Northbrook, IL 60062 -- (SBWire) -- 10/18/2023 --The global Industrial Control Systems (ICS) Security Market size is projected to grow from USD 16.7 billion in 2022 to USD 23.7 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 7.2% from 2022 to 2027, according to research report by MarketsandMarkets™.
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What is ICS security?
According to Forcepoint, industrial control systems can consist of a complex network of interactive control systems or a small number of controllers. These systems receive information from remote sensors that measure and monitor process variables. From control valves to pressure gauges, an ICS sends commands and receives alerts from many different components. ICS security is a security framework that protects these systems against accidental or intentional breaches and risks.
ICS security solutions consist of a comprehensive array of technologies, such as Distributed Denial of Service (DDoS), Intrusion Detection and Prevention System (IDPS), antimalware/antivirus, firewall, virtualization security, Security Information and Event Management (SIEM), SCADA encryption, Unified Threat Management (UTM), Data Loss Prevention (DLP), and Identity and Access Management (IAM).
Competitive overview:
The ICS security market is led by some of the globally established players, such as Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), Raytheon (US), Trellix (US), Darktrace (UK), Check Point (US and Israel), Kaspersky Labs (Russia), Airbus (France), Belden (US), Sophos (US), CyberArk (US), Claroty (US), Dragos (US), Nozomi Network (US), Cyberbit (Israel), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Security (Netherland), and Positive Technology (Russia). These players have adopted various growth strategies, such as partnerships, agreements, collaborations, acquisitions, and product developments, to increase their market presence.
Cisco designs, manufactures, verifies, and sells integrated circuit products and services. The company's product offerings are switching, Next-Generation Network (NGN) Routing, service provider videos, collaboration endpoints, data center analytics, wireless, cybersecurity, and other products. The company designs, manufactures, and offers products for networking protocols. It also provides various video collaboration tools that integrate voice, video, audio data, and mobile applications. The company also offers services, such as fixed and mobile network services, across electronic equipment. It offers telepresence technology-based products, such as telepresence conductors, servers, immersive systems, collaboration room endpoints, and collaboration desk endpoints.
Cisco helps improve operations by monitoring and optimizing ICSs. It helps reduce risk by improving incident prevention, worker safety, IIoT security, and regulatory compliance. The company provides end-to-end pipeline management, process control, and security and helps make gas stations efficient and secure with payment video monitors, real-time data, and IoT at pumps and stores. Products, such as Cisco Kinetic, help improve production, reduce costs, and increase worker safety. It helps connect securely anywhere in the network, from the edge to the cloud, to drive better business outcomes. Cisco Internet of Everything (IoE) has guarded almost 100 stations that are at high risk.
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Headquartered in Zurich, Switzerland, ABB was formed in 1988 due to the merger between two conglomerates—ASEA (Sweden) and Brown, Boveri & Cie (Switzerland). ASEA was founded in 1883, and Brown, Boveri & Cie was established in 1891. Systems and solutions are provided by ABB to reduce industrial complexities and increase the efficiency of processes. The company operates through three business segments: Electrification Products, Robotics and Motion, and Industrial Automation. The Robotics & Motion and Industrial Automation segment of company provides products, solutions, and related services that increase industrial productivity and energy efficiency. ABB has developed a collaborative industrial robot called YuMi, combining IoT, AI, algorithms, and robotics. ABB has a strong product offerings of ICS security solutions and company also focuses on its organic and inorganic strategies to keep innovating these offerings. ABB has been focusing on partnerships and coolaborations to enhance its ICS security offerings. Company have partered with security giants like IBM, Nozomi Networks to launch a new OT Security Event Monitoring Service.
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Industrial Control Systems (ICS) Security Market Emerging Trends and Opportunities: A Comprehensive Research Report 2027
The global market for industrial control systems security categorized by component, solution, service, security type, vertical & region.