MarketsandMarkets expects the global Industrial Control Systems (ICS) security market to grow from USD 13.20 billion in 2018 to USD 18.05 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period. Industrial Control Systems (ICS) security solutions and services are highly required for the protection of industrial assets. Traditional IT security solutions are incompetent in protecting the industrial sector from advanced cyber-attacks, which can lead to huge financial loss, health hazards, and even bring the entire plant or industrial organization to a standstill. There is a dire need to protect industrial networks, endpoints, applications, data, and cloud environments from threat vectors such as malware, ransomware, advanced persistent threats, Trojans, backdoor attacks, and zero-day attacks.
The major ICS security vendors are ABB (Switzerland), Check Point Software (Israel), Cisco (US), Honeywell (US), McAfee (US), FireEye (US), Fortinet (US), BHGE (US), Kaspersky Lab (Russia), Belden (US), Airbus (France), BAE Systems (UK), Bayshore Networks (US), Dragos (US), CyberArk (US), Cyberbit (Israel), Indegy (US), Nozomi Networks (US), Palo Alto Networks (US), Rockwell Automation (US), Schneider Electric (France), SecurityMatters (Netherlands), Sophos (US), Symantec (US), Positive Technologies (US), and Waterfall Security Solutions (Israel). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global ICS security market. Partnerships and new product launches have been the most dominating strategies adopted by the major players from 2016 to 2018. These strategies have helped market players innovate their offerings and broaden their customer base.
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In line with the rising importance of ICS security, Honeywell has been working to deliver efficient ICS security solutions and services to industrial sectors. The company is highly focused on the new product development strategy. It launched a new multi-site ICS security solution that is based on Honeywell’s ICS Shield. The solution secures ICS that are available on multiple sites. It also provides a single security operations center that efficiently handles the security of industrial assets. The company has strengthened its presence in the ICS security market by adopting the acquisitions, partnerships, and collaborations strategies. In June 2017, the company acquired Nextnine, a provider of security management solutions and technologies for ICS security. The acquisition enabled Honeywell to enhance its range of innovative cybersecurity technologies and expand its ICS security customer base. In February 2017, Honeywell collaborated with Seeq Corporation to help customers with industrial processes and shutdowns, minimize risks, and enhance the supply chain strategy.
The major factors driving the ICS security market growth are huge investments by organizations in Industry 4.0, convergence of Information Technology (IT) and Operational Technology (OT), and rise in the number of cyber threats on the critical infrastructure. Furthermore, rise in cloud-based Supervisory Control and Data Acquisition (SCADA) systems, reliance of ICS on big data analytics, and strategic partnerships between ICS security and cyber insurance vendors are expected to provide huge growth opportunities to ICS security vendors to prosper in the market.
The encryption solution is expected to grow at the highest CAGR during the forecast period. Encryption is the process of converting plain text to ciphertext with the help of asymmetric and symmetric algorithms. Asymmetric algorithms use both public and private keys, without which encryption and decryption cannot be processed. Due to the increasing instances of data thefts and illegitimate network monitoring by cyber-attackers, the need for encryption solutions is increasing day by day.
The manufacturing vertical is expected to grow at the highest CAGR during the forecast period. Enterprises in the manufacturing vertical are subject to both cyber and physical attacks. ICS security solutions and services help manufacturing enterprises in application areas such as chemicals and materials, automotive mining units, and paper and pulp. Industrial cyber-attacks can lead to financial loss, loss of life, and environmental hazards.
In terms of geographic coverage, the ICS security market has been segmented into 5 regions, namely, North America, Asia Pacific (APAC), Europe, the Middle East and Africa (MEA), and Latin America. North America is estimated to account for the largest share of the overall market in 2018 and be the largest revenue contributor in the ICS security market. The market size in this region is driven by the early adoption of technologies, high level of IT capabilities, and higher IT investment capabilities.
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