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The industrial control systems security market size is forecast to increase by USD 12.2 billion, at a CAGR of 8.16% between 2023 and 2028. Market growth hinges on several factors, including the expanding deployment of smart grids within the power sector, rising investments in IT security, and the escalating imperative to enhance overall security measures. Smart grid expansions are pivotal in modernizing power infrastructure, optimizing efficiency, and integrating renewable energy sources. Concurrently, heightened investments in IT security underscore a proactive approach to safeguarding digital assets and sensitive information against evolving cyber threats. Furthermore, the growing emphasis on security improvement encompasses physical and digital domains, addressing vulnerabilities and enhancing resilience across sectors. These trends collectively drive market expansion by fostering innovation in infrastructure, technology solutions, and cybersecurity frameworks. As stakeholders prioritize reliability, efficiency, and protection, opportunities abound for advancing sustainable and secure practices that meet the evolving demands of a digitally interconnected world. It also includes an in-depth analysis of drivers, trends, and challenges.
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Market Forecast 2024-2028
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The market addresses the complex landscape of protecting critical infrastructure sectors, including electric power grids, transportation, and pharmaceutical manufacturing, from sophisticated attacks and sophisticated malware. With operational technology products and field devices integral to industrial processes, ensuring uninterrupted availability is crucial against threats posed by cybercriminals. Organizations prioritize automatic security updates and adherence to compliance mandates and industry standards to mitigate risks stemming from neglect or delays in security updates. Security Operations Centers (SOCs) play a pivotal role in intrusion detection systems and secure remote access, fostering a collective cybersecurity mindset through security awareness and protective measures. As the market evolves, emphasis on endpoint security, application security, and robust security governance frameworks supports industries in maintaining productivity and resilience amidst the dynamic cybersecurity landscape.
With the increase in the frequency and complexity of cyberattacks, it is essential that enterprises improve the quality of security. Also, because of the increased complexity of the applications that companies use in their day-to-day business processes, there has been an increase in false positives and false negatives. The problem becomes more complex due to the limited skills and knowledge in IT administration among the administrators.
However, with the aim of reducing the funding required to train or enroll staff specifically for this task, many companies are outsourcing their security responsibilities, which not only have skilled staff but are also concentrated on security issues and are, thus, able to provide a better quality of protection. A significant cause of concern is cybersecurity attacks across the globe. The growing need for improved security creates a huge demand for the ICS, which in turn will enhance the growth of the market during the forecast period.
Traditionally, market vendors first provided two distribution models for cybersecurity solutions, namely on-premises and cloud-based models. A high investment from the organization was required for an on-premises deployment model, whereas a cloud-based approach offered more cost-effective solutions to organizations of all sizes. There have been instances of the loss of confidential data, such as the financial information of a customer while using cloud-based security solutions.
However, In large-scale ICS installations, cloud-based solutions frequently include powerful analytics and real-time monitoring capabilities, which can be useful for spotting anomalies and potential security concerns. From different industries, there is increasing demand for hybrid deployment models, which will encourage emerging vendors to provide ICS security solutions which will increase the growth of the market during the forecast period.
Multiple standards and guidelines exist for ICS security, including US NIST Interagency 7628 and NIST Special Publication 800-82, which cover smart grid cybersecurity strategy, architecture, and data privacy. These standards and guidelines are a set of recommendations that are not compulsory in audits or certification. The global security market for ICS is enforceable standards is an obstacle.
Therefore, automation vendors and ICS owners are uncertain about whether the existing standards for ICS security will continue to be applicable once the above-mentioned law is enacted several years from now. Many business owners are taking the approach of waiting and seeing as a result of this lack of clarity. Hence, they are not willing to invest in ICS security solutions now as they fear losses if future laws invalidate their entire investment. Hence, such factors are hindering the market during the forecast period.
The market share growth by the network security segment will be significant during the forecast period. In the industrial control systems (ICS) security market, the top priority of network security is protecting vital infrastructure and business operations. The security of networks and control systems, which oversee important activities in a wide range of sectors, including energy and infrastructure, is addressed by the ICS.
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The network security segment was valued at USD 10 billion in 2018. The ICS network uses intrusion detection and prevention system (IDPS) technology to identify suspicious or malicious activity and take appropriate action. By detecting anomalies and potential threats in real-time, they may be able to respond quickly to incidents. The demand for industrial control system security is high in the network security segment, which, in turn, will increase the growth of the market during the forecast period.
With greater networking and communication, ICS in the oil and gas industry are prone to cyberattacks from terrorist groups, hostile governments, disgruntled employees, and other malicious intruders. The vulnerability of these systems to insecure and remote connections, standardization of technology, as well as easy availability on the internet, is due to a lack of technical information. These factors have made it very easy for potential hackers to intercept and issue unauthorized commands to control censorious equipment. SCADA systems control some of the vital frameworks of the oil and gas and water distribution industries. These networks and services may pose risks to the health, security, and economic welfare of people if they are interrupted or destroyed. The demand for industrial control system security is high in the oil and gas industry, which in turn will drive the growth of the global market in the oil and gas segment during the forecast period.
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North America is estimated to contribute 34% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. North America is the largest contributor to the global market, and the region is anticipated to witness an increase in revenue during the forecast period. This is because some industries in the region have become increasingly vulnerable to targeted attacks by hackers. Also, the key factors driving the growth of the market in North American countries like Canada and the US are the need for compliance with the regulations imposed by the government due to the growing instances of cyberattacks on hosted servers.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd. - The company offers industrial control systems security such as ABB Ability Cyber Security Suite.
Airbus SE - The company offers industrial control systems security such as Airbus CyberSecurity Factory.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
AO Kaspersky Lab, BAE Systems Plc, Belden Inc., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Claroty Ltd., CyberArk Software Ltd., Darktrace Holdings Ltd., Fortinet Inc., Honeywell International Inc., International Business Machines Corp., Lockheed Martin Corp., Musarubra US LLC, Palo Alto Networks Inc., Positive Technologies, Radiflow, and Sophos Ltd.
Technavio market forecasting report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market focuses on safeguarding critical infrastructure and pivotal assets against network security threats and hacker groups. Federal laws and cybersecurity standards drive the adoption of robust cybersecurity organization practices and cybersecurity training, Purchasing power for the IT workforce. With the rise of advanced technologies and the Internet of Things (IoT), industrial network infrastructure faces increased vulnerabilities from connected sensors and controllers. Protecting public safety systems and information and communication technology (ICT) is paramount, requiring stringent measures in database security and system type defenses. Big data analytics play a crucial role in deficit analysis and proactive threat detection, mitigating risks posed by criminals targeting critical infrastructure stakeholders. As industries enhance their cybersecurity posture, the market adapts to evolving threats and technological advancements to ensure resilience in industrial operations globally.
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Market Scope |
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Report Coverage |
Details |
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Page number |
195 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.16% |
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Market growth 2024-2028 |
USD 12.2 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.48 |
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Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 34% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ABB Ltd., Airbus SE, AO Kaspersky Lab, BAE Systems Plc, Belden Inc., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Claroty Ltd., CyberArk Software Ltd., Darktrace Holdings Ltd., Fortinet Inc., Honeywell International Inc., International Business Machines Corp., Lockheed Martin Corp., Musarubra US LLC, Palo Alto Networks Inc., Positive Technologies, Radiflow, and Sophos Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting , market report , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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