The global ICS security market size in the post-COVID-19 scenario is projected to grow from USD 15.8 billion in 2020 to USD 22.2 billion by 2025 at a CAGR of 7.0%
An increase in the number of security breaches and cyberattacks and stringent government regulations is driving the growth of the global ICS security market
Sep 21, 2020, 11:10 ET
NEW YORK, Sept. 21, 2020 /PRNewswire/ --
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The global ICS security market size in the post-COVID-19 scenario is projected to grow from USD 15.8 billion in 2020 to USD 22.2 billion by 2025 at a CAGR of 7.0% during the forecast period. An increasing number of security breaches and cyberattacks and a mandate to follow regulatory and data protection laws pertaining to industry security regulations have contributed to the growth of the ICS security market ecosystem.
• By component, solutions segment to lead the market in 2020
In the post-COVID-19 scenario, the solutions segment is expected to dominate the ICS security market during the forecast years.Continuing to deal with the mounting pressure for securing both IT and OT teams throughout the pandemic crisis, organizations are considering securing the ICS assets.
Organizations are now dedicating resources to protecting their ICS assets, which include Supervisory Control and Data Acquisition (SCADA) programs, against intentional or accidental security threats. This is expected to drive the market growth in the solutions segment.
APAC to register the highest growth rate during the forecast period
Asia Pacific (APAC) comprises of emerging economies, such as Australia, South Korea, and Japan, with developed security infrastructure.Machine Learning (ML), the Internet of Things (IoT), big data analytics, and Artificial Intelligence (AI) are emerging methodologies that are being deployed in this region.
ICS security is witnessing high growth opportunities in this region.Public-Private Partnerships (PPPs), sector-specific cybersecurity, and R&D in the region have been the driving factors for growth in the region.
For example, the Cyber Security Agency of Singapore has built a secure ecosystem that emphasizes on building an effective framework for PPPs, cyber training, and information sharing.
• By Company Type: Tier 1 – 55%, Tier 2 – 27%, and Tier 3 – 18%
• By Designation: C-level – 33%, D-level – 25%, and Others – 42%
• By Region: North America – 38%,Europe– 14%, APAC– 19%, RoW – 29%
Major vendors offeringICS security solutions includeCisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), Belden (US), BAE Systems (UK), Raytheon Company (US), FireEye (US), Darktrace (US), Check Point (Israel), Kaspersky (Russia), Sophos (UK), CyberArk, Airbus (France), Claroty (US), Indegy (US), Bayshore Networks (US), Dragos Security (US), Nozomi Networks (US), Cyberbit (Israel), and CyberX (US).The ICS security market study includes an in-depth competitive analysis of these key players,along with their profiles, recent developments, and key market strategies.
Research Coverage
The market study covers the ICS security market size across different segments.It aims at estimating the market size and the growth potential across different segments, including application, service model, security type, organization size, vertical, and region.
The study further includes an in-depth competitive analysis of the leading market players, along with their company profiles, key observations related to product and business offerings, recent developments, and market strategies.
Key Benefits of Buying the Report
The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the global ICS security market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
Moreover, the report will provide insights for stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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