The global ICS Security Market size is projected to grow from USD 17.8 billion in 2023 to USD 25.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period. The convergence of digital technologies and industrial systems integration is propelling the expansion of the ICS security market.
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Based on the component, services segment is expected to grow at a highest CAGR during the forecasted period.
Integrating and administering solutions across company activities requires ICS security services. Over time, these services support businesses by monitoring and guaranteeing the seamless operation of ICS security systems. The need for these solutions is being driven by the increasing use of cloud computing and virtualization across businesses in different nations. Additionally, solution installations support businesses in controlling the number of partners, suppliers, and vendors by enabling real-time analysis of dynamic network interactions.
By solution, the encryption segment is expected to grow at the highest CAGR during the forecast period.
Encryption is the process of converting plain text to cipher text using an encryption algorithm, which may be symmetric or asymmetric. The data encrypted can be deciphered only with an encryption key. Encryption protects the data at rest, in transit, or in process. Encryption is critical to the communication channels through which ICS send/receive sensitive data to keep critical infrastructure functioning. Encryption safeguards data while it’s in transit, opening up lines of communication for secure permission and preventing hacking by nefarious entities. For instance, communications to and from operations centers, power generating systems, distribution substations, and residential "smart grid" networks are all protected by encryption while traveling over the electrical grid. Government agencies and critical infrastructure organizations frequently require encryption. The NIST Framework recommends using strong encryption to increase the cybersecurity of vital infrastructure.
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In safeguarding against disruptions to critical infrastructures like power grids, manufacturing, IT, and transportation, governments worldwide have enacted federal laws and policies to establish cybersecurity standards for ICS security. The passage of the Industrial Control Systems Cybersecurity Training bill by the US House of Representatives, Australia’s Critical Infrastructure Act, the European Commission's Critical Infrastructure Warning Information Network (CIWIN), and Canada's National Strategy and Action Plan, issued by Public Safety Canada such initiatives underscore the collective effort to enforce reliability standards and bolster national ICS security. These factors form a powerful force behind the growth and advancement of the ICS security market.
What is ICS security?
According to Forcepoint, industrial control systems can consist of a complex network of interactive control systems or a small number of controllers. These systems receive information from remote sensors that measure and monitor process variables. From control valves to pressure gauges, an ICS sends commands and receives alerts from many components. ICS security is a security framework that protects these systems against accidental or intentional breaches and risks.
ICS security solutions consist of a comprehensive array of technologies such as Distributed Denial of Service (DDoS), Intrusion Detection and Prevention System (IDPS), antimalware/antivirus, firewall, virtualization security, Security Information and Event Management (SIEM), SCADA encryption, Unified Threat Management (UTM), Data Loss Prevention (DLP), and Identity and Access Management (IAM).
Unique Features in the Industrial Control Systems Security Market
Control Network Isolation: To separate control networks from enterprise networks, ICS Security places a strong emphasis on network segmentation. This lowers the possibility of unauthorised access and lessens the effect of security incidents.
Analysis of Granular Traffic: ICS Deep packet inspection is a tool that security solutions frequently use to examine network data closely and identify irregularities and possible cyberthreats in industrial communication protocols.
Behavioural Anomaly Detection: Unique patterns or actions that could point to a cyber threat in industrial processes are recognised by specialised anomaly detection algorithms designed for Operational Technology (OT) environments.
Secure Device Access: Critical industrial assets can only be accessed and controlled by authorised entities thanks to the strong authentication and authorization procedures for devices implemented by ICS Security.
Protecting Programmable Logic Controllers (PLCs): Specialised security techniques, such as firmware integrity checks, secure development environments, and steps to stop unauthorised code execution, are used to safeguard PLCs.
Dedicated Industrial Firewalls: As an extra line of defence against cyberattacks that target industrial control systems, ICS Security uses industrial-grade firewalls to filter and monitor network traffic.
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Major Highlights of the Industrial Control Systems Security Market
Protection of vital infrastructure, including energy, utilities, and manufacturing, through raising awareness of and taking action against cybersecurity threats aimed at industrial control systems.
Nation-state-sponsored cyberattacks targeting critical infrastructure have increased noticeably, which has put the ICS Security market under pressure to develop strong defences against advanced threats.
ICS Security incident response planning is receiving more attention. Businesses now understand how crucial it is to have efficient reaction plans in place in order to lessen the impact that cyber disasters can have on vital industrial processes.
The attack surface for cyber threats has grown as a result of the widespread use of Industrial Internet of Things (IIoT) devices. Within the ICS Security sector, protecting these networked devices has taken front stage.
escalating worries regarding the safety of the industrial equipment and component supply chain. In order to avoid introducing compromised components, organisations are working to ensure the integrity of the entire supply chain.
Competitive overview:
The ICS security market is led by some of the globally established players, such as Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.
Cisco, a global technology leader, has played a pivotal role in shaping the networking landscape since its establishment in 1984 by a group of Stanford University computer scientists. Over the past two decades, the company has consistently demonstrated an unwavering commitment to technological innovation and corporate social responsibility. Specializing in networking solutions for the Internet, Cisco's comprehensive portfolio encompasses hardware, software, and services. In the category of ICS security, Cisco provides a comprehensive suite of solutions to enhance industrial cybersecurity. These offerings include Cisco Cyber Vision for asset visibility and threat detection, Secure Equipment Access for remote task execution, Secure Firewall for network protection, Identity Services Engine for micro-segmentation and zero-trust security, Security Service Edge for secure cloud connectivity, and Extended Detection and Response for event augmentation and remediation coordination between IT and OT environments.
Cisco's clientele spans various industries, including oil and gas, education, financial services, government, healthcare, mining, sports, media, entertainment, retail, utilities, and transportation. The company caters to large enterprises, commercial businesses, service providers, and consumers' needs. Their distribution channels comprise direct sales and partnerships with service providers, system integrators, distributors, and resellers. Geographically, Cisco boasts a substantial global presence, with operations extending across the Americas, Europe, the Middle East, Africa and Asia-Pacific.
ABB is a global leader in electrification and automation technologies, offering a wide range of products, systems, solutions, and services across various industries. With a focus on power reliability, industrial productivity, and energy efficiency, ABB provides digitally connected and enabled equipment to customers in Asia, the Americas, the Middle East, Africa, and Europe. In the category of ICS security, the company offers solutions such as the ABB ICS Cyber Security Reference Architecture, Cyber Security Monitoring Service, and ABB Ability Cyber Security. These solutions align with IEC 62443 standards, enhance control system security, and provide continuous monitoring, diagnostics, consultancy, technology, and ongoing support, ultimately minimizing cyber risks and fostering operational excellence. ABB serves automotive, mining, oil and gas, smart cities, and more industries. They distribute their products through a direct sales force and third-party channel partners, including distributors, installers, and OEMs.
Fortinet is a renowned industry player, delivering comprehensive network security solutions tailored to the needs of medium-sized and large enterprises, government agencies, and service providers. Its mission is to safeguard users, applications, and data from the ever-evolving landscape of malware and content-related security threats. Fortinet boasts extensive products, solutions, and services designed to fortify data center security. At the core of its offerings is Fortinet's Security Fabric platform, which delivers robust security solutions to major enterprises, service providers, and government organizations on a global scale. The company's commitment to security extends even to gasoline retailers, where it provides robust networking products such as the FortiGate Rugged Series next-generation firewalls (NGFWs) and the FortiAP Outdoor Series wireless access points, ensuring unwavering protection.
Fortinet's reach spans across various industries, serving the needs of small and medium-sized enterprises (SMEs) and service providers. It caters to sectors like education, government, healthcare, banking, financial services, insurance (BFSI), retail, industrial control systems, supervisory control, and data acquisition (ICS/SCADA). With a truly global presence, Fortinet boasts a vast and diverse clientele, counting over 455,000 satisfied customers, including a substantial share of Fortune 500 companies. While its footprint extends worldwide, the company's primary focus remains on delivering exceptional security solutions to customers in North America, Europe, and the Asia Pacific region.
According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2021–2023, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with ICS security offerings, which would assist businesses in boosting market revenue.
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