Global Industrial Control Systems (ICS) Security Market - 2022-2029

Market Overview

The global industrial control systems (ICS) security market size was worth US$ XX million in 2021 and is estimated to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of XX% within the forecast period (2022-2029).

ICS security protects industrial control systems from threats from cyber attackers. ICS is also often referred to as OT security. ICT security includes various practices such as asset inventory and detection, vulnerability management, network intrusion protection and detection, endpoint detection and response, patch management and user and access management.

In contrast to other operating systems such as building controls, medical devices and so on, industrial control systems focus on industrial processes or automation. Industrial control systems include components that assure the proper and continuous operation of many industrial systems, including power, water, manufacturing, etc.

They allow the customer to control the inputs and outputs of important elements in a physical or operational process. In order to ensure proper and safe operation, the processes are frequently adjusted in real-time. They frequently include the safety systems themselves, ensuring that processes are shut down if they exceed particular performance thresholds.

These systems were previously isolated from regular IT networks and made use of specialized components. These OT solutions are increasingly integrating with IT to improve operational efficiency and lower the total cost of ownership. As a result, cybersecurity threats increase as formerly air-gapped systems become more integrated into the internet-connected components of the enterprise IT environment.

Market Dynamics

Increasing threats and attacks and an increase in industrial automation and virtualization are boosting the industrial control system security market

Increasing threats and attacks and an increase in industrial automation and virtualization are boosting the industrial control system security market

The industrial sector has shown tremendous growth in cyber-attacks in the past few years. For instance, Colonial Pipeline, one of the country's main pipelines, was forced to shut down after being targeted by the cyber-criminal gang DarkSide. Colonial Pipeline was obliged to shut down its 5,500-mile pipeline, which covers nearly 45 percent of the East Coast's fuel supplies, to control the rupture.

Executives at DarkSide paid a US$4.4 million ransom because they were unaware of how extensively the malware had infringed on their systems and, as a result, how long it would take to bring the pipeline back up. After receiving money, the hackers provided Colonial Pipeline with a decryption tool to restore the company's computer network, which had been deactivated.

Furthermore, in 2021, JBS USA Holdings, Inc. (JBS), the world's largest beef supplier, has also been targeted by ransomware, putting the U.S. meat supply in jeopardy. The company operates 11 beef processing factories and 26 chicken processing units in Australia. The corporation was compelled to take systems offline after this incident occurred less than four weeks after the Colonial Pipeline cyber-attack. The Federal Bureau of Investigation (FBI) is still working hard to apprehend the threat actors dubbed "REvil" or "Sodinokibi." Even though most activities were restored, JBS paid the cyber thieves a US$11 million ransom.

Furthermore, in 2021, Hackers utilized remote access software to increase the amount of sodium hydroxide (lye) at an Oldsmar, Florida, water treatment plant. The attack was halted before the water levels altered, saving the people from dangerous exposure. In addition, according to recent sources, another water-related leak occurred in the San Francisco Bay Area in January 2021. According to the current inquiry, programs used to cleanse the facility's drinking water were erased and the attack went unreported for a day.

These cyber-attacks have far-reaching consequences in the oil and gas industry and other industries such as marine, offshore, chemicals, power and energy and industrial production. These deliberate attacks show how cyber thieves may quickly shut down operations and severely impact businesses, the people and a country's economy.

Thus, growing industrial cybercrimes have improved the demand for cyber protection systems such as industrial control systems security to check the system and prevent any cyber damage in the industry. Thus, various companies are investing heavily in the ICS business, thus improving the market growth for ICS security.

For instance, on February 05, 2021, The Cybersecurity and Infrastructure Security Agency (CISA) has released a strategy to strengthen and unify industrial control systems (ICS) cybersecurity to take a more coordinated, proactive and collaborative approach to safeguarding the critical services that Americans rely on every day.

The high cost of procurement for ICS security solutions is expected to hamper the market growth

For smooth and secure operations, the deployment of ICS security solutions necessitates company-wide coverage, raising infrastructure costs and proving costly for various operators. Strong multi-factor authentication is required by current ICS security requirements to ensure that only authorized persons have physical and logical access to sensitive assets.

For a critical infrastructure business, upfront costs like licensing, hardware needs, help desk fees and maintenance and renewal activities are prohibitively expensive. Small businesses often lack the financial resources to develop secure essential infrastructure.

Security solutions like IAM, DDoS mitigation, IDPS, encryption and risk and compliance management are also part of the ICS security environment, making it costly for businesses. Hence, organizations do not favor adopting ICS solutions in their environment due to these solutions' high installation and maintenance costs.

COVID-19 Impact Analysis

The breakout of COVID-19 has hugely influenced the security industry for industrial control systems (ICS). The positive impact is that the threat of cyber-attacks on critical infrastructure companies has become a key concern for government authorities who must guarantee adequate security measures. Adopting quick digital transformation strategies due to COVID-19 has increased the demand for security, accompanied by additional challenges such as performance, availability, security and rising IT expenditures, necessitating industrial control security solutions and services.

Furthermore, COVID-19 has changed the emphasis of ICS's operations to the use of the internet. As a result, the significance of industrial control security is increasing. Because of the interconnectedness and better management benefits, demand for industrial control security systems and services grew during the epidemic. In addition, most companies continue to use WFH and hybrid work patterns. Demand for industrial control security assessments and effective SIEM and threat intelligence is expected to grow globally.

Segment Analysis

The global industrial control systems (ICS) security market is segmented on component, security, end-user and region.

Growing demand for services assist businesses in controlling and maintaining the proper operation of ICS security solutions has uplifted the segmental growth for services in the ICS market

The global industrial control systems (ICS) security market is segmented into services and solutions based on components. The service segment dominated the market in terms of sales in 2021, with a share of over xx percent. The service segment is further categorized into consulting and integration, support and maintenance, training and development, incident response services and managed security services.

Rapid technological advancements enable new business models, replace traditional distribution routes and change the way people and organizations interact, putting many industries and business models in danger of disruption. Megatrends are driving these shifts, which have far-reaching, interconnected implications for businesses, economies, sectors, society and individuals. When all of the components mentioned above are together, major transformational shifts occur in the growth of industrial control systems security services. As a result, medium-sized businesses are predicted to confront the greatest burden, particularly compliance-related services.

For integrating and controlling solutions across company activities, ICS security services have become a need. These services assist businesses in controlling and maintaining the proper operation of ICS security solutions over a period of time. The acceptance of cloud computing and the growth of virtualization across industries are driving demand for these solutions in various countries. Furthermore, solution implementations assist firms in analyzing dynamic network communication in real-time and managing the number of suppliers, partners and vendors.

Geographical Analysis

Growing adoption of new technological developments in North America, such as the integration of cloud and IoT security solutions with ICS security solutions to provide a holistic safe access mechanism and impose a security governance framework, has improved ICS security business in the region

North America has been at the forefront of ICS security solution deployment. The region has also quickly responded to new technological developments, such as integrating cloud and IoT security solutions with ICS security solutions to provide a holistic safe access mechanism and impose a security governance framework. Effective ICS security and resilience have been achieved through public-private partnerships (PPPs) and international collaborations.

According to the Department of Homeland Security (DHS), the private sector owns 85 percent of essential infrastructure in U.S., including oil and gas, banking and finance, transportation, utilities, electric power grids and defense, while the government oversees the rest.

For instance, to secure their Operational Technology (OT) and ICS systems from cyber threats, the energy and power grid sector in the region requires public, commercial and regulatory cooperation among DHS, the Department of Energy (DOE) and the Department of Defense (DOD). Furthermore, cloud-based ICS security solutions and services are becoming increasingly popular.

In addition, Cybercrime has been rapidly gaining traction in Canada, with its influence growing at an alarming rate which has improved the ICS security market in the region. Ottawa's cybersecurity action plan, which includes US$ 10 million for special programs, was unveiled in August 2019 in response to this. The action plan for increasing the resilience of federal and essential infrastructure might contain US$ 10.3 million over five years for unique initiatives developed by provincial, territorial and municipal governments, researchers, commercial firms and not-for-profit organizations.

Competitive Landscape

The global industrial control systems (ICS) security market is highly competitive with local and global key players. Key players contributing to the market's growth are Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, BAE Systems, Raytheon, Fireeye, Check Point, Kaspersky Labs, Airbus, Claroty, Dragos, Nozomi Networks, among others.

The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the industrial control systems (ICS) security market.

For instance, in February 2020, Darktrace and McLaren teamed up to protect against cyberattacks. Darktrace could be McLaren's official AI cybersecurity partner starting in the 2020 Formula One season due to this partnership. Darktrace may be able to assist by integrating its cyber artificial intelligence across the McLaren Group and the McLaren Racing business, where Darktrace may be able to secure the McLaren racing team against cyberattacks.

ABB Limited

Overview: ABB Ltd manufactures and sells electrification, robotics and motion, industrial automation and power grid products. The company's Electrification Products segment provides modular substation packages, distribution automation products, control products, wiring accessories, circuit breakers, measuring and sensing devices, enclosures and cabling systems and intelligent home and building solutions.

The company's Robotics and Motion segment provides robotics, wind converters, motors, generators, drives, components and systems for railways and their related services and digital services for industrial applications, transportation and infrastructure and utilities.

Product Portfolio: The company has a product portfolio of the industrial control systems (ICS) security that includes:

Cyber Security with ABB Ability™ System 800xA: Cyber security is an important consideration throughout the system life cycle and is built into System 800xA. ABB handles it at every level, from design and development to operations and maintenance. ABB continues to engage with its users once a System 800xA has been commissioned, for example, through My Control System. Users can get important field information about their system in this section.

Key Development

In March 2021, ABB completed the acquisition of a majority stake in Chargedot Shanghai New Energy Technology Co., Ltd. The acquisition, according to ABB, will widen the company's product line beyond industrial and collaborative robot arms to include AMRs. ASTI solutions generate US$50 million in revenue per year and are growing at a 30% yearly pace. Due to the ABB sales and partner network, ASTI's global reach will expand from 20 to 53 enterprises, including China.

Why Purchase the Report?

Visualize the global industrial control systems (ICS) security market segmentation by component, security, end-user and region, highlighting key commercial assets and players.

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Excel data sheet with thousands of global industrial control systems (ICS) security market-level 4/5 segmentation points.

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Product mapping in excel for the key product of all major market players

The global industrial control systems (ICS) security market report would provide approximately 61 market data tables, 54 figures and 201 pages.

Target Audience 2022

Service Providers/ Buyers

Automotive

Research Laboratory

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