Global Industrial Control Systems (ICS) Security Market, 2022 to 2026 - Stringent Government Regulations Related to CIP to Boost the Adoption of ICS Security Solutions Drives Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Industrial Control Systems (ICS) Security Market by Component (Solution and Services), Solution, Security Type (Network Security, Endpoint Security, Application Security, Database Security), Vertical, and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global Industrial Control Security market size is expected to grow from USD 17.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.6% from 2021 to 2026. The major factors fueling the Industrial Control Security market include Growing demand for sophisticated security solutions, Evolving regulatory landscape, and Growing volumes of business data across industries.

Services to grow at a higher CAGR during the forecast period.

The global ICS security market by service has been segregated into consulting and integration, support and maintenance, training and development, incident response services, and managed security services. Many industries and business models face the risk of being disrupted due to rapid technological developments, enabling new business models, replacing old distribution channels, and changing the way people and businesses interact with each other. These changes are driven by megatrends that have far-reaching, interrelated consequences for businesses, economies, industries, societies, and individuals. The above-mentioned factors combined cause massive transformational shifts. Therefore, it is expected that medium-sized firms are likely to face the biggest challenge, especially at the level of compliance-related services.

Some of the renowned players offering Industrial Control Security services include Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, Palo Alto Networks, Bae Systems, Raytheon, and Fireeye.

In the region segment, North America to have a higher market share during the forecast period.

In terms of revenue, North America is expected to be the highest contributor to the market due to the early adoption of ICS security solutions and services across the region. As a result, the region has the largest number of vendors that provide ICS security solutions and services. In addition, the guidelines led by the federal governments in the US and Canada compel organizations in this region to adopt ICS security solutions and services as a part of their corporate strategies. APAC is expected to grow at the highest CAGR during the forecast period, due to the rapid adoption of cloud and virtualized environments across end users.

Market Dynamics

Drivers

• Accretion in Digital Technologies and Industrial Systems
• Stringent Government Regulations Related to CIP to Boost the Adoption of ICS Security Solutions
• Convergence of IT and OT Systems to Fuel the Growth of ICS Security

Restraints

• High Procurement Costs of ICS Security Solutions
• Emerging Challenges Related to Maintenance and Upgradation of ICS Security Solutions 

Opportunities

• Increase in Demand for Professional and Managed Security Services
• R&D Investments by Governments and Enterprises to Develop Robust ICS Security Solutions for the Protection of Critical Infrastructure

Challenges

• Low Collaboration Between Public and Private Sectors
• Lack of Trained Security Analysts to Analyze ICS Systems
• Lack of Awareness About ICS Security Techniques

Companies Mentioned

• ABB
• Airbus
• Applied Security
• BAE Systems
• Belden
• Check Point
• Cisco
• Claroty
• Cyberark
• Cyberbit
• Darktrace
• Dragos
• Fireeye
• Forescout
• Fortinet
• Honeywell
• Kaspersky Lab
• Lockheed Martin
• Nozomi Networks
• Palo Alto Networks
• Positive Technologies
• Radiflow
• Raytheon
• Sophos
• Verve Industrial Protection

For more information about this report visit https://www.researchandmarkets.com/r/97klhi