Growth Of The Global Industrial Control Systems (ICS) Security Market To Be Propelled By Trending Industry 4.0 And Increasing Investments For IoT By A Robust CAGR During 2019-2027

Research Nester has released a report titled Industrial Control Systems (ICS) Security Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the industrial control systems (ICS) security market in terms of market segmentation by component, by security type, by application and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The global ICS security market is segmented by application into manufacturing, power and energy, mining, water utility, transportation and others, out of which, manufacturing segment is anticipated to hold the largest market share. A large number of manufacturing companies are being targeted for cyber attacks on account of growing deployment of IoT and digital sensors by the companies. These deployed sensors help the organizations in monitoring their manufacturing processes. The monitored data are vulnerable to the manufacturers as there are challenging complexities with the security management of the systems deployed which helps cyberattack criminals to use the data for financial gain and industrial espionage.

The global ICS security market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. Growing threats and attacks on critical infrastructure worldwide, coupled with threats observed with the existing technological infrastructure in the organizations has raised the demand for safeguarding the processes, which is anticipated to drive the growth of the ICS security market during the forecast period. In the statistics by Internet Crime Complaint Center (IC3) of the Federal Bureau of Investigation (FBI), 351937 numbers of cybercrime complaints were submitted to the IC3 in the year 2018, which was an increase by 82515 numbers in a span of four years. The complaints registered in the year 2014 was 269422 numbers.

Regionally, the global ICS security market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America is expected to have largest market share on account of growing number of instances of cyberattacks, improving trusts for industrial internet of things (IIoT), presence of numerous key players in the region, as well as rising stringent norms implied for greater cyber security needs. In the statistics by Internet Crime Complaint Center (IC3), 49031 numbers of cybercrime victims were recorded in California in the year 2018, which was the highest numbers recorded amongst all other countries in the region.

Trending Industry 4.0 And Increasing Investments For IoT

With the trending shift towards industrial internet of things (IIoT), which focuses on machines augmented with wireless connectivity and sensors, manufacturers are currently investing heavily and is also further anticipated to invest around USD 39 Billion by 2020. Factors, such as automation of processes, data exchange, and provision of visualization of the entire production line, coupled with decision making capabilities, all of these together have created a complex system, thereby promoting greater threat surface for criminals, which is anticipated to promote significantly towards the growth of the global ICS security market.

However, concerns regarding large system down time required for security update restricts manufacturers to apply any security update, which makes the ICS security system vulnerable from cyber-attacks. Such a factor is considered to operate as key restraint to the growth of the global ICS security market during the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global ICS security market, which includes company profiling of ABB (NYSE: ABB), Check Point Software Technologies Ltd. (NASDAQ: CHKP), Cisco (NASDAQ: CSCO), Honeywell (NYSE: HON), McAfee, LLC, FireEye, Inc. (NASDAQ: FEYE), AO Kaspersky Lab, Airbus (EPA: AIR), Schneider Electric (EPA: SU), and Tripwire, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ICS security market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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