Latest News- Industrial Control Systems (ICS) Security Market: Network security is expected to lead the Type segment during 2024-2028

The Industrial Control Systems (ICS) Security Market is being driven by Increasing smart grid deployments in power sector

The Industrial Control Systems (ICS) Security Market is expected to grow at a CAGR of 8.16% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 12.2 billion. In the Industrial Control Systems (ICS) security market, vendors have historically offered two deployment models for cybersecurity solutions: on-premises and cloud-based. While the on-premises model necessitated a substantial investment from organizations, cloud-based solutions presented a more cost-effective alternative. However, there have been instances where sensitive data, such as financial customer information, was compromised using cloud-based security solutions. In large-scale ICS installations, cloud-based security solutions offer robust analytics and real-time monitoring capabilities, which are invaluable for detecting anomalies and potential security threats. To mitigate the limitations of the traditional deployment models, hybrid deployment models have emerged, combining the advantages of both on-premises and cloud-based solutions. These models enable organizations to maintain control over their critical data while leveraging the scalability and cost savings of cloud technology. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Network security
  • Cloud security
• End-user
  • Oil and gas
  • Power
  • Chemicals and mining
  • Automotive
  • Others
• Geography
  • North America
    • US
  • APAC
    • China
    • Japan
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing smart grid deployments in power sector
• Increasing investments in IT security
• Growing need to improve security

However, the market also witnesses some limitations, which are as follows:

• Lack of enforceable security laws
• Pitfalls in patching and upgrading ICS
• Complex IT infrastructure

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Market Scope in Industrial Control Systems (ICS) Security Market Research Report

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Research Analysis Overview

The Industrial Control Systems (ICS) security market is a critical sector that focuses on protecting the industrial network infrastructure of various industries, including chemical, critical infrastructure, and public safety systems. With the increasing interconnectivity of controllers and connected sensors, the ICS security market has become a prime target for criminals, hackers, and hacker groups. Advanced technologies such as Big Data analytics and cybersecurity standards are being employed to mitigate network security threats. The ICS security market caters to the protection of pivotal assets, including critical infrastructure and public safety systems. The market is experiencing significant growth due to the purchasing power of stakeholders and the deficit analysis of potential risks. System Type, Database Security, and IT workforce are some of the key areas of focus for ICS security. Federal laws and cybersecurity organizations are playing a pivotal role in enforcing cybersecurity standards and providing cybersecurity training to the IT workforce. The ICS security market is expected to continue growing as the importance of securing industrial networks and critical infrastructure becomes increasingly apparent. However, the market also faces challenges such as the evolving nature of cyber threats and the need for continuous innovation to stay ahead of hackers.

Market Research Overview

The Industrial Control Systems (ICS) security market falls under the broader category of the global IT systems software market. This market encompasses organizations specializing in the development and production of various types of software, including application and systems software, database management software, and IT management software. Notably, it excludes companies involved in the creation of home entertainment software. According to Technavio's market analysis, the global IT systems software market size is determined by the consolidated revenue generated from the provision of all types of systems software, including cloud-based solutions. The ICS security segment specifically focuses on safeguarding industrial automation and control systems against cyber threats. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/