Industrial Control Systems (ICS) Security Market Size

Industrial Control Systems Security Market Analysis

The Industrial Control Systems Security Market size is estimated at USD 13.52 billion in 2024, and is expected to reach USD 19.86 billion by 2029, growing at a CAGR of 8% during the forecast period (2024-2029).

• The transition to Industry 4.0 is expected to bring many advances in efficiency and productivity, as well as many changes in the way the industrial processes work. Compared to the conventional manufacturing process, improved efficiency and reduction in production costs have boosted the adoption of automation, driving the demand for industrial control systems. However, the adoption of ICS solutions brings along the need for security, as there is an exponential rise in cyber-attacks and network security threats.
• The growing number of cyber threats has fueled revenue growth in the worldwide industrial control systems security market. With the increasing number of cyber-attacks, the adoption of industrial control systems is increasing in the manufacturing, chemical, energy, and other industries. With increasing attempts by hackers to enter business networks, the use of ICS security is growing significantly. Furthermore, the adoption of advanced technologies is resulting in the generation of massive amounts of data, increasing demand for ICS security, and as a result, driving revenue growth in the global market.
• The stringent government rules and regulations related to the Continuous Improvement Programme (CIP) to increase the adoption of ICS security solutions and the adoption of advanced technologies such as the Internet of Things (IoT) in industries has increased demand for the ICS security market. The industrial network infrastructure's large number of connected sensors and controllers has made security more difficult. The growing use of IoT technology and other network devices in industries has expanded the threat surface for criminals. ICS security is necessary for organizations' IoT applications, which will drive the market.
• The COVID-19 pandemic and lockdown restrictions across the region have affected industrial activities. The pandemic increased consumers' dependence on the internet, further increasing the market for industrial control systems. The outbreak of COVID-19 has forced manufacturing industries to re-evaluate their traditional production processes, primarily driving the digital transformation and smart manufacturing practices across the production lines. The manufacturers are also forced to devise and implement multiple new and agile approaches to monitor product and quality control.
• The aging hardware or software of the ICS in many organizations is another factor responsible for increased complexity. Most organizations still use legacy ICS, owing to their importance in the functioning of the plant. This increased age of ICS leaves ample opportunities for cyberattacks and increases complexity. Also, the cost of a security system or platform is another factor hindering the deployment of ICS security services in organizations. Justifying the cost incurred for the security solutions is quite difficult for various reasons.