Rising use of industrial systems and digital technologies is a key factor driving market revenue growth
The global industrial control systems security market size is expected to reach USD 34.64 Billion in 2030 and register a revenue CAGR of 8.5% over the forecast period, according to latest report by Reports and Data. Growing use of industrial systems and digital technologies is one of the key factors expected to drive market revenue growth during the forecast period.
Demand for managed security services to handle complex vulnerabilities in industrial control systems is gradually increasing, which can offer attractive prospects and drive revenue growth of the global industrial control systems security market during the forecast period. Small and medium-sized enterprises (SMEs) lack various essential cyberinfrastructures for relatively secure operations, while major enterprises need managed security services. Cyber attackers and hackers are taking advantage of the lack of security knowledge among employees to extract sensitive information of firms. Cybersecurity training, solving issues and incidents, and protocols are considered a hassle by the general workforce, and therefore, unless employees become aware of security protocols as business imperatives, firms will be vulnerable in some way or other despite a powerful infrastructure. These factors are expected to open up lucrative opportunities for the global industrial control systems security market.
Growing use of industrial systems and digital technologies is increasing demand for industrial control systems security. The advancing technological landscape is creating a global revolution in various industry verticals, which is leading to merging of digital technology and industrial systems into a unified ecosystem. This is opening up lucrative possibilities for the Machine to Machine (M2M) communication and the Industrial Internet of Things (IIoT). IIoT-based technologies are widely used across several verticals, such as energy, manufacturing, metals and mining, transportation, oil and gas, and healthcare systems.
However, the complexity of installing and upgrading security systems is expected to hamper revenue growth of the market during the forecast period. Some organizations are reluctant to implement industrial control systems security solutions in their workplaces due to the high cost and complexity of installation, up-gradation, and maintenance, which is hindering revenue growth of the market.
Companies profiled in the global market report include ABB Group, Airbus SE, Siemens AG, Honeywell International Inc., Cisco Systems Inc., Fortinet, Inc., Palo Alto Networks Inc., Sophos Group plc, BAE Systems plc, CyberArk Software Inc., Kaspersky Lab, and Nozomi Networks Inc.
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Market Overview:
The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2020-2028. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.
The Industrial Control Systems Security Markethas been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Industrial Control Systems Security Market
Some Key Highlights in the Report
- Database security segment is expected to register a steady revenue growth rate during the forecast period, due to increasing demand for advanced security solutions, evolving regulatory environment, and growing volumes of corporate data across industries. In addition, rising security requirements, amended legislative compliances, and stringent Service-Level Agreements (SLAs) are expected to support revenue growth of this segment.
- The identity and access management segment is expected to account for a considerably large revenue share over the forecast period, due to rise in security concerns across organizations and need for mobility solutions. In addition, rising awareness regarding compliance management across many industries is driving adoption of identity and access management solutions for security.
- The market in Europe is expected to register a significantly steady revenue growth rate during the forecast period, owing to increasing need to cut manufacturing costs and rising use of Machine-to-Machine (M2M) technologies and Internet of Things (IoT). In addition, significant utilization of automated processes in automotive and manufacturing sectors is driving market revenue growth in the region.
- In March 2021, Palo Alto Networks, the global cybersecurity leader, announced that it had completed acquisition of Bridge crew, a developer-first cloud security firm. The acquisition will enable "shift left" security, with Prisma Cloud being the first cloud security platform to provide security across the whole application lifecycle.
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For this report, Reports and Data has segmented the global industrial control systems security market based on solution, security type, service, system type, end-use, and region:
Solution Outlook (Revenue, USD Billion; 2019-2030)
- Identity and Access Management
- Anti-malware/Antivirus
- Distributed Denial of Service (DDoS) Mitigation
- Firewall
- SCADA Encryption
- Security and Vulnerability Management
- Distributed Denial of Service Solution
- Security Information and Event Management
- Others
Security Type Outlook (Revenue, USD Billion; 2019-2030)
- Network Security
- Endpoint Security
- Application Security
- Database Security
Service Outlook (Revenue, USD Billion; 2019-2030)
- Consulting and Integration Services
- Support and Maintenance Services
- Training and Development Services
- Managed Security Service
- Incident Response Services
System Type Outlook (Revenue, USD Billion; 2019-2030)
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Programmable Logic Controllers (PLC)
- Others
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Power
- Energy and Utilities
- Transportation
- Manufacturing
- Mining
- Water Utility
- Chemical
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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Key Advantages of Industrial Control Systems Security MarketReport:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Industrial Control Systems Security industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Industrial Control Systems Security Marketare quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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