Global Industrial Control Systems (ICS) Security Market Grows Steadily at a CAGR of 6.9%

Introduction

An industrial control system (ICS) comprises various control elements, including electrical, mechanical, hydraulic, and pneumatic components. The control element of the system includes the specification of the anticipated output or performance. Control can either be fully automated or include a human. In addition, the systems can be configured to operate manually, closed-loop, or open-loop.

Market Dynamics

Rising Incident of Cyberattacks Drives the Global Market

OT asset targeting occurred more frequently in 2019 than combined in the preceding three years. Most of these targets combined known vulnerabilities in ICS hardware components and supervisory control and data acquisition systems with brute-force login methods, such as password-spraying attacks (SCADA). Metallurgical company Norsk Hydro had to stop operations for a week due to a ransomware attack (LockerGoga encrypts files on Windows devices). The attack encrypted all the data on their Windows machines. Nearly 70% of firms think an attack on their OT/ICS infrastructure is very likely, according to a 2019 ARC Advisory Group survey on the security of industrial control systems (ICS). Similar conclusions came from research conducted by the Ponemon Institute and Siemens. The growing incidents of cyberattacks are expected to drive the global industrial control systems (ICS) security market over the forecast period.

Convergence of IT and OT Networks Creates Tremendous Opportunities

The convergence of information technology and operational technology refers to the integration of OT systems, which are typically used in manufacturing and industrial environments and used to monitor processes, events, and devices and make adjustments in business and industrial operations using ICS, such as supervisory control and data acquisition (SCADA). Industrial enterprises are integrating their IT and OT networks to stay competitive and improve business decisions. The fusion of IT and OT enables more accurate control and extensive monitoring. Due to the growing number of industrial control systems, sensors, and other controllers acting as Industrial Internet of Things (IIoT) endpoints due to the converged IT/OT network, organizations are more vulnerable to cyberattacks and security threats.

Regional Analysis 

North America is the most significant shareholder in the global industrial control systems (ICS) security market and is expected to grow at a CAGR of 7.95% during the forecast period. Data has been produced while integrated with a wide range of production systems throughout the supply chain due to the region's vast manufacturing. This is illustrated by a report from the Department of Homeland Security from February 2020 that listed 16 infrastructure sectors as essential, including the energy, nuclear, and transportation sectors. A warning about a hack that targeted a pipeline operator last year prompted this action. The recent advancements have put an even greater emphasis on how critical it is to protect ICS systems. The country has significantly benefited from this in terms of establishing a competitive edge in the global economy.

Asia-Pacific is expected to grow at a CAGR of 10.05%, generating USD 7,200.62 million during the forecast period. The rapid development of industrial infrastructure, the increasing investment in industrial security infrastructure, and the widespread adoption of cutting-edge technologies like IoT and cloud computing all point to Asia-Pacific as the region with the highest CAGR over the forecast period.

Key Highlights

• The global industrial control systems (ICS) security market size was valued at USD 14.5 billion in 2021. It is projected to reach USD 26.43 billion by 2030, growing at a CAGR of 6.9% during the forecast period (2022-2030).
• Based on the end-user industry, the global industrial control systems (ICS) security market is bifurcated into automotive, chemical and petrochemical, power and utilities, pharmaceuticals, food and beverage, and others. The power and utility segment is the highest contributor to the market and is expected to grow at a CAGR of 8.90% during the forecast period.
• North America is the most significant shareholder in the global industrial control systems (ICS) security market and is expected to grow at a CAGR of 7.95% during the forecast period.

Competitive Players

Competitive Players

The global industrial control systems (ICS) security market’s major key players are Darktrace Ltd, FireEye Inc., IBM Corporation, Cisco Systems Inc., Fortinet Inc., Check Point Software Technologies Ltd, Honeywell International Inc., Broadcom Inc. (Symantec Corporation), AhnLab Inc., and McAfee LLC (TPG Capital).

Recent Developments

Recent Developments

• In April 2022, In a joint effort with Schneider Electric, Mandiant examined INCONTROLLER, a novel set of attack tools focused on industrial control systems (ICS) and intended to attack machine automation equipment. The tools can communicate with specialized industrial hardware embedded in a wide variety of machinery used in various industries.

Segmentation

Global Industrial Control Systems (ICS) Security Industry: Segmentation

By End-User Industry

• Automotive
• Chemical and Petrochemical
• Power and Utilities
• Pharmaceuticals
• Food and Beverage
• Oil and Gas
• Electronics and Semiconductor
• Other End-User Industries

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA