Industrial Control System Security Solutions Market Expected to Reach US$54.8 Billion by 2030
ALBANY, NY, USA, January 28, 2022 /EINPresswire.com/ — Transparency Market Research provides key insights into the global market Industrial Control System Security Solutions Market. In terms of revenue, the global industrial control system security solutions market is expected to grow at a CAGR of 11.5% during the forecast period 2020-2030, driven by numerous factors, about which TMR offers insights and in-depth forecasts in its global market report. industrial control system security solutions market.
The increasing connectivity of industrial control systems (ICS) and the convergence of IT (information technology) and OT (operational technology) network environments are expanding the need for industrial control system security, which can facilitate exceptional levels real-time visibility, connectivity, and control of core operations. It is one of the major growth drivers for the industrial control system security solutions market. In addition, growing number of security breaches and cyber attacks and a mandate to comply with regulatory and data protection laws relating to industry security regulations has contributed to the growth of the security solutions market ecosystem. industrial control systems. Industrial Control Systems (ICS) are an integral part of industrial infrastructure. The report analyzes the global Industrial Control System Security Solutions market and provides revenue estimates (USD Million) from 2018 to 2030.
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Increasing adoption of IoT in industrial control systems
Smart IoT devices and systems are increasingly used in industrial control systems. IoT devices are used to optimize operational efficiency and maintenance for the convergence of OT and IT in any organization. Additionally, around 24 billion IoT devices are expected to be installed by 2020 and US$6 billion is expected to be invested in IoT devices over the next five years. The protection of each of these devices and their corresponding interactions with other components, including networks, are expected to increase in the near future. Growing reliance on technology and increasing internet penetration are expected to make industrial control systems more vulnerable to cyber threats.
It is estimated that nearly 5.4 million IoT devices will be used at oil extraction sites by 2020. Many major energy companies around the world are expected to install nearly a billion smart meters by 2020 to meet increasing energy demand. Municipalities around the world have increased their spending on IoT systems from US$36 billion in 2014 to US$133 billion in 2019. Increased adoption of IoT will likely lead to an increase in cyber crimes. This is expected to drive the demand for industrial control system solutions and services over the next few years.
Strict government regulations associated with critical infrastructure protection
Disruptions in critical infrastructure, such as manufacturing, the power grid, IT and telecommunications, and transportation, impact a nation’s security, economic stability, and safety. Therefore, governments around the world have established federal policies and laws to develop cybersecurity standards to protect critical infrastructure industrial control systems. The governments of several countries have also formed associations and regulations, such as the United States Department of Defense Information Assurance Certification and Accreditation Process (DIACAP), the United States DHS, the European Critical Infrastructure Protection Program (EPCIP), the Critical Infrastructure Warning Information Network (CIWIN) by the European Commission (EC), the North American Electric Reliability Council (NERC) and the National Strategy and Action Plan published by Public Safety Canada to implement and ensure national standards of safety and reliability across all critical infrastructure. These agencies help build the resilience and security of a country’s cyber and physical infrastructure.
In addition, governments in all parts of the world are offering cybersecurity subsidies, insurance, and tax incentives to encourage business operations. Hence, governments are adopting regulatory compliances to protect data from cyber threats, which is leading to an increase in the adoption of industrial control system security solutions. This, in turn, is expected to accelerate the growth of the industrial control system security solutions market.
Industrial Control System Security Solutions Market: Major Regions
In terms of region, the global industrial control system security solutions market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa and South America. North America is expected to hold a major share of the industrial control system security solutions market in 2019, and this trend is expected to continue during the forecast period 2018 to 2030. In North America, the United States and Canada should drive the market. This is due to the higher levels of adoption of relevant advanced technologies in the regions and the emphasis on innovations through R&D. These regions have the most competitive and rapidly changing markets in the world to improve the strategy of industrial control system security solutions and its adoption in organizations.
Industrial Control System Security Solutions Market: Key Players
Key players operating in the global industrial control system security solutions market include ABB Ltd., Baker Hughes, Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems, Inc., Emerson Electric Company, Fireeye, Inc. , Forcepoint, General Electric Company, Honeywell International, Inc., McAfee, Inc., Midwest Engineered Systems Inc., Nozomi Networks Inc., Palo Alto Networks, Rockwell Automation, Inc., Schneider Electric SE, Siemens AG, Trend Micro Incorporated and Yokogawa Electric Corporation.
Global Industrial Control System Security Solutions Market: Segmentation
Industrial Control System Security Solutions Market, By Component
– Distributed denial of service
– Intrusion detection system / Intrusion prevention system
– Virtualization Security
– Management of security information and events
– SCADA encryption
– Unified threat management
– Identity and access management
– Others (data loss prevention, firewalls, etc.)
– Training & Consulting
– Integration & Implementation
– Support & Maintenance
Industrial Control System Security Solutions Market, By Security Type
– Internet Security
– Endpoint security
– Application Security
– Database security
Industrial Control System Security Solutions Market, By End User
– Power stations
– Energy and utilities
– Transport systems
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