Industrial Control Systems (ICS) Security Global Market Report 2024

The industrial control systems (ics) security market size has grown strongly in recent years. It will grow from $16.49 billion in 2023 to $17.8 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historic period can be ascribed to heightened interconnectivity, a surge in cyber attacks, regulatory mandates, increased awareness of industrial cyber risks, and technological advancements in attack methods.

The industrial control systems (ics) security market size is expected to see strong growth in the next few years. It will grow to $24.88 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the forecast period can be traced to the expanding connectivity and Industrial Internet of Things (IIoT), the elevation in the sophistication of cyber threats, the evolving landscape of regulatory compliance, the integration of artificial intelligence and machine learning, and a concentrated effort on enhancing supply chain resilience. Prominent trends expected in the forecast period encompass an escalation in cyber threats, the integration of Information Technology/Operational Technology (IT/OT) networks, the evolving requirements of regulatory compliance, the adoption of remote access solutions, and a heightened focus on ensuring supply chain security.

The industrial control systems (ICS) security market is anticipated to experience growth, propelled by the increasing frequency of cyberattacks on critical infrastructure. Critical infrastructure encompasses vital systems and assets crucial for societal and economic functionality, including power grids, water systems, communication networks, transportation, and financial and governmental institutions. Given their significance, organizations operating critical infrastructure must implement robust cybersecurity measures to protect against cyber threats. In 2022, the global count of DDoS cyberattacks reached 6,019,888, as reported by NetScout Systems, Inc., with notable increases in TCP attacks, including a 21% rise in TCP SYN/ACK and a 20% increase in TCP RST attacks. The Asia-Pacific region alone recorded approximately 1.3 million DDoS attacks targeting major organizations in the first half of 2022. This escalating threat landscape underscores the need for industrial control systems (ICS) security.

The growing adoption of industrial IoT is expected to contribute to the expansion of the industrial control systems (ICS) security market. Industrial Internet of Things (IIoT) involves integrating smart devices, sensors, and systems in industrial settings for enhanced data collection, analysis, and optimization, thereby improving efficiency and productivity. The interconnected nature of IIoT introduces an elevated risk of cyber threats, necessitating robust industrial control systems security to safeguard critical infrastructure and industrial processes. By the end of 2028, nearly 60% of cellular IoT connections are projected to be broadband IoT, according to a report by Ericsson, indicating a significant growth rate. The increasing prevalence of industrial IoT adoption is a key driver for the industrial control systems (ICS) security market.

Innovative solutions have emerged as a prominent trend in the industrial control systems (ICS) security market, with major companies introducing cutting-edge offerings to bolster their market positions. GuidePoint Security, a US-based cybersecurity solutions firm, exemplifies this trend by launching Industrial Control Systems (ICS) security services. These services provide a comprehensive assessment of an organization's ICS security posture, including a security program review, security architecture review, and ICS penetration testing. This holistic approach aims to bridge the IT and OT security gap, offering organizations a thorough understanding of their overall ICS security.

Major players in the industrial control systems (ICS) security market are also focusing on developing new industrial cybersecurity solutions to maintain a competitive edge. ABB Ltd., a Switzerland-based automation company, introduced the ABB Ability Cyber Security Workplace (CSWP), a digital platform consolidating ABB and third-party security solutions. This platform is designed to enhance the security of critical industrial infrastructure by simplifying cybersecurity management through a unified interface. It addresses the IT and OT security gap, contributing to improved performance and resource utilization in industrial infrastructure while aligning with sustainability objectives.

In November 2022s, Palo Alto Networks (PAN), a US-based cybersecurity company, acquired Cider Security, an Israel-based information services company specializing in application and software supply chain security, for $195 million. This acquisition reflects PAN's commitment to staying at the forefront of cybersecurity advancements.

Major companies operating in the industrial control systems (ics) security market report are ABB Group, Honeywell International Inc., Cisco Systems Inc., Fortinet Inc., Palo Alto Networks Inc., Lockheed Martin Corporation, BAE Systems, Raytheon Technologies, CyberArk Software Ltd., Check Point Software Technologies Ltd., Darktrace Ltd., Kaspersky Lab ZAO, Nozomi Networks Inc., Cyberbit Ltd., Belden Inc., Airbus SE, FireEye Inc., Claroty Ltd., Sophos Group Plc, Dragos Inc., Tenable Inc., IBM Corporation, Broadcom Inc., Rockwell Automation Inc., Trend Micro Inc., Schneider Electric SE, Trellix Communications Inc., Radiflow Ltd., Verve Industrial Protection Inc., Forescout Technologies Inc., Bayshore Networks Inc., CyberX Inc., Indegy Inc.

North America was the largest region in the industrial control systems (ICS) security market in 2023. The regions covered in the industrial control systems (ics) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial control systems (ics) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of ICS security consist of solutions and services. ICS security solutions play a pivotal role in shielding industrial control systems, including supervisory control and data acquisition (SCADA) systems and programmable logic controllers (PLCs). Security measures span across various types, including network security, endpoint security, application security, and database security. Additionally, diverse system types such as SCADA, DCS, PLC, and others are employed across applications such as power and energy, critical manufacturing, mining, water utility, transportation, chemical, and various other sectors.

The industrial control systems security market research report is one of a series of new reports that provides industrial control systems security market statistics, including industrial control systems security industry global market size, regional shares, competitors with an industrial control systems security market share, detailed industrial control systems security market segments, market trends and opportunities, and any further data you may need to thrive in the industrial control systems security industry. This industrial control systems security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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