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Industrial Control Systems (ICS) Security Market Worth $23.7B by 2027, Report Says
The market growth is driven by the convergence of IT and OT systems. By region, North America is estimated to account for the largest market size during the forecast period.
November 9, 2022
4 Min Read
PRESS RELEASE
CHICAGO, Nov. 9, 2022 /PRNewswire/ -- The Global Industrial Control Systems (ICS) Security Market is projected to grow from USD 16.7 billion in 2022 to USD 23.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. The market growth is driven by the convergence of IT and OT systems.
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By security type, network security to grow at the highest CAGR during the forecast period
Network security is the technique of securing networks from advanced threats. Network security comprises ICS security services that provide security to various networking assets and resources used for managing critical infrastructure. It consists of multiple components, such as security software and appliances, which work together to provide network security. Sophisticated threats, such as sophisticated malware and other attacks, such as Advanced Persistent Threats (APTs), negatively impact the ICS ecosystem by evading network defenses and targeting vulnerabilities in the computing system. Organizations adopt ICS security services to prevent unauthorized access and the misuse of networking resources.
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By Region, North America is estimated to account for the largest market size during the forecast period
North America has been at the forefront of the adoption of ICS security solutions in lieu of the rising number of cyberattacks on critical infrastructure. ICS security solutions are being widely used in a variety of industries, particularly manufacturing, chemicals, energy, and utilities. This region has also been extremely responsive toward the latest technological advancements, such as the integration of cloud and IoT with ICS security solutions, to establish a holistic secure access mechanism and enforce a security governance framework. With the growing awareness of ICS security among small and medium-sized businesses and the widespread use of data-driven methods in manufacturing operations, the adoption of emerging technologies opens the door to the substantial market share held by the North American region. Public-Private Partnerships (PPP) and international collaborations have led to effective ICS security and resilience in the region.
Key Players:
Major vendors in the global Industrial Control Systems (ICS) Security Market include Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), Raytheon (US), Trellix (US), Darktrace (UK), Check Point (US and Israel), Kaspersky Labs (Russia), Airbus (France), Belden (US), Sophos (US), CyberArk (US), Claroty (US), Dragos (US), Nozomi Network (US), Cyberbit (Israel), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Security (Netherland), and Positive Technology (Russia).
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About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high -growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7,500 customers worldwide, including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 full-time analysts and SMEs at MarketsandMarkets™ are tracking global high-growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
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SOURCE: MarketsandMarkets
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