Industrial Control Systems Security Market by Component (Solutions, Services), Solution (Antimalware/Antivirus, DDoS Mitigation), Service (Incident Response Services, Consulting & Integration), Security Type, Vertical, and Region - Global Forecast to 2028

Industrial Control Systems Security Market by Component (Solutions, Services), Solution (Antimalware/Antivirus, DDoS Mitigation), Service (Incident Response Services, Consulting & Integration), Security Type, Vertical, and Region - Global Forecast to 2028

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 ICS security market is propelled by key factors shaping its growth trajectory. These include integrating IT and OT systems, driving expansion in ICS security solutions, and confluence of digital technologies and industrial systems integration.

“By vertical, energy and utilities hold the largest market size.”

Renewable energy power plants have had significant market expansion over the last 20 years because of their renewability, pollution-free nature, large resource amplitude, and generally safe features. An estimated 20% of wind power facilities are expected to increase in the next years. Additionally, it's projected that renewable energy sources account for 15–16% of the world's electricity. Due to their wide dispersion, these sources need all-encompassing solutions for operations management and monitoring. The increasing digitization and interconnectivity of critical infrastructure have exposed energy and utility systems to a heightened risk of cyber threats, propelling a surge in demand for robust ICS security solutions. Adopting smart grids, IoT-enabled devices, and cloud-based solutions has expanded the attack surface, necessitating specialized security solutions tailored for these industrial environments.

“By services, the Consulting and integration segment holds the largest market size.”

Consulting and integration services play a pivotal role in guiding organizations through the complex landscape of ICS security, offering tailored strategies to fortify critical infrastructure against cyber threats. As industries increasingly digitize their operations, there's a growing realization of the need for specialized expertise to assess vulnerabilities, design comprehensive security frameworks, and integrate sophisticated solutions into existing infrastructure seamlessly. The demand for these services is propelled by a surge in cyber threats targeting ICS environments, urging businesses to seek proactive measures and specialized knowledge to safeguard their operational technology networks. Consulting firms and integrators are stepping in to fill this gap, offering expertise in risk assessment, compliance adherence, architecture design, and implementation of robust security protocols.

“By region, North America holds the largest market size.”

North America has been at the forefront of implementing ICS security solutions. ICS security solutions are widely employed in various industries, including manufacturing, chemicals, energy, and utilities, in light of the increasing cyberattacks on critical infrastructure. Additionally, this region has shown remarkable adaptability to the most recent technological developments, including the incorporation of cloud and loT security solutions with ICS security solutions to create a comprehensive secure access mechanism and implement a security governance structure. The North American area holds a considerable market share, which may be gained through innovative technologies, especially given the rising awareness of ICS security among small and medium-sized firms and the extensive use of data-driven approaches in industrial processes. Effective ICS security and resilience have been achieved in the region due to public-private partnerships (PPP) and international cooperation.

Breakdown of primaries

The break-up of the primaries is as follows:

By Company Type: Tier 1 – 25%, Tier 2 – 40%, and Tier 3 – 35%

By Designation: Director- 30%, C-level Executes– 35%, Other levels– 35%

By Region: North America – 15%, Europe – 25%, Asia Pacific – 30%, Middle East & Africa – 10%, Latin America – 20%

Major vendors in the global ICS security market include Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US). The study includes an in-depth competitive analysis of the key players in the ICS security market, their company profiles, recent developments, and key market strategies.

Research Coverage

The report segments the ICS security market and forecasts its size by Component (Solution, Services), by Solutions (Anti-malware/Anti-virus, DDoS, Encryption, Firewall, IAM, IDS/IPS, Security, and Vulnerability Management, Security Configuration Management, SIEM, Whitelisting, Others), by Services (Consulting and Integration, Support and Maintenance, Training and Development, Incident Response Services, Managed Security Services), by Security Type (Network Security, Endpoint Security, Application Security, Database Security), by Vertical (Power, Energy and Utilities, Transportation Systems, Manufacturing, Others), and region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).

The study also includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report

The report will help the market leaders/new entrants in the market with information on the closest approximations of the revenue numbers for the overall ICS security market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Confluence of digital technologies and industrial systems integration, Government initiatives and regulations in critical infrastructure protection drive adoption of ICS security solutions, Integration of IT and OT systems driving expansion in ICS security solutions), restraints (Elevated acquisition expenses for ICS security solutions, Navigating challenges in upgrading and maintaining ICS security solutions), opportunities (Escalating demand for professional and managed security services in small and medium-sized enterprises (SMEs), Government and Enterprises R& D investments for robust advancements in ICS security solutions) and challenges (Shortage of skilled analysts for analyzing critical ICT systems, Limited awareness about ICS security techniques)

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the ICS security market.

Market Development: Comprehensive information about lucrative markets – the report analyses the ICS security market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the ICS security market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US) and among others in the ICS security market strategies.