Industrial Control Systems (ICS) Security Market size to cross $30 Bn by 2032

Industrial Control Systems (ICS) Security Market size to exceed USD 30 billion by 2032, according to latest research study by Global Market Insights Inc.
 

Identity and Access Management (IAM) is expected to play a major role in the cyber evolution for industrial sector. As digital transformation technologies advance and connected devices grow in number, companies are increasingly focusing on user and data security to limit access to sensitive information. Additionally, as industrialization and information technology are integrated more deeply, the industrial control system is simultaneously confronting more and more serious security concerns which is the major factor that will push the industrial control systems security market growth further during the forecast period.
 

Limited expenditure on the upkeep of legacy systems

Most of the ICS systems running in the industrial infrastructure are legacy systems that are between 10 and 20 years old. Maintaining security on such legacy systems that were mainly designed to facilitate point-to-point communications is a major challenge. Also, it is often very difficult to persuade organizations to invest in cyber security for legacy systems that have been functioning fault-free for years, which acts as a limitation for industry growth.
 

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Increasing requirement for application security

The application security segment is poised to account for over 20% of the ICS security market revenue share in 2032. Application security refers to the use of tools such as hardware, software, and methods to safeguard applications which are more prone to external threats and variety of attacks as they are freely accessible across networks. Therefore, providing solid application security with necessary safeguards integrated into the application helps to reduce the possibility of unwanted code accessing, stealing, or deleting crucial data.
 

Growing necessity for ICS services owing to mandatory maintenance requirement

The services category in industrial control systems security market recorded around 20% industry share in 2022, due to evolving cyber threats that reap the benefits of vulnerabilities in ICS components, ICS services are vital for maintenance and servicing of security infrastructure. To satisfy the increased demand, ICS systems are also being continuously integrated with IoT technologies and automated systems. As a result, businesses that provide security solutions have begun offering consulting and integration services to manage security systems.
 

Browse key industry insights spread across 200 pages with 312 market data tables and 41 figures & charts from the report “Industrial Control Systems (ICS) Security Market Size By Security (Network Security, Application Security, Endpoint Security, Database Security), By Component (Solution [Firewall, SCADA Encryption, Antivirus/Anti-Malware, Intrusion Detection & Prevention, Identity & Access Management {IAM}, Distributed Denial of Service {DDoS} Solution, Data Loss Prevention {DLP}, Virtualization Security, Security Information and Event Management {SIEM}, Unified Threat Management {UTM}], Service [Managed Service, Integration & Consulting, Audit & Reporting, Risk Management]), By End-use (Power and Energy, Critical Manufacturing, Mining, Water Utility, Transportation, Chemical), COVID-19 Impact Analysis, Growth Potential, Regional Outlook, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/industrial-control-systems-ics-security-market
 

Rising incidences of cyber-attacks to increase demand for risk management services

The risk management component is anticipated to grow at a notable CAGR through 2032. Cyberattacks are attributed for the rising damages of the maritime and energy sectors. Companies are offering risk analysis services to handle and analyze cyber security concerns within the ICS environment in order to combat this industry threat.
 

Extensive deployment of industrial control systems security solutions to extend power & energy industry

The power & energy sector to surpass USD 11 billion by 2032. The energy sector is switching to the next stage of transformation with rapid adoption of robotics, IoT, and digitization. The energy industry has been among those most impacted in recent years and is highly susceptible to ICS attacks. Another factor that is said to contribute to the increased uptake of ICS security market solutions is the rise in cyberattack occurrences in the industry.
 

Massive investments in LATAM gas industry

Latin America industrial control systems security market revenue is projected to record USD 2 billion by 2032 end. A major improvement in the African gas industry will also be seen by 2023, owing to significant economic growth-related investments in the gas business.  This is will to fuel the regional market share throughout the projection period.
 

Initiatives by the players to determine the business outlook

The leading industrial control systems security market enterprises are Trend Micro, Inc., ABB Ltd., Belden, Inc., Schneider Electric, Check Point Software Technologies Ltd., Accenture plc (Symantec Corporation), Rockwell Automation, Cisco Systems, Inc., Inc., FireEye, Inc., General Electric Company, Honeywell International, Inc., IBM Corporation, Inc., Siemens AG, and others. These companies are often engaged in strategic business initiatives such as mergers, acquisitions and product launches.