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Spike in Cyber-attacks Triggers Need for Security Solutions amidst COVID-19 Outbreak

The COVID-19 outbreak has exposed the vulnerability of industrial control systems (ICS). Industrialists have become cognizant about the spike in cyber-attacks during the coronavirus pandemic. This issue has created revenue opportunities for companies in the industrial control systems security solutions market. Service providers in these markets are resolving issues of unauthorized access to networks and increasing efforts to prevent the spread of misinformation pertaining to political agendas.

The work from home (WFH) phenomenon is a direct result of the rise in cyber-attacks. Since organizations are rapidly deploying systems and networks for remote staff, malicious cyber criminals are taking undue advantage of the situation. Hence, service providers in the industrial control systems security solutions market are taking active measures to facilitate scanning and filtration of electronic communications to prevent intrusion from hackers.

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Design Aspects of ICS-tailored Security Controls Solve Cyber Security Issues

The industrial control systems security solutions market is anticipated to surpass the revenue of US$ 54.8 Bn by 2030. However, challenges in cyber security are hindering market growth. Many service providers tend to make a common mistake of only focusing on securing networks and ignore process control equipment, which plays a pivotal role in plant safety and reliability. In order to tide over these issues, companies in the industrial control systems security solutions market are focusing on design aspects of ICS-tailored security controls. This helps to gasp the difference between an ICT (Information and Communication Technologies) and an ICS security program.

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Products Incorporate Secure-by-Design Principles into Automation, Control Systems

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, ML-powered Security Systems Mitigating Risks of Cyber Threats

The proliferation of the IoT (Internet of Things) in the industrial control systems security solutions market is predicted to significantly mitigate cyber threats. The U.S. multinational technology company Microsoft is tapping into incremental opportunities in the chemical & pharmaceutical production, robotics, and power generation applications, among others, to increase penetration of IoT in security systems.

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.

Industry 4.0 Brings Companies under Scrutiny for Evaluating Cyber Security Risks

Industry 4.0 has become a fast growing phenomenon in the global market landscape. This has led to the concept of industrial IoT, which has fueled the demand for cyber security. New products in industrial IoT include cloud computing platforms, edge computing devices, and connected sensors, which are generating value grab opportunities for suppliers and service providers in the industrial control systems security solutions market.

Since not all industrial edge offerings accommodate good cyber security, companies in the industrial control systems security solutions market are increasing efforts to provide zero trust architectures in products. However, complex use of industrial edge offerings has brought service providers under scrutiny for evaluating potential cyber security risks in systems.

Analysts’ Viewpoint

In order to prevent malicious attacks by cyber criminals, companies in the industrial control systems security solutions market are increasing awareness about applying a health check on the network infrastructure to configure firewalls during coronavirus. Right from consumer goods to manufacturing systems to municipal operations, such as power grid, IoI, and ML enabled security solutions, are being preferred by CISOs. However, the growing complexity of industrial edge offerings is hampering market growth. Hence, companies should closely scrutinize and evaluate the risks of cyber threat in security solutions. Secure-by-design principles in solutions are gaining prominence in the mining and building management applications.

Industrial Control Systems Security Solutions Market: Overview

  • According to Transparency Market Research’s latest research report on the global industrial control systems security solutions market for the historical period 2018–2019 and the forecast period 2020–2030, the industrial control systems security solutions market is anticipated to cross value of US$ 54.8 Bn by 2030, expanding at a CAGR of 11.5% during the forecast period. Growing trend of connected machines, building automation, as well as remote supervision and control of traditional equipment and machinery have brought about convenience in access and use to various industries in recent years. However, with high degree of connectivity, enterprises are also facing some serious security threats with regard to industrial control systems (ICS), which, in turn, triggers the growth of the industrial control systems security solutions market.
  • During the forecast period, North America is anticipated to emerge as the leading industrial control systems security solutions market, followed by Europe and Asia Pacific

Increase in Government Funding to Address Security Breaches and Improve Cybersecurity: A Key Driver of Industrial Control Systems Security Solutions Market

  • Cyber-attacks are rapidly evolving, putting millions of users at risk worldwide. At present, cyber-attacks are a major risk to organizations. Many big and small industries use large volume of digital data in various applications. This raises the possibility of data hacking, which is likely to drive the industrial control systems security solutions market during the forecast period.
  • Besides, many government organizations are raising funds to tackle security breaches and increase web-based applications for more connected devices for easier and safer transmission of data over secured networks. Governments all across the world are taking initiatives to invest in ICS security solutions to manage physical operational processes due to rising use of newer technologies such as machine learning, artificial intelligence, 5G cellular networks, advanced data analytics, and pervasive machine-to machine communications. This is expected to boost the industrial control systems security solutions market during the forecast period.
    • For instance, in February 2017, the U.K. Government announced plans to invest US$ 2.62 Bn to significantly transform the country’s cyber security landscape

Key Challenges Faced by Industrial Control Systems Security Solutions Market Players

  • Lack of awareness about cyber-attacks and dearth of trained professionals may restrain the growth of the industrial control systems security solutions market.

Rise in Adoption of Industrial Control Systems Security Solutions across Emerging Markets

  • An industrial control system is a useful tool to improve quality, productivity, and make workplaces safer. Demand for industrial control systems in emerging nations such as India and Brazil is expected to act as an opportunity for the industrial control systems security solutions market during the forecast period. India is one of the fastest growing economies among developing countries in Asia. At present, the adoption rate of industrial control systems is low in India; however, it is likely to increase in the near future due to new projects. Additionally, rising investments in developing countries is anticipated to increase during the forecast period. This creates opportunities for the industrial control systems security solutions market.
  • Furthermore, economic growth in many countries across South America, Middle East & Africa, and Asia Pacific is constantly expanding, due to initiatives by governments to expand energy & power, oil & gas, automotive, and aerospace & defense sectors. Increasing number of projects and industries in countries of these regions is leading to adoption of these systems to guard against cyber threats. This factor also creates opportunity for the growth of the industrial control systems security solutions market.

Industrial Control Systems Security Solutions Market: Competition Landscape

  • Detailed profiles of providers of industrial control systems security solutions have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global industrial control systems security solutions market are
    • ABB Ltd.
    • Baker Hughes
    • Broadcom Inc.
    • Check Point Software Technologies Ltd.
    • Cisco Systems, Inc.
    • Emerson Electric Company
    • Fireeye, Inc.
    • Forcepoint
    • General Electric Company
    • Honeywell International, Inc.
    • McAfee, Inc.
    • Midwest Engineered Systems Inc.
    • Nozomi Networks Inc.
    • Palo Alto Networks
    • Rockwell Automation, Inc.
    • Schneider Electric SE
    • Siemens AG
    • Trend Micro Incorporated
    • Yokogawa Electric Corporation

Industrial Control Systems Security Solutions Market: Key Developments

  • Key providers of industrial control systems security solutions such as Cisco Systems, Inc., Honeywell International, Inc., Palo Alto Networks, and Rockwell Automation, Inc. are focusing on the development of industrial control systems security solutions to attract more customers
  • Some of the key developments in the global industrial control systems security solutions market are highlighted below:
    • In February 2020, Cisco Systems, Inc. launched a complete security architecture for Industrial IoT (IIoT) in Dubai, UAE. The company’s IoT security infrastructure includes Cisco’s Edge Intelligence and Cisco Cyber Vision. The Cisco Cyber Vision delivers innovative anomaly real-time threat detection, and Cisco’s Edge Intelligence offers data governance from IoT edge to multi-cloud.
    • In December 2019, FireEye Inc. announced FireEye Cyber-Physical Threat Intelligence. The new subscription provides actionable analysis, context, and data on threats to cyber-physical systems, including industrial control systems (ICS), Internet of Things (IoT), operational technology (OT), and other equipment, which is used to manage interconnected physical processes.
    • In June 2019, Honeywell International, Inc. launched Honeywell Forge, which is an IIoT analytics platform that collects operational data and optimizes & analyzes infrastructure
    • In November 2018, General Electric Company partnered with Nozomi Networks Inc., to protect industrial control systems (ICS) from various cyber-attacks. GE used the exclusive SCADAguardian platform to protect ICS from cyber-attacks. The SCADAguardian platform powers both industrial control systems security solutions and artificial intelligence technologies to protect the control system components and operations.
  • In the global industrial control systems security solutions market report, we have discussed individual strategies, followed by company profiles of industrial control systems security solutions providers. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global industrial control systems security solutions market.

Industrial Control Systems Security Solutions Market – Scope of the Report

A latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global industrial control systems security solutions market to accurately gauge its potential future development. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the future growth of the industrial control systems security solutions market to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the industrial control systems security solutions market will progress during the forecast period of 2020 - 2030.

The report offers intricate dynamics about the different aspects of the industrial control systems security solutions market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure the growth of the industrial control systems security solutions market during the forecast period. It also includes impact analysis of COVID-19 on the industrial control systems security solutions market. The global industrial control systems security solutions market report helps to estimate statistics related to the market progress in terms of value (US$ Mn).

The study covers a detailed segmentation of the industrial control systems security solutions market, along with key information and competitive outlook. The report mentions the company profiles of key players currently dominating the industrial control systems security solutions market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Industrial Control Systems Security Solutions Market

The report provides detailed information about the industrial control systems security solutions market on the basis of a comprehensive research on various factors that play a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the industrial control systems security solutions market, so as to help them formulate successful strategies and take target-driven decisions.

  • How are key market players successfully earning revenue out of industrial control systems security solutions?
  • What will be the Y-o-Y growth of the industrial control systems security solutions market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the industrial control systems security solutions market?
  • What are the major drivers and restraints of the market?
  • What will be the size of the industrial control systems security solutions market from 2020 to 2030?
  • Which will be the fastest growing segment in the industrial control systems security solutions market?
  • Which are the leading companies in the industrial control systems security solutions market?
  • What are the strategies of companies operating in the market?

Research Methodology – Industrial Control Systems Security Solutions Market

The research methodology adopted by analysts to compile the industrial control systems security solutions market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the industrial control systems security solutions market. During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through the interviews of genuine resources, analysts have emphasized the changing scenario of the industrial control systems security solutions market. For secondary research, analysts scrutinized numerous annual report publications, white papers, and data of major countries of the world, industry association publications, and company websites to obtain the necessary understanding of the industrial control systems security solutions market.

Industrial Control Systems Security Solutions Market – Segmentation

TMR’s research study assesses the industrial control systems security solutions market on the basis of component, security type, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments, and how they influence the growth prospects of the industrial control systems security solutions market.

Component

  • Solution
    • Distributed Denial of Service
    • Intrusion Detection System/Intrusion Prevention System
    • Virtualization Security
    • Security Information & Event Management
    • SCADA Encryption
    • Unified Threat Management
    • Identity & Access Management
    • Others (Data Loss Prevention, Firewall, etc.)
  • Services
    • Training & Consulting
    • Integration & Implementation
    • Support & Maintenance
Security Type
  • Network Security
  • Endpoint Security
  • Application Security
  • Database Security
End User
  • Power Plants
  • Energy & Utilities
  • Transportation Systems
  • Manufacturing
  • Others
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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