The industrial control systems security market is estimated to garner considerable revenue growth on account of prompting need for efficient cybersecurity solutions. ICS security focuses on protecting integrated software and hardware developed to control and monitor the operation of machinery and other related devices used in industrial environments.
ICS applications are used in diverse range of industries, helping manage, administer and monitor everything from utilities and nuclear plants to robotics, HVAC installations, and prison cell doors. Growing prevalence of cyberattacks on crucial infrastructure systems could drive the demand for effective ICS security platforms over the forthcoming years. Rising demand for protection against cyberthreats across ICS and OT systems would proliferate service significance.
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Integrated hardware and software components have become the backbone of industrial units and play an integral role in automating multiple industrial processes. These components mainly include distribution control and supervisory control systems. Any vulnerability or malfunction caused by malware attacks to these components could lead to a substantial financial loss.
In regard to applications, industrial control systems security market is fragmented into critical manufacturing, power and energy, water utility, mining, chemical, and transportation. Out of these, the power and energy application segment managed to dominate global market share in 2019 and is projected to maintain a stronghold on the market throughout the predicted timeframe. Organizations operating in the energy sector are rapidly implementing robotics and IoT systems in their process.
However, this trend has made these systems vulnerable to cyber-threats. As a matter of fact, the energy industry is considered to be the most vulnerable sector for ICS attacks and has been listed under one of the most impacted industries over the last five to seven years. As per US ICS-CERT, a total of 509 vulnerabilities were identified across different ICS components in 2019.
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North America accounts for the maximum industrial control systems security market share due to the increasing investments made towards the enhancement by private entities and the rising-cases of cyberattacks in the oil and gas sector, especially in the U.S. Additionally, the governments are also investing in projects to encourage advancements in security solutions for industrial infrastructures.
Firms are also developing innovative security solutions to control the rising cases of cyberattacks. In April 2020, Dragos Inc. – an ICS cybersecurity company unveiled Dragos Neighborhood Watch Network Visibility and Threat Detection Services for industrial environment. This helped the firm to offer advanced security solutions, enhance its product portfolio, and achieve a competitive edge.
Major companies in the industrial control systems security market are constantly aiming at developing advanced cloud-based ICS security networks. These include Schneider Electric, Rockwell Automation, Honeywell International Inc, Trend Micro Inc., Kaspersky Lab, and several others.
Major Key Points from Table of Content:
Chapter 5 Industrial Control Systems Security Market, By Security Type
5.1 Industrial control systems security market, key trends, by security type
5.2 Network security
5.2.1 Market estimates and forecast, 2015-2026
5.3 Application security
5.3.1 Market estimates and forecast, 2015-2026
5.4 Endpoint security
5.4.1 Market estimates and forecast, 2015-2026
5.5 Database security
5.5.1 Market estimates and forecast, 2015-2026
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