30 Jun Industrial Control Systems security market to reach US$ 12bn by 2026
According to a recent study from market research firm Global Market Insights, the Industrial Control Systems Security market is set to grow from its current market value of more than $2 billion to over $12 billion by 2026, gaining remarkable traction over the 2020 to 2026 period.
Increasing adoption of connected devices and mounting cyberattacks is accelerating global ICS (industrial control systems) security market size. ICS security solutions mainly include software and hardware components that are utilised to automate and manage industrial procedures like distribution control systems and supervisory control.
Generally, in case of a cyberattack, a company incurs massive financial loss. Over the years there have been a rise in cases of cyberattacks over crucial manufacturing infrastructure. ICS security solutions assist in mitigating these risks. They ensure that the data and information displayed on screens and on control room dashboards are secure. According to a research report by Global Market Insights Inc. the global ICS security market is likely to surpass a valuation of $12 billion through 2026.
Growing need to safeguard network end devices like mobiles, laptops, and desktop PCs from cyber threats is majorly augmenting ICS endpoint security segment growth. Adopting endpoint security is beneficial as it offers an encrypted framework to secure network infrastructure from data breaches and other attacks that might result in network malfunction.
In addition, these solutions help strengthen network infrastructure and safeguard weak connections. Based on the aforementioned factors, the ICS endpoint security segment is projected to expand at a CAGR of more than 15% through 2026.
Numerous benefits provided by UTM compared to other security solutions are considered to propel its deployment during the analysis period. UTM solutions offer numerous security functionalities and services that help enterprises save networks from security threats and malware attacks.
They drive diverse security function management using only one administration console. On account of these growth factors, the UTM solution segment is projected to grow at a healthy CAGR of above 20% over the forthcoming years.
The North America ICS security market is projected to hold major industry share of more than 30% led by the U.S. Growing funding and increasing cyberattacks in the oil and gas sector are aiding ICS security solutions demand.
Furthermore, technological advancements by companies to reduce cyber risks are complementing regional market outlook. Taking April 2020 for instance, Dragos unveiled Dragos Neighborhood Watch Network Visibility and Threat Detection Services for companies in the industrial sector. This move helped the firm to gain a competitive advantage in the ICS security industry landscape.
Likewise, service providers are using various techniques like acquisitions and investment rounds to set a foothold in the market. Citing an instance, in February 2018, Schneider Electric collaborated with Cylance to increase ICS cybersecurity owing to increasing concerns over cyberattacks and other problems.
The competitive landscape of the global ICS security market is inclusive of players like Trend Micro, Kaspersky Lab, Rockwell Automation, Honeywell International, and Schneider Electric among others.