Key Market Players in the Industrial Control Systems (ICS) Security Market and Its Opportunities for growth

Posted on 2019-10-23 by MarketsandMarkets in Technology // 0 Comments

The global Industrial Control Systems (ICS) Security Market size is expected 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, as per a report by MarketsandMarkets.

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.

Why rise in cloud-based SCADA systems is a good enabling opportunity?

Cloud computing technologies are on the rise. Nowadays, organizations are taking advantage of cloud-based computing and are migrating SCADA applications over the cloud to reduce costs, gain efficiencies, and increase reliability. SCADA systems are offered as a “service”, instead of having them installed on local computers; the entire SCADA system and its associated data is stored and processed over the cloud. Integration of SCADA devices to the cloud helps in solving critical issues related to uptime and redundancy in ICS environments. However, users of the cloud-based SCADA services can face several security concerns related to nature of data, web application attacks, control, authentication, encryption, and logging. For the SCADA applications deployed over the cloud, the cloud provider must be able to satisfy security control requirements and the ability to provide and maintain strong security mechanisms and processes. Some of the capabilities a cloud provider must provide are data separation, infrastructure control, encryption, patching, reporting, and continuous monitoring. The security vendors offering security solutions for the cloud infrastructure have huge opportunities with the rising cloud-based SCADA systems.

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Key Market Players for Industrial Control Systems (ICS) Security Market

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.

Fortinet is progressing in the ICS space by providing solutions to ICS/SCADA customers in industry verticals such as power, energy, oil and gas, and manufacturing, among others. The company is focusing on the strategies of new product development and product enhancements.

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