Industrial Control Systems (ICS) Security Market Revenues to expand $18.05 billion by 2023

Industrial Control Systems (ICS) Security Market

Northbrook, IL 60062, USA, 2019-Nov-28 —

The report Industrial Control Systems (ICS) Security Market by Solution (Firewall, Antimalware/Antivirus, IAM, Encryption, Whitelisting, Security Configuration Management, DDoS, and IDS/IPS), Service, Security Type, Vertical, and Region – Global Forecast to 2023″, The ICS security market 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. 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.

Browse 112 market data Tables and 49 Figures spread through 193 Pages and in-depth TOC on “Industrial Control Systems (ICS) Security Market by Solution (Firewall, Antimalware/Antivirus, IAM, Encryption, Whitelisting, Security Configuration Management, DDoS, and IDS/IPS), Service, Security Type, Vertical, and Region – Global Forecast to 2023”

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Huge investments by organizations in Industry 4.0

The IIoT is now in the phase 4 of industrial revolution (Industry 4.0). IIoT is sub application area of IoT and a fast-growing technology. It is often intertwined with control systems in various industries such as manufacturing, chemical, oil and gas, and transportation. Investments in Industry 4.0 are increasing significantly. According to PWC’s 2016 Global Industry 4.0 Survey, global industrial products companies will invest USD 907 billion per year on Industry 4.0 by 2020. The report also stated that product companies are spending 5% per annum of their annual revenue on Industry 4.0. Furthermore, in 2016, Accenture estimates that IIoT could add USD 14.2 trillion to the global economy by 2030. In 2016, McKinsey estimated that IoT will have a potential economic impact of up to USD 6.2 trillion by 2025. The company also stated that IoT will drive productivity to USD 36 trillion across industries such as manufacturing, healthcare, and mining.

North America is expected to hold the largest market size in the ICS security market during the forecast period

North America is estimated to account for the largest market share in 2018. The region is considered the most advanced in terms of technology adoption and infrastructure, and the wide presence of key industry players offering ICS security solutions in the telecom space is driving the growth of the North American ICS security market. Some of the main opportunity areas where North American ICS security vendors can expect future opportunities include the 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.

The major vendors in the ICS security market include 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).

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