According to a recent report by Reports and Data, the global Industrial Control Systems Security Market is expected to reach a size of USD 34.64 Billion by 2030 and register a revenue compound annual growth rate (CAGR) of 8.5% during the forecast period. The market growth is primarily attributed to the growing use of industrial systems and digital technologies.
The demand for managed security services to handle complex vulnerabilities in industrial control systems is also increasing, which is expected to offer attractive opportunities for revenue growth in the global industrial control systems security market during the forecast period. Cyber attackers and hackers take advantage of the lack of security knowledge among employees to extract sensitive information of firms. The use of industrial systems and digital technologies is increasing, leading to growing demand for industrial control systems security. The merging of digital technology and industrial systems is creating a global revolution in various industry verticals, which is opening up lucrative possibilities for Machine to Machine (M2M) communication and the Industrial Internet of Things (IIoT).
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Companies profiled in the global market report include:
ABB Group, Airbus SE, Siemens AG, Honeywell International Inc., Cisco Systems Inc., Fortinet, Inc., Palo Alto Networks Inc., Sophos Group plc, BAE Systems plc, CyberArk Software Inc., Kaspersky Lab, and Nozomi Networks Inc.
Here are some key highlights from the report:
- The database security segment is expected to show steady revenue growth during the forecast period due to an increasing demand for advanced security solutions, evolving regulatory environment, and growing volumes of corporate data across industries.
- The identity and access management segment is expected to account for a considerably large revenue share over the forecast period due to the rise in security concerns across organizations and the need for mobility solutions. Rising awareness regarding compliance management across many industries is driving adoption of identity and access management solutions for security.
- The market in Europe is expected to show significantly steady revenue growth during the forecast period, owing to increasing need to cut manufacturing costs, rising use of Machine-to-Machine (M2M) technologies and Internet of Things (IoT), and significant utilization of automated processes in automotive and manufacturing sectors.
- In March 2021, Palo Alto Networks completed the acquisition of Bridge Crew, a developer-first cloud security firm. The acquisition will enable "shift left" security, with Prisma Cloud being the first cloud security platform to provide security across the whole application lifecycle.
Here are the driving factors of the Industrial Control Systems Security Market in points:
- Growing use of industrial systems and digital technologies is one of the key factors expected to drive market revenue growth during the forecast period.
- Demand for managed security services to handle complex vulnerabilities in industrial control systems is gradually increasing, which can offer attractive prospects and drive revenue growth of the global industrial control systems security market during the forecast period.
- Small and medium-sized enterprises (SMEs) lack various essential cyberinfrastructures for relatively secure operations, while major enterprises need managed security services.
- Cyber attackers and hackers are taking advantage of the lack of security knowledge among employees to extract sensitive information of firms.
- Cybersecurity training, solving issues and incidents, and protocols are considered a hassle by the general workforce, and therefore, unless employees become aware of security protocols as business imperatives, firms will be vulnerable in some way or other despite a powerful infrastructure.
- The advancing technological landscape is creating a global revolution in various industry verticals, which is leading to merging of digital technology and industrial systems into a unified ecosystem. This is opening up lucrative possibilities for the Machine to Machine (M2M) communication and the Industrial Internet of Things (IIoT).
- IIoT-based technologies are widely used across several verticals, such as energy, manufacturing, metals and mining, transportation, oil and gas, and healthcare systems.
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