According to the Latest Market Research Report “Industrial Control Systems Security Market segment by Type (Network security, Endpoint security, Application security, Database security) segment by Application (Power industry, Oil and gas industry, Water and wastewater industry, Chemical industry) and Region – Global Forecast to 2026”, published on Valuates Reports. In 2019, the global ICS Security Market size was USD 10560 Million, and it is expected to reach USD 15120 Million by the end of 2026, with a CAGR of 5.2% during the Forecast Period 2021-2026.
The major factors driving the ICS Security Market size’s growth are the growing number of sophisticated cyber-attacks on ICS networks and the rising need to comply with various upcoming regulations.
COVID-19 IMPACT ON INDUSTRIAL CONTROL SYSTEMS (ICS) SECURITY MARKET
Different governments and regulatory authorities require both public and private organizations to follow new methods for operating remotely and preserving social distance in the light of the COVID-19 pandemic crisis. Since then, the automated ways of doing business have become the latest business continuity plan (BCP). With the widespread usage of BYOD devices, WFH, IIoT, and internet penetration across critical industries such as oil and gas, power grids, and manufacturing, are increasingly inclined to use digital technologies such as ICS solutions, driving the need for ICS security measures market size.
TRENDS INFLUENCING THE ICS SECURITY MARKET SIZE
Stringent government regulations related to critical infrastructure protection are expected to drive the ICS security market size during the forecast period. Sensitive infrastructure failures, such as the power grid, manufacturing, IT, and transportation, significantly affect a nation’s economic stability. For critical infrastructure, many governments have developed federal laws and regulations to implement cybersecurity standards. Cybersecurity insurance, grants, and tax incentives are also being promoted by governments across different regions to enable companies to invest in CIP (critical infrastructure protection).
To implement advanced ICS technologies, governments and private companies across different regions are investing in R&D. The R&D strategy involves improving the security of critical infrastructure of communities, such as critical infrastructure owners and operators, government, and private entities, and international partners. This increased investment in R&D is expected to propel the growth of the ICS security market size.
Another major factor fueling the ICS security market size is the increasing adoption of Bring Your Own Devices (BYOD) trend among companies to reduce operational costs.
ICS SECURITY MARKET SHARE ANALYSIS
North America is expected to hold the largest ICS Security Market share during the forecast period. This dominance of North America is attributed to the significant investment in R & D and the presence of a majority of key players in the region’s ICS security market.
Asia-Pacific is expected to witness the highest growth during the forecast period. Increased adoption of ICS security systems has been witnessed due to the growing number of cybercrimes in this area.
