According to a new market research report from MarketsandMarkets, the global Industrial Control System (ICS) Security Market is estimated to reach $8.73 billion in 2019.
Estimated to be $6.18 billion in 2014, the increase represents an estimated Compound Annual Growth Rate (CAGR) of 7.2% from 2014 to 2019.
Currently the power, energy and utility verticals are the largest segments in terms of spending and adoption of ICS security solutions, the market research firm said. This is followed by commercial, communication systems and manufacturing industry ICS security solutions.
North America is expected to be the biggest market on the basis spending and adoption for ICS security solutions, the report said, and MarketsandMarkets expects that increasing energy markets in developing economies and increased deployment of ICS infrastructure will further enhance the growth of the overall market.
For its 2019 Global Forecast report, the market research firm included network security technologies and professional services such as DDoS protection, IDS/IPS, Firewall, SIEM, SCADA Encryption, UTM, Application, Whitelisting, DLP, and Database Activity Monitoring.
MarketsandMarkets, which charges $4,650 for the full report, added:
“Even though there are security measures being implemented to protect the control systems and automation solutions, but there is no single comprehensive solution for providing fool-proof network security to these networks,” MarketsandMarkets said. “The control system solutions that are currently implemented are in obsolete and are not prepared to counter the target specific cyber attacks. Major Tier1 companies are now providing embedded control system solutions along with security solutions and are getting into this escalating market for ICS security.”
“The major forces driving this market are the increased threat of cyber attacks across energy and power sector, government pressure and security compliance and regulations, threats from terrorist attacks and cyber attacks, lack in comprehensive solutions for ICS security and insider threats. Companies providing cyber security solutions are looking forward to gain a better competitive advantage in this growing market, thereby creating comprehensive security solutions and integrated security management platforms for the industries and critical infrastructures.“