Transparency Market Research delivers key insights on the global industrial control systems security solutions market. In terms of revenue, the global industrial control systems security solutions market is estimated to expand at a CAGR of 11.5% during the forecast period 2020-2030, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global industrial control systems security solutions market.
The growing connectivity of industrial control systems (ICS), and the convergence of IT (information technology) and OT (operational technology) network environments broadens the need for industrial control system security, which can facilitate exceptional levels of real-time visibility, connectivity, and control across core operations. This is one of the major factors triggering growth of the industrial control systems security solutions market. Furthermore, an increasing number of security breaches and cyber-attacks and a mandate to follow regulatory and data protection laws pertaining to industry security regulations have contributed to the growth of the industrial control systems security solutions market ecosystem. Industrial control systems (ICS) are an integral part of industrial infrastructure. The report analyzes the global industrial control systems security solutions market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
Rise in Adoption of IoT in Industrial Control Systems
Smart IoT devices and systems are being increasingly used in industrial control systems. IoT devices are used to optimize operational efficiency and maintenance for the convergence of OT and IT in any organization. Besides, around 24 billion IoT devices are likely to be installed by 2020 and US$ 6 Trn is likely to be invested in IoT devices over the next five years. The protection of each of these devices and their corresponding interactions with other components, including networks, is expected to gain momentum in the near future. Increasing dependence on technologies and rise in Internet penetration are anticipated to make industrial control systems more prone to cyber threats.
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Nearly 5.4 million IoT devices are estimated be used on oil extraction sites by 2020. Many major energy companies around the world are projected to install nearly 1 billion smart meters by 2020 to meet the rise in demand for energy. Municipalities across the world have increased their spending on IoT systems from US$ 36 Bn in 2014 to US$ 133 Bn in 2019. The rise in adoption of IoT is likely to result in an increase in the number of cybercrimes. This is likely to boost the demand for industrial control system solutions and services over the next few years.
The industrial control systems security solutions market is projected to expand at a striking CAGR of 11.5% during the forecast period. Although cyber-attacks are a threat to security systems, these threats play as a catalysts role for modernization of industrial control systems security solutions. Service providers are developing security solutions by innovating in designs of products to reduce lifecycle costs and improve cyber security.
Companies in the industrial control systems security solutions market are offering products that incorporate secure-by-design principles into automation and control systems or instrumentation. Unique backplane designs and port locking features form an important part of secure-by-design principles. Companies are tying up with suppliers that provide tested and verified reference architectures to develop reliable system and network designs.
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Smart, interconnected, and machine learning (ML) powered systems are mitigating risks of cyber threats. Chief Information Security Officers (CISOs) in med-tech companies, oil production, and transportation industries are directing investments in security systems equipped with IoT and ML. Companies in the industrial control systems security solutions market are witnessing high demand for products that provide security in custom-built solutions for operating technologies (OT) and ICS.
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