• Stacy Lawlor

Global Industrial Control Systems Security Market Size to grow USD 25.72 billion by 2028

The Global Industrial Control Systems (ICS) Security Market Size is projected to grow from USD 17.1 billion in 2020 to USD 25.72 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 6.6% during the forecast period.

Global Industrial Control Systems Security Market Size to grow USD 25.72 billion by 2028

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Industrial control systems (ICS) security is defined as the use of programmable logic controllers to govern localised operations in distributed control systems and smaller control systems. Distributed control systems and smaller control systems employing programmable logic controllers are used to operate locally scattered assets, while supervisory control and data acquisition systems are used to govern regionally spread assets.


The market is expected to develop due to the increasing implementation of IoT and automation technologies in industries. Increased investments in cloud computing and smart grid deployments for critical infrastructure protection in sectors, as well as a more comprehensive security framework, will boost market expansion even further. Increased need for process variables and automation, such as control valves and remote sensors/control, has exposed current infrastructure to cyber-attacks, jeopardising the integrity of crucial data and driving the ICS security industry.

Global Industrial Control Systems Security Market Size

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The outbreak of COVID-19 has caused manufacturing industries to rethink their traditional production procedures, resulting in a push for digital transformation and smart manufacturing techniques across the board. Manufacturers are also being driven to come up with and adopt a variety of novel and flexible approaches to product and quality control. Moreover, the COVID-19 has increased the demand for security, which has been followed by other difficulties like as performance, availability, security, and rising IT expenditures, necessitating Industrial Control Security solutions and services.


Rising Demand for Professional and Managed Security Services


Large enterprises require seasoned professionals and managed security services, whilst SMEs lack various essential cyber infrastructures for fairly safe operations. Cybercriminals and hackers are exploiting a lack of awareness among employees about security policies and best practices to steal the company's critical information. Although they have various systems in place, including a workforce to operate the company's Security Operations Center (SOC), the herculean effort is to get all of the employees to think about cyber security in the same way. The majority of the workforce considers cyber security training, addressing issues and incidents, and procedures to be a burden. Unless employees are self-aware of security policies and procedures as business imperatives, businesses will be vulnerable in some way, even having a strong infrastructure. As a result, the growing need for professional and managed security services to address complex vulnerabilities in the ICS ecosystem could present lucrative prospects for ICS security providers in the not-too-distant future.


Increasing Cyber Threats on Critical Infrastructure Drive Market Growth


The industrial control system security industry has been pushed by an increase in cyber threats. The incidence of cyber-attacks on industrial control systems is increasing in manufacturing, energy, chemical, and other industries. As many hacker groups strive to access industrial networks, ICS security is being more widely adopted, which is expected to boost market growth. Furthermore, the use of new technologies has resulted in the development of large amounts of data, which has increased demand for ICS security, hence propelling the market growth during the forecast period.


North America is largest market for the ICS securities due to the region has also been quick to respond to new technological developments, 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. In the region, effective ICS security and resilience have been achieved through public-private partnerships (PPPs) and international collaborations.

Global Industrial Control Systems Security Market Size

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The Asia Pacific is second-largest market for the ICS securities due to the rising security spending. China, India, Australia, Hong Kong, South Korea, Japan, and other emerging economies make up the Asia Pacific region. ICS security is experiencing rapid expansion in this region, thanks to effective government laws and technical advancements. Growth in the region has been fueled by public-private partnerships (PPPs), sector-specific cyber security, and research and development. Singapore's Cyber Security Agency, for example, has created a safe ecosystem that focuses on developing an effective structure for public-private partnerships, cyber training, and information exchange.


KEY INDUSTRY DEVELOPMENTS:


In February 2020, Darktrace and McLaren joined to guard against cyber-attacks. Darktrace could be McLaren's official AI cyber security partner starting in the 2020 Formula one season as a result of this partnership. Darktrace may be able to assist by integrating its cyber artificial intelligence across the McLaren Group, as well as the McLaren Racing business, where Dark trace may be able to secure the McLaren racing team against cyber-attacks.


In January 2020, Cisco introduced security architecture for Internet of Things (IoT) environments based on numerous IoT technologies acquired in the previous year and reinforced by Cisco's Talos security monitoring software and services. Cisco Cyber Vision is a suite of software and services that can detect anomalies and threats to IoT assets in real time, according to the company. Cisco Cyber Vision analyses traffic from connected assets and uses Cisco Identity Services Engine (ISE) and Cisco DNA Center to generate segmentation policies.


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https://extrapolate.com/Information-Technology-Communication-IoT/industrial-control-systems-ics-security-market/25691

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