Industrial Control Systems (ICS) Security Market Growth 2027
Research Nester has released a report titled “Industrial Control Systems (ICS) Security Market – Global Demand Analysis& Opportunity Outlook 2027″ which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis, and Porter’s five force model.
Manufacturers around the globe are focusing on the adoption of Industry 4.0, which refers to the augmented wireless connectivity and sensors deployed in the machines. An investment of around USD 39 Billion by the end of 2020 is anticipated by manufacturers for the deployment of IoT in manufacturing processes.
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Manufacturers are harnessing the benefits available with the industrial internet of technology (IIoT), which focuses on automation and data exchange, enhanced visualization of the production line, decision-making capabilities, and others. The network infrastructure has also contributed to a complex ICS, thereby promoting threat surfaces for criminals. Such a factor is expected to drive the growth of the global ICS security market.
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Additionally, rise in the number of threats and attacks observed globally on critical infrastructure and the existing technological infrastructure in organizations is driving the demand for safeguarding the processes, which is anticipated to promote significantly the growth of the global ICS security market. The Internet Crime Complaint Center (IC3) of the Federal Bureau of Investigation (FBI) in one of its statistics stated that in the year 2018, cybercrime complaints registered in the year 2018 was 351937 numbers, which was an increase by 82515 numbers from that of 269422 numbers in the year 2014.
The global ICS security market is anticipated to record a significant CAGR during the forecast period, i.e. 2019-2027. The market is segmented by application into manufacturing, power and energy, mining, water utility, transportation, and others. Among these segments, the manufacturing segment is anticipated to hold the largest market share on account of a large number of manufacturers being targeted for cyber-attacks by cyber-attack criminals. Manufacturers have opted for ICS so as to enhance their production processes. These systems lack strong security measures and thereby provide a great opportunity for cyberattack criminals to target these organizations for financial gain and industrial espionage.
Geographically, the global ICS security market is segmented by five major regions into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa region, out of which, North America is anticipated to hold the largest market share owing to rising reliance on the industrial internet of things (IIoT), increased instances of cyber-attacks, presence of numerous key players of ICS security solutions and rising norms which promotes the need for ICS security. Internet Crime Complaint Center in one of its statistics stated that California recorded 49031 numbers of cybercrime victims in the year 2018, which is the highest amongst all other nations in the region.
However, concerns for not being able to take down systems for security update, which remains vulnerable from cyberattack is estimated to act as a barrier to the growth of the global ICS security market.
This report also studies the existing competitive scenario of some of the key players of the global ICS security market, which includes profiling ofABB (NYSE: ABB), Check Point Software Technologies Ltd. (NASDAQ: CHKP), Cisco (NASDAQ: CSCO), Honeywell (NYSE: HON), McAfee, LLC, FireEye, Inc. (NASDAQ: FEYE), AO Kaspersky Lab, Airbus (EPA: AIR), Schneider Electric (EPA: SU), and Tripwire, Inc.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Industrial Control Systems (ICS) Security Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall global ICS security industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global ICS security market in the near future.
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