ICS Security Market to grow at 20% CAGR from 2018 to 2024

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Industrial Control Systems Security Market to
reach 7bn by 2024 Global Market Insights Inc.
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Industry Overview

• ICS Security Market to exceed USD 7 billion by
  2024 driven by increasing incidents of
  cyber-attacks on offshore industrial platforms
  and marine operations. The ICS security market
  growth is attributed to the increasing incidents
  of cyber-attacks on critical infrastructure
  industries. Constantly evolving cyber threats,
  such as ransomware and viruses, can adversely
  affect production processes in critical
  infrastructure environments resulting in
  large-scale financial losses for the companies.
  The security concerns have increased considerably
  after the Industry 4.0 revolution as the tendency
  to connect ICS equipment to the internet has
  grown significantly in the industries.
• The endpoint security segment held a majority
  share of around 40 in the ICS security market in
  2017 due to large-scale deployment of endpoint
  security solutions in critical industrial
  environments for securing different endpoint
  devices in the industrial networks that remain
  vulnerable to cyber threats. The network security
  market is projected to exhibit a robust growth
  with a CAGR of around 26 between 2018 and 2024
  due to the increasing incidents of network
  breaches in critical industrial sectors leading
  to large-scale production losses for the
  enterprises as well as increased concerns for
  national security.

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Industrial Control Systems (ICS) Security Market

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• The firewall segment dominated the market in 2017
  and is expected to secure a significant share of
  the overall ICS security market by 2024 due to an
  extensive adoption of ruggedized firewalls for
  maintaining and managing network traffic in
  industrial infrastructure operating in harsh
  environmental conditions. Firewalls play a
  critical role in containing internal cyber
  incidents and blocking external threats that
  could heavily impact productivity, safety, and
  reliability.
• The energy sector held a major share of nearly
  40 in the ICS security market in 2017 and is
  expected to maintain this market dominance
  throughout the forecast period. The increasing
  incidents of cyber-attacks on the energy industry
  including gas pipeline infrastructure, oil gas
  platforms, and power utility infrastructure are
  majorly contributing to the growing emphasis on
  securing critical energy production and
  distribution networks. Government agencies are
  taking appropriate measures to secure critical
  national energy infrastructure from terrorist
  attacks that could lead to a major economic loss.
• North America held around 50 share of the ICS
  security market in 2017 and is projected to hold
  a significant share of the overall market between
  2018 and 2024. With the availability of extensive
  industry standards, regulatory guidelines, and
  government initiatives in the U.S., the adoption
  of ICS security solutions is expected to grow in
  a structured manner across different industry
  verticals such as energy, advanced manufacturing,
  mining, and transportation.

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North America Industrial Control Systems (ICS)
Security Market Size, By Security Type, 2017
2024 (USD Million)

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Industry Coverage

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• Companies operating in the ICS security market
  focus on product innovation and strategic
  collaborations for securing a competitive
  advantage. By monitoring and analyzing the number
  of vulnerable ICS components on a yearly basis,
  these companies develop appropriate solutions as
  well as updates to their existing solutions for
  ensuring effective security against the
  constantly evolving cyber threats. In February
  2018, GE Digital entered into a partnership with
  NRI Secure Technologies, a cybersecurity firm in
  the U.S., wherein, NRI Secure was recognized as
  an accredited certification authority for GE
  Digitals Achilles Communications Certification
  (ACC) program. Through the partnership, GE
  expanded its global OT network robustness
  certification program. In February 2017, Rockwell
  Automation teamed up with industrial security
  company Claroty to develop its anomaly detection
  software that is purpose-built for industrial
  network security. It creates an inventory of
  network assets and monitors traffic between them
  to detect and report anomalies. Through such
  strategic collaborations and partnerships, the
  companies operating in the ICS security market
  ensure the delivery of comprehensive security
  solutions and services to their customers.
• Some of the key players operating in the ICS
  security market are ABB, BAE Systems, Bayshore
  Networks, Belden, Cisco, Cyberbit, Dragos,
  Fortinet, General Electric, Honeywell, IBM,
  Kaspersky, Nozomi Networks, Rolloos, FireEye,
  McAfee, Claroty, Raytheon, Schneider Electric,
  SecurityMatters, Symantec, and Trend Micro.

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