Industrial Control Systems Security Market Size, Share & Trends Analysis Report By Component, By Solutions, By Services, By Security Type, By End-use, By Region And Segment Forecasts, 2024 - 2030

Industrial Control Systems Security Market Size, Share & Trends Analysis Report By Component, By Solutions, By Services, By Security Type, By End-use, By Region And Segment Forecasts, 2024 - 2030

Industrial Control Systems Security Market Growth & Trends

The global industrial control systems security market is anticipated to reach USD 32.88 billion by 2030 and is anticipated to grow at a CAGR of 8.2% during the forecast period, according to a new report by Grand View Research, Inc. The increasing incorporation of digital technologies into business operations and industrial infrastructure has led to a notable increase in the risk of cyberattacks. The industry would continue to expand due to the growing need for creative solutions to safeguard connected devices and the rising acceptance of Supervisory Control and Data Acquisition (SCADA) systems, which allow for local and remote industrial process control. Thus, driving the overall growth of the market growth.

There are a variety of benefits that are offered by industrial control systems security systems, such as improved Active Query capabilities for asset visibility across network segments and a better management experience for security sensors. Various companies are introducing several products and services to stay competitive in the market. For instance, in March 2023, Tenable, Inc., a cybersecurity solutions company, announced advancements in the Tenable OT Security, optimizing the protection for critical infrastructure, industrial control systems, and operational technology (OT), irrespective of the configuration or deployment. The enhanced features enable users to effortlessly safeguard and uphold control over the complete attack surface by utilizing uniform tools and procedures throughout their infrastructure, including cloud, IoT, OT, and IT systems. Thus, such strategic initiatives are expected to drive the market growth in the forecasted period.

Cyber threats are expected to be considerably reduced as the Internet of Things (IoT) becomes more widespread in the market for security solutions for industrial control systems. Systems that are intelligent, networked, and driven by machine learning (ML) are reducing cyberattacks. Chief Information Security Officers (CISOs) in the transportation, oil and gas, and medical technology sectors are leading investments in security systems with IoT and ML capabilities. There is a growing need for products that offer security in solutions specifically designed for operating technologies (OT) and industrial control systems (ICS), driving the growth of the market.

Industrial Control Systems Security Market Report Highlights

• The services segment is anticipated to exhibit a high growth rate of more than 8.6% over the forecast period. The ICS services safeguard the assets. Assets can be safeguarded by prevention; for instance, the exposure of transformers downstream to overvoltage can be reduced when a fault, such as an overvoltage condition, is detected. Thus, end users are seen to be increasingly implementing industrial control systems security services.
• The encryption segment is anticipated to register a CAGR of more than 9.5% through 2030. Encryption solutions helps in transforming data into a format that are unreadable and can only be decoded using a secret algorithm or key. Only people who have the corresponding algorithm or key can decrypt the original meaning of data stored in various applications, files, database, and networks. Encryption can safeguard attackers from modifying, stealing, or intercepting ICS data, along with ensuring its integrity and authenticity.
• The managed services segment is expected to register the fastest growth CAGR over the forecast period. ICS Managed Service Provider focuses on broader outsourced IT Systems Management. The managed services provide real-time monitoring of Endpoint Detection and response (EDR) and other threat detection solutions through Security Operations Centres (SOCs), driving the market growth of the segment.
• The end point segment in the Industrial Control Systems (ICS) Security market is expected to grow at highest growth rate during the forecast period. Market players are developing Machine Learning (ML)--based methods for tracking down cyberattacks through behaviour-based techniques. Machine learning (ML) technology helps businesses identify and notify the system of unauthorized activity at endpoint devices. Al is anticipated to be crucial in identifying zero-day attacks as well. Thus, the usage of these advanced technologies is expected to drive the market demand in the forecasted period.
• The energy and utilities segment in the Industrial Control Systems (ICS) Security market is expected to grow at highest growth rate during the forecast period. ICS software bridges the gap between IT and OT in the energy and utility sectors to provide a comprehensive view of security and safeguard end users' vital infrastructure from external threats. It also simplifies NERC CIP and other standard compliance reporting. Thus, driving the market growth of the segment.
• The Asia Pacific industrial control systems security market is expected to register a CAGR during the forecast period. The automotive industry in the region has witnessed a surge in focus on digitalization and Industry 4.0 due to several noteworthy initiatives. These include Singapore's Smart Nation, which is akin to Indonesia's "2020 Go Digital Vision," Thailand's "Thailand 4.0" initiative, and the industry 4.0 initiatives of the Vietnamese government, among others. Thus, driving the market growth in the region.
• Market players are adopting various business strategies to attract potential clients and achieve higher profitability from this potential Industrial Control Systems (ICS) Security market. For instance, in November 2023, CPX Holding, a provider of cybersecurity solutions and services, launched, the CPX Intelligent Threat Detection Platform, a cybersecurity solution.This solution was developed in-house and uses advanced cyber threat detection technology to protect customers from ever-changing threats. Thus, such strategic initiatives are expected to drive market growth in the forecasted period.

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