“Industrial Control Systems Security Market” Worth $29.9 Billion by 2029

Meticulous Research®—a leading global market research company, published a research report titled, ‘Industrial Control Systems Security Market by Offering, Security Type (Endpoint, Cloud, Network), Organization Size, Application (DLP, DDoS, UTM, IAM, SIEM), End-use Industry (Automotive, Electronics & Electrical, Energy & Utility), and Geography -Global Forecasts to 2029’.

According to this latest publication from Meticulous Research®, the global industrial control systems security market is expected to grow at a CAGR of 7.6% from 2022–2029 to reach $29.9 billion by 2029. Consistent rise in the adoption of cloud-based services, supportive government initiatives and regulations towards the adoption of ICS security solutions and increasing digitization in the manufacturing industry are the major factors driving the growth of this market.

In addition, the increasing adoption of Industry 4.0 and smart manufacturing and rising demand for robotic process automation systems are expected to offer significant growth opportunities for the market growth. Factors including high capital expenditure for deploying ICS security systems are a major market challenge. The use of artificial intelligence (AI) and 5G technology are trends in the market. However, the perception of ICS security as a comprehensive solution may restrain the growth of this market to a certain extent.

The global industrial control systems security market is segmented based on offering, security type, organization size, application, and end-use industry. The study also evaluates industry competitors and analyses the market at the country level.

Download Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5339?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=16-03-2023

Based on offering, the industrial control systems security market is segmented into hardware, software, and services. In 2022, the software segment is estimated to account for the largest share of the industrial control systems security market. The increasing demand for ICS security solutions and robust & cost-effective security solutions among business enterprises to strengthen their security infrastructure, the increasing number of large enterprises using cloud platforms for data repositories, and the growing number of data security concerns are driving the growth of this segment. The software segment is also projected to register the highest CAGR during the forecast period.

Based on security type, the industrial control systems security market is segmented into application security, endpoint security, cloud security, and network security. In 2022, the network security segment is estimated to account for the largest share of the industrial control systems security market. The rising demand for network security & privacy; increasing adoption of ICS security solutions for protecting reliability & usability of the data & the network connecting different industrial applications; and surge in incidences of APTs, malware, and phishing attacks are expected to drive the growing demand for the network security segment in the coming years. However, the cloud security segment is projected to register the highest CAGR during the forecast period.

Based on organization size, the industrial control systems security market is segmented into small & medium enterprises (SMEs) and large enterprises. In 2022, the large enterprises segment is estimated to account for the largest share of the industrial control systems security market. The increasing number of cyber threats across large network infrastructures & database servers, growing focus on developing strategic IT initiatives, and early adopters of advanced technologies are expected to drive the segment growth in the coming years. Industrial control systems security increases efficiency and usability in large enterprises. With this new paradigm, ICS and IoT security solutions are required to protect the safety and functionality of Internet-connected systems in these enterprises. However, the SMEs segment is projected to register the highest CAGR during the forecast period.

Quick Buy: https://www.meticulousresearch.com/Checkout/19980019?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=16-03-2023

Based on application, the industrial control systems security market is segmented into data loss prevention, unified threat management, encryption, identity & access management, risk & compliance management, antivirus/antimalware, intrusion detection/prevention system, distributed denial of service mitigation, security & vulnerability management, security configuration management, security information, and event management, whitelisting, firewall and other applications.

In 2022, the identity & access management segment is estimated to account for the largest share of the industrial control systems security market. The increasing need for integrity and safety of confidential information in end-use industries, the growing emphasis on compliance management, the increasing trend of mobility solutions, and the increase in security concerns among organizations are driving the growth of this segment. However, the data loss prevention segment is projected to register the highest CAGR during the forecast period.

Based on end-use industry, the industrial control systems security market is segmented into automotive, electronics & electrical, chemicals, heavy metals & machinery, energy & utility, and other end-use industries. In 2022, the energy & utility segment is estimated to account for the largest share of the industrial control systems security market. The growth of this segment is attributed to the government initiatives to promote industrial automation and the growing number of cyberattacks on the energy & utility industry. In 2022, in the U.S., hackers developed new tools to gain full system access to multiple industrial control devices and federal agencies, including the U.S. Department of Energy. This could have allowed supervisory control and data acquisition devices at energy facilities to be compromised. Incidents like these are expected to propel the demand for industrial control systems security.

Some of the other factors driving the growth of this segment include shifting preference from traditional business models to sophisticated technologies, the need for cloud-based security solutions, rising investments in Industry 4.0 technologies, and increasing demand for ICS security solutions. However, the automotive segment is projected to register the highest CAGR during the forecast period.

Based on geography, the industrial control systems security market is segmented into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. In 2022, North America is estimated to account for the largest share of the industrial control systems security market. The large market share of this region is attributed to the increasing focus on technological innovation, consistently growing industrialization, supportive government initiatives for developing industrial security infrastructure, growing awareness regarding ICS security among small & medium-sized enterprises, and high adoption of data-driven methods in manufacturing operations. However, Asia-Pacific is expected to register the highest CAGR during the forecast period. The high growth of this segment is attributed to the growing cybercrimes, rapid investments in industrial infrastructure, and high adoption of advanced technologies such as IoT and cloud computing in this region.

Key Players:

The key players operating in the industrial control systems security market are FireEye, Inc. (U.S.), Checkpoint Software Technologies Ltd. (Israel), IBM Corporation (U.S.), Palo Alto Networks, Inc. (U.S.), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Fortinet, Inc. (U.S.), Darktrace Holdings Limited (U.K.), ABB (Switzerland), BAE Systems (U.K.), Schneider Electric SE (France), Trend Micro Incorporated (Japan), Applied Security (Netherlands), Kaspersky Labs (Russia), Airbus (France), Juniper Networks, Inc. (U.S.), Sophos Ltd. (U.K.), Imperva (U.S.), Claroty (U.S.), Cyberbit (Israel), Verve Industrial Protection (U.S.), Crowdstrike Holdings, Inc. (U.S.), Positive Technologies (Russia), and Radiflow (U.S.).

Download Sample Copy Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5339?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=16-03-2023

Key questions answered in the report-

• Which are the high-growth market segments based on offering, organization size, security type, application, and end-use industry?
• What was the historical market for industrial control systems security?
• What are the market forecasts and estimates for the period 2022–2029?
• What are the major drivers, restraints, and opportunities in the industrial control systems security market?
• Who are the major players, and what shares do they hold in the industrial control systems security market?
• How is the competitive landscape in the industrial control systems security market?
• What are the recent developments in the industrial control systems security market?
• What are the different strategies adopted by the major players in the industrial control systems security market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the global industrial control systems security market, and how do they compete with the other players?

Contact Us:

Meticulous Research®

Email- sales@meticulousresearch.com

Contact Sales- +1-646-781-8004

Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research.

I am a digital marketing head working in market research company.