Industrial Control Systems Security Market

Market Leadership - Industrial Control Systems Security Market

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 convergence of digital technologies and industrial systems integration is propelling the expansion of the ICS security market.

In safeguarding against disruptions to critical infrastructures like power grids, manufacturing, IT, and transportation, governments worldwide have enacted federal laws and policies to establish cybersecurity standards for ICS security. The passage of the Industrial Control Systems Cybersecurity Training bill by the US House of Representatives, Australia’s Critical Infrastructure Act, the European Commission's Critical Infrastructure Warning Information Network (CIWIN), and Canada's National Strategy and Action Plan, issued by Public Safety Canada such initiatives underscore the collective effort to enforce reliability standards and bolster national ICS security. These factors form a powerful force behind the growth and advancement of the ICS security market.

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What is ICS security?

According to Forcepoint, industrial control systems can consist of a complex network of interactive control systems or a small number of controllers. These systems receive information from remote sensors that measure and monitor process variables. From control valves to pressure gauges, an ICS sends commands and receives alerts from many components. ICS security is a security framework that protects these systems against accidental or intentional breaches and risks.

ICS security solutions consist of a comprehensive array of technologies such as Distributed Denial of Service (DDoS), Intrusion Detection and Prevention System (IDPS), antimalware/antivirus, firewall, virtualization security, Security Information and Event Management (SIEM), SCADA encryption, Unified Threat Management (UTM), Data Loss Prevention (DLP), and Identity and Access Management (IAM).

Competitive overview:

The ICS security market is led by some of the globally established players, such as Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel). Partnerships, agreements, collaborations, product developments, and acquisitions are some of the various growth strategies by these players to increase their market presence.

Cisco, a global technology leader, has played a pivotal role in shaping the networking landscape since its establishment in 1984 by a group of Stanford University computer scientists. Over the past two decades, the company has consistently demonstrated an unwavering commitment to technological innovation and corporate social responsibility. Specializing in networking solutions for the Internet, Cisco's comprehensive portfolio encompasses hardware, software, and services. In the category of ICS security, Cisco provides a comprehensive suite of solutions to enhance industrial cybersecurity. These offerings include Cisco Cyber Vision for asset visibility and threat detection, Secure Equipment Access for remote task execution, Secure Firewall for network protection, Identity Services Engine for micro-segmentation and zero-trust security, Security Service Edge for secure cloud connectivity, and Extended Detection and Response for event augmentation and remediation coordination between IT and OT environments.

Cisco's clientele spans various industries, including oil and gas, education, financial services, government, healthcare, mining, sports, media, entertainment, retail, utilities, and transportation. The company caters to large enterprises, commercial businesses, service providers, and consumers' needs. Their distribution channels comprise direct sales and partnerships with service providers, system integrators, distributors, and resellers. Geographically, Cisco boasts a substantial global presence, with operations extending across the Americas, Europe, the Middle East, Africa and Asia-Pacific.

ABB is a global leader in electrification and automation technologies, offering a wide range of products, systems, solutions, and services across various industries. With a focus on power reliability, industrial productivity, and energy efficiency, ABB provides digitally connected and enabled equipment to customers in Asia, the Americas, the Middle East, Africa, and Europe. In the category of ICS security, the company offers solutions such as the ABB ICS Cyber Security Reference Architecture, Cyber Security Monitoring Service, and ABB Ability Cyber Security. These solutions align with IEC 62443 standards, enhance control system security, and provide continuous monitoring, diagnostics, consultancy, technology, and ongoing support, ultimately minimizing cyber risks and fostering operational excellence. ABB serves automotive, mining, oil and gas, smart cities, and more industries. They distribute their products through a direct sales force and third-party channel partners, including distributors, installers, and OEMs.

Fortinet is a renowned industry player, delivering comprehensive network security solutions tailored to the needs of medium-sized and large enterprises, government agencies, and service providers. Its mission is to safeguard users, applications, and data from the ever-evolving landscape of malware and content-related security threats. Fortinet boasts extensive products, solutions, and services designed to fortify data center security. At the core of its offerings is Fortinet's Security Fabric platform, which delivers robust security solutions to major enterprises, service providers, and government organizations on a global scale. The company's commitment to security extends even to gasoline retailers, where it provides robust networking products such as the FortiGate Rugged Series next-generation firewalls (NGFWs) and the FortiAP Outdoor Series wireless access points, ensuring unwavering protection.

Fortinet's reach spans across various industries, serving the needs of small and medium-sized enterprises (SMEs) and service providers. It caters to sectors like education, government, healthcare, banking, financial services, insurance (BFSI), retail, industrial control systems, supervisory control, and data acquisition (ICS/SCADA). With a truly global presence, Fortinet boasts a vast and diverse clientele, counting over 455,000 satisfied customers, including a substantial share of Fortune 500 companies. While its footprint extends worldwide, the company's primary focus remains on delivering exceptional security solutions to customers in North America, Europe, and the Asia Pacific region.

According to MnM’s approach to evaluating the market, most businesses use organic and inorganic growth tactics to hold onto their market share. In 2021–2023, transactions rose by 50–60%. Alliances, acquisitions, collaborations, and partnerships together are covered in these agreements. Organizations are anticipated to embrace organic growth strategies starting in 2022 to provide end consumers with ICS security offerings, which would assist businesses in boosting market revenue.

Related Reports:

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

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Industrial Control Systems Security Market Size,  Share & Growth Report
Report Code
TC 3075
RI Published ON
11/21/2023
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