Integration of IT and OT systems driving expansion in ICS security solutions. However, a shortage of skilled analysts for analyzing critical ICT systems may hinder market growth.
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Scope of the Report
Report Metrics
Details
Market size available for years
2017-2028
Base year considered
2022
Forecast period
2023–2028
Forecast units
Value (USD Million/USD Billion) 
Segments Covered
Component, solutions, services, security type, verticals and regions
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Major vendors in the global ICS security market include Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel), Darktrace (UK), Kaspersky Lab (Switzerland), Tenable (US), Belden (US), Sophos (UK), CyberArk (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (US), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Rosk (Netherland), Positive Technology (US)
Based on the component, services segment is expected to grow at a highest CAGR during the forecasted period.
Integrating and administering solutions across company activities requires ICS security services. Over time, these services support businesses by monitoring and guaranteeing the seamless operation of ICS security systems. The need for these solutions is being driven by the increasing use of cloud computing and virtualization across businesses in different nations. Additionally, solution installations support businesses in controlling the number of partners, suppliers, and vendors by enabling real-time analysis of dynamic network interactions.
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By solution, the encryption segment is expected to grow at the highest CAGR during the forecast period.
Encryption is the process of converting plain text to cipher text using an encryption algorithm, which may be symmetric or asymmetric. The data encrypted can be deciphered only with an encryption key. Encryption protects the data at rest, in transit, or in process. Encryption is critical to the communication channels through which ICS send/receive sensitive data to keep critical infrastructure functioning. Encryption safeguards data while it’s in transit, opening up lines of communication for secure permission and preventing hacking by nefarious entities. For instance, communications to and from operations centers, power generating systems, distribution substations, and residential “smart grid” networks are all protected by encryption while traveling over the electrical grid. Government agencies and critical infrastructure organizations frequently require encryption. The NIST Framework recommends using strong encryption to increase the cybersecurity of vital infrastructure.
By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific region is highly concerned over the increasing security spending due to the ever-growing threat landscape on industrial systems. Moreover, the Asia Pacific region also has vast manufacturing facilities, which exhibit high demand for security measures. The variety of the region’s economies, societies, and technological advancements is reflected in the vital infrastructures of the Asia Pacific area. The area is seeing significant development potential in ICS security due to the implementation of effective government policies and technical improvements. Sector-specific cybersecurity, R&D, and public-private partnerships (PPPs) have been the main drivers of growth in the area.
Initiatives taken by governments across countries in the Asia Pacific are expected to promote future ICS security market growth. For example, The Government & Critical Infrastructure APAC 2022 online event was a signature community designed to accelerate public-private collaboration on industrial control system threats and cyberattack defense of critical assets.
Top Key Companies in Industrial Control Security Market:
Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel), Darktrace (UK), Kaspersky Lab (Switzerland), Tenable (US), Belden (US), Sophos (UK), CyberArk (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (US), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Rosk (Netherland), Positive Technology (US) are the key players and other players in the ICS security market.
Recent Developments
In March 2023, Fortinet Inc. expanded its OT security solutions with products like the FortiGate 70F Rugged NGFW, FortiDeceptor Rugged 100G breach detection device, FortiPAM Privileged Access Management, and FortiSIEM enhancements. These offerings bolster OT defense with real-time response and privileged access management while integrating threat analysis tools.In May 2023, Wipro and Palo Alto Networks extended their partnership to offer a robust Zero Trust OT Security Solution for manufacturing, electric utilities, and transportation industries.In December 2022, Dragos partnered with Cisco to enhance industrial network cybersecurity. Their integrated solution combines the Dragos Platform with Cisco ASA firewalls, offering comprehensive visibility, threat prevention, and compliance for IT and OT environments, bolstering defense against evolving threats.In November 2022, Honeywell introduced Advanced Monitoring and Incident Response (AMIR), a comprehensive cybersecurity solution for industrial control systems. Leveraging Honeywell’s expertise in security and automation, AMIR enhances threat detection, incident response, and security monitoring.In September 2022, Dragos partnered with Palo Alto Networks to integrate the Dragos Platform. It will help joint customers proactively prevent unknown cybersecurity threats that impact information technology (IT) and operational technology (OT) environments.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=1273
Industrial Control Security Market Advantages:
Protection against malware, ransomware, and other cyberattacks that may interfere with or harm vital industrial processes is offered by industrial control security systems.Measures for industrial control security aid in preventing illegal access to vital control systems. Unauthorised access may result in sensitive information theft, process manipulation, or unauthorised control.Strict regulatory requirements for the security of vital infrastructure apply to several industries. Organisations can adhere to industry-specific rules and standards by putting Industrial Control Security solutions into practise.Through the identification of vulnerabilities, evaluation of threats, and implementation of countermeasures to lessen the probability and effect of security incidents, Industrial Control Security solutions help to mitigate risk.Technologies for the early detection of abnormalities or odd activity are frequently included in security solutions for the industrial control sector. Early detection enables quick action and problem solving before problems get worse.Real-time danger detection is aided by industrial control systems that are continuously monitored. Industrial Control Security solutions help organisations minimise potential damage by enabling rapid and effective responses in the event of a security incident.Industrial Control Security solutions offer safe methods for remote monitoring, maintenance, and troubleshooting without jeopardising system security as remote access to industrial systems becoming more common.Industrial control security procedures safeguard private information and guarantee its secrecy. This is especially crucial for industries where private information breaches could have detrimental effects.Report Objectives
To describe and forecast the global ICS security market by component (solutions and services), security type, vertical, and region.To forecast the market size of five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market.To provide detailed information on significant factors (drivers, restraints, opportunities, and challenges) influencing the market’s growth.To analyze the opportunities in the market for stakeholders and provide the competitive landscape details of major players.To profile the key players of the ICS security market and comprehensively analyze their market shares and core competencies.Track and analyze competitive developments, such as mergers and acquisitions (M&A), new product developments, and partnerships and collaborations in the market.Browse Adjacent Market: Information Security Market Research Reports & Consulting
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