Industrial Control Systems (ICS) Security Markets - Global Forecast to 2027: Convergence of IT and OT Systems to Fuel Growth - ResearchAndMarkets.com
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DUBLIN--(BUSINESS WIRE)--The "Industrial Control Systems (ICS) Security Market by Component (Solutions and Services), Solution, Service, Security Type (Network Security, Endpoint Security, Application Security, and Database Security), Vertical and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global ICS security market is projected to grow from USD 16.7 Billion in 2022 to USD 23.7 Billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2%.
One of the factors driving the market growth is accretion in digital technologies and industrial systems.
By solution, the firewall segment to account for a higher market share during the forecast period.
Tofino Xenon Security Appliance was one of the first ICS-specific firewalls on the market. It was a small form factor firewall with added features for deep packet inspection and configuration controls specific to ICS protocols.
Some of the factors driving the growth of the firewall segment include the increasing need to fortify the enterprise network against unauthorized and unprecedented strikes, centralized policy management and simplified installation of firewalls for distributed enterprise networks, elimination of the upfront investment cost, rapid upgradation of and alteration to firewall protocols, the proliferation of Next-Generation Firewall (NGFW), and seamless scalability and reduced operational cost.
Other opportunities expected to drive the market growth include higher demand for firewalls among SMEs and organizations with low-budget on IT and OT security measures. Fortinet, Check Point, and Bayshore Networks offer effective and in-depth defense firewall solutions for the ICS and SCADA networks.
By services, incident response services to grow at the highest CAGR during the forecast period.
New cybersecurity compliance standards are emerging in all industries, and incident response services are swiftly becoming a required feature of a well-rounded security plan. An incident response process has been developed by the National Institute of Standards and Technology (NIST) to help protect companies in a variety of technology fields.
A variety of incident response team models, how to choose the optimal model, and how to run the team effectively are covered in this guide. The Payment Card Industry Data Security Standard (PCI DSS) requires that complaint entities develop an incident response plan, test it annually, designate a professional team, and train employees on how to follow the respective plan.
Similarly, the Healthcare Portability and Accountability Act also requires an incident response plan. Even if standards do not require companies to implement incident response plans, it is still worth developing an incident response strategy.
This requires subject-matter expertise from incident response services for ICS security practices to combat terrorist attacks & cyberattacks and the strict security norms followed by governments and international organizations.
Increased Cyberattacks on Critical Infrastructure to Fuel Market
Solutions Segment to Account for Larger Share During Forecast Period
Firewall to Account for Largest Share During Forecast Period
Consulting & Integration Services to Account for Largest Share During Forecast Period
Endpoint Security to Gain Largest Share During Forecast Period
Energy & Utilities and North America to Account for Largest Shares in 2022
Asia-Pacific to Emerge as Best Market for Investment in Next Five Years
Market Overview and Industry Trends
- Accretion in Digital Technologies and Industrial Systems
- Stringent Government Regulations Related to Cip
- Convergence of IT and OT Systems to Fuel Growth of ICS Security
- High Procurement Cost of ICS Security Solutions
- Emerging Challenges Related to Maintenance and Upgrade of ICS Security Solutions
- Rising Demand for Professional and Managed Security Services
- R&D Investments by Governments and Enterprises to Develop Robust ICS Security Solutions
- Low Collaboration Between Public and Private Sectors
- Lack of Trained Security Analysts to Analyze ICS Systems
- Lack of Awareness About ICS Security Techniques
- Use Case: Palo Alto Networks Helped Warren Rogers Associates with ICS Security
- Use Case: ICS Security for a Major Power Provider
- Use Case: ICS Security for Multinational Gas and Electrical Distribution Company
- Artificial Intelligence
- Machine Learning
- Iso 27001
- General Data Protection Regulation (Gdpr)
- Sarbanes-Oxley (Sox) Act
- Soc 2
- Regulatory Bodies, Government Agencies, and Other Organizations
- Lockheed Martin
- Palo Alto Networks
- Bae Systems
- Check Point
- Kaspersky Labs
- Nozomi Networks
- Verve Industrial Protection
- Applied Security
- Positive Technologies
For more information about this report visit https://www.researchandmarkets.com/r/g1np58
Laura Wood, Senior Press Manager
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First published on Wed, Dec 21, 2022
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