Industrial Control Systems (ICS) Security Market

Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018 in Industrial Control Systems (ICS) Security Market

The global Industrial Control Systems (ICS) security market is expected to grow from 13.20 billion in 2018 to USD 18.05 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. The major driving factors for the growth of the ICS security market are huge investments by organizations in Industry 4.0, convergence of Information Technology (IT) and Operational Technology (OT), and rise in the number of cyber threats on critical infrastructure.

The major ICS security vendors are ABB (Switzerland), Check Point Software (Israel), Cisco (US), Honeywell (US), McAfee (US), FireEye (US), Fortinet (US), BHGE (US), Kaspersky Lab (Russia), Belden (US), Airbus (France), BAE Systems (UK), Bayshore Networks (US), Dragos (US), CyberArk (US), Cyberbit (Israel), Indegy (US), Nozomi Networks (US), Palo Alto Networks (US), Rockwell Automation (US), Schneider Electric (France), SecurityMatters (Netherlands), Sophos (US), Symantec (US), Positive Technologies (US), and Waterfall Security Solutions (Israel). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global ICS security market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018. These strategies have helped market players innovate their offerings and broaden their customer base.

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In line with the rising importance of ICS security, Honeywell has been working to deliver efficient ICS security solutions and services to industrial sectors. The company is highly focused on the new product development strategy. It launched a new multi-site ICS security solution that is based on Honeywell’s ICS Shield. The solution secures ICS that are available on multiple sites. It also provides a single security operations center that efficiently handles the security of industrial assets. The company has strengthened its presence in the ICS security market by adopting the acquisitions, partnerships, and collaborations strategies. In June 2017, the company acquired Nextnine, a provider of security management solutions and technologies for ICS security. The acquisition enabled Honeywell to enhance its range of innovative cybersecurity technologies and expand its ICS security customer base. In February 2017, Honeywell collaborated with Seeq Corporation to help customers with industrial processes and shutdowns, minimize risks, and enhance the supply chain strategy.

Fortinet is progressing in the ICS space by providing solutions to ICS/SCADA customers in industry verticals such as power, energy, oil and gas, and manufacturing, among others. The company is focusing on the strategies of new product development and product enhancements. In April 2018, the company announced the launch of the NOC-SOC solution, which bridges workflows, analysis, and automated response across operational and security processes. The solution also combines the capabilities of FortiManager, FortiSIEM, and FortiAnalyzer. In December 2017, Fortinet announced the launch of the OT Security solution for critical infrastructures and industrial organizations. The new solution integrates ruggedized firewall, switching, and wireless access point appliances with FortiGuard industrial threat intelligence to provide integrated cybersecurity protections for ICS and SCADA systems deployed on the field and in non-environmentally controlled facilities across an organization’s OT infrastructure. Fortinet operates from the US and is expanding its customer base across the globe. Some of the prominent customers of the company are Pansonic, Schiller, Steelcase, and Klenk & Meder. The high demand in the MEA and European regions for ICS solutions is expected to aid the company’s growth. The company has also expressed interest in the inorganic growth strategy of partnerships. In May 2016, Fortinet collaborated with Nozomi Networks to provide a new and innovative security solution for ICS. Fortinet’s Security Fabric amalgamated with Nozomi’s SCADAguardian provided comprehensive cybersecurity protection, real-time anomaly detection facilities, and abnormal behavior tracking in the ICS network to ICS customers.

Related Reports:

Industrial Control Systems (ICS) Security Market by Solution (Firewall, Antimalware/Antivirus, IAM, Encryption, Whitelisting, Security Configuration Management, DDoS, and IDS/IPS), Service, Security Type, Vertical, and Region - Global Forecast to 2023

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