PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238843
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1238843
Industrial Control Systems Security Market size was valued at USD 18,900.7 Million in 2022, expanding at a CAGR of 8.8% from 2023 to 2030.
Security for industrial control systems (ICS) comprises safeguarding the hardware and software that are employed by the system as well as the systems themselves. It emphasizes maintaining efficient operations for equipment and processes. To control and monitor the operation of equipment and related devices working in industrial environments, solutions are offered that blend hardware and software.
The global industrial control systems security market has seen revenue increase due to the rise in cyber threats. Industrial control systems are being more widely used in manufacturing, chemical, energy, and other industries because of the rise in cyberattacks. The use of ICS security is significantly expanding in response to the rising number of hackers' attempts to access company networks. Additionally, the use of cutting-edge technologies is producing vast amounts of data, raising the need for ICS security, and consequently propelling market revenue growth. The Continuous Improvement Plan (CIP (strict )'s government norms and regulations) goal is to boost industry use of modern technologies like the Internet of Things (IoT) and ICS security solutions.
Several improvements in productivity and efficiency are anticipated to result from the shift to Industry 4.0, as well as numerous changes to the way industrial processes operate. Improvements in productivity and lower production costs, when compared to traditional manufacturing methods, have accelerated the adoption of automation and increased demand for industrial control systems. Yet, because of the exponential growth in cyberattacks and network security risks, the adoption of ICS systems also comes with it the requirement for security. The COVID-19 epidemic and the region-wide shutdown regulations have had an impact on industrial activities. Due to customers' growing reliance on the internet because of the pandemic, the market for industrial control systems has grown even more. The COVID-19 epidemic has compelled manufacturing sectors to review their current production methods, especially boosting digital transformation.
The Global Industrial Control Systems Security Market is segmented on the basis of Component, Security, End User, and Region.
The market is divided into two categories based on Components: solutions and services. The services segment dominates the market. The increasing cyberattacks are increasing the need for a security system which is mainly contributing to segment growth.
The market is divided into four categories based on Security: network security, endpoint security, application security, and database security. The endpoint security segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to an increase in the demand for security in IoT devices and growing digital transformation.
The market is divided into seven categories based on End users: automotive, chemical & petrochemical, energy & power, pharmaceuticals, food, oil & gas, and others. The automotive segment dominates the market and is likely to maintain its dominance during the forecast period. This is partly due to the increasing demand for control systems in vehicle manufacturing.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
North America held the largest market share in 2021 and is projected to continue its dominance during the forecast period. The growing demand from the energy and automotive sectors is contributing to market growth.
Due to the continued development of industrial control systems security technology in the coming years, the worldwide market for industrial control systems security is made up of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers.
Products makers compete on a variety of aspects, including component costs, performance, product making, end users, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new Component launches, distribution network development, R&D spending, and mergers and acquisitions. For instance, in 2021, Honeywell announced the acquisition of Performix, Inc. to build an integrated software platform.
This proposed research study on Industrial Control Systems Security market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Industrial Control Systems Security market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Industrial Control Systems Security market
Impact of COVID-19 on Industrial Control Systems Security market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Industrial Control Systems Security market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Industrial Control Systems Security market, we have also included competitive landscape and key innovator analysis for the Industrial Control Systems Security market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Industrial Control Systems Security market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Industrial Control Systems Security market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
The scope of this report covers the market by its major segments, which include as follows: