VANCOUVER, BC, April 4, 2022 /PRNewswire/ — The global industrial control systems security market size reached USD 17.09 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for professional security services for remote applications is one of the major factors driving market revenue growth.
Drivers:
Increasing advancements in technologies are encouraging several industries to undergo operational transformations. This has resulted in adoption of new technologies for operating various tasks that were performed manually earlier. Therefore, this offers a lucrative opportunity for Machine-To-Machine (M2M) and Industrial Internet of Things (IIoT) to expand. Industrial control systems when combined with digital technologies, consist of several devices placed in a heterogeneous landscape that often interact and share information with one another and the platform.
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Moreover, an increase in efficiency of production across various industries such as manufacturing, oil & gas, metals, mining, healthcare, and transportation systems has been mainly possible owing to largescale industrial automation applications, and robotics that work on control systems. Moreover, government initiatives such as Industry 4.0 are expected to boost demand for industrial control systems. Increasing application of control systems for various industrial operations can also possibly lead to their vulnerability to cyberattacks that can lead to loss of crucial data and loss of customer trust.
Restraints:
Implementation of a highly secured industrial control systems security platform demands company-wide coverage for smooth and secure working, thereby increasing infrastructure cost. This is most expensive for small and medium-scale companies. Moreover, current industrial control systems security standards require multi-stage authentication to ensure only authorized individuals have physical and logical access to critical assets. Moreover, upfront costs such as licenses, hardware, maintenance, and renewal activities are expensive but also crucial for critical infrastructure organizations to deploy. Small-scale manufacturers have a limited budget to build such a secure infrastructure. The industrial control systems security landscape further consists of solutions such as Identity and Access Management (IAM), Distributed Denial of Service (DDoS) mitigation, and Intrusion Detection and Prevention Systems (IDPS), which are costly. Hence, companies are reluctant to adopt industrial control systems security solutions for their operation due to high installation charges and continuous maintenance costs associated with it.
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Growth Projections:
The global industrial control systems security market is expected to register a CAGR of 6.9% over the forecast period and revenue is projected to increase from USD 17.09 Billion in 2021 to USD 30.42 Billion in 2030. Increasing need for measuring process compliance in industrial control systems is one of the major factors driving market revenue growth.
COVID-19 Impact Analysis:
The outbreak of COVID-19 pandemic had caused significant disruption to the global economy, changing how companies operate their day-to-day functions. As work-from-home protocols were mandated, companies started evaluating and revising their approach and strategies toward cyber incidents, especially where industrial control systems are utilized to monitor and control equipment functions. Increasing demand for industrial control systems during this period was specifically owing to their high interconnectedness and mutually dependent function. Moreover, during COVID-19, technological personnel were working with a minimum number of workers, with high production demand, leaving industrial control systems potentially vulnerable. Therefore, dependency on a highly reliable security solution was evident. However, now that situation has improved, most companies are still working on hybrid work models, thereby necessitating the need for a highly efficient industrial control systems security.
Current Trends and Innovations:
Cloud-based security solutions are a burgeoning field in which industry professionals seek not only to monitor and secure platforms but also to persistently store critical real-time data. Furthermore, many businesses are now leveraging low-cost cloud services to increase operations’ flexibility as well as management. Cloud-based security systems combine the power of networking, security, analytics, storage, and management into a single package, making deployment much simpler. Furthermore, there is no need for local servers and software. This saves both time and money while also improving security. Furthermore, by utilizing a cloud-hosting infrastructure, these solutions provide customers with the ability of remote operations and maintenance, alerting them to key security events and allowing them to stay up to date with latest firmware versions, upgrades, and patches.
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Geographical Outlook:
Market in Asia Pacific accounted for second-largest revenue share in 2021. The regional demand is mainly owing to rising concern of security threats. Moreover, countries such as India, China, Japan, and South Korea are home to a large number of manufacturing units. Major companies are investing in their plants in these regions owing to the vast availability of land and natural resources. Moreover, the availability of sector-specific cybersecurity solutions and rising investments in research & development activities are driving market growth in this region.
Strategic Initiatives:
Major companies included in the global market report include BAE Systems, Cisco, Honeywell International Inc., Claroty, CyberArk Software Ltd., Airbus, Palo Alto Networks, Sophos Ltd., ABB, and Tenable, Inc.
- On November 4, 2021. Palo Alto Networks, based in California, announced a collaboration with Siemens, based in Munich, Germany, to integrate their VM-Series firewalls into Siemens Ruggedcom networking and security platforms. Moreover, this collaboration enables companies to protect their industrial control systems and other critical infrastructure without sacrificing security, performance, or scalability. Furthermore, the collaboration allows customers to extend security policies from information technology (IT) to critical operational technology (OT), as well as industrial control systems.
Emergen Research has segmented global industrial control systems security market on the basis of security type, service, solution, and region:
- Security Type Outlook (Revenue, USD Billion; 2019-2030)
- Network
- Application
- Database
- Endpoint
- Service Outlook (Revenue, USD Billion; 2019-2030)
- Incident Response Services
- Support and Maintenance
- Managed Security Services
- Consultation and Integration
- Training and Development
- Solution Outlook (Revenue, USD Billion; 2019-2030)
- Identity & Access Management
- Distributed Denial of Service Solution
- Firewall
- Unified Threat Management
- Antivirus/Anti-Malware
- SCADA Encryption
- Virtualization Security
- Security Information and Event Management
- Intrusion Detection & Prevention
- Data Loss Prevention
- Others
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- a. US
- b. Canada
- c. Mexico
- Europe
- a. Germany
- b. France
- c. UK
- d. Italy
- e. Spain
- f. Benelux
- g. Rest of Europe
- Asia Pacific
- a. China
- b. India
- c. Japan
- d. South Korea
- e. Rest of APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- Middle East & Africa
- a. Saudi Arabia
- b. UAE
- c. South Africa
- d. Turkey
- e. Rest of MEA
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