Industrial control systems security market size is expected to witness high growth over the coming years impelled by the increasing incidents of cyber-attacks on critical infrastructure industrial operations. — Industrial control system (ICS) security, known as one of the most revolutionary segments of the smart and sustainable technologies space, has witnessed massive traction over the past several years, given the growing demand for connectivity to provide support to the complex infrastructure.
Industrial automation and digitization trends have computerized most of the manually- driven, machinery works that have undeniably changed the manner in which operations are now performed. With growing computerization, there is a consequent rise in the number of cyberattacks which is positively influencing business growth.
The industrial control system security segment is likely to grow at an exponential rate during the period of study due to the growing need to secure and protect networks and devices such as desktop PCs, laptops, and mobile devices from cyberthreats. Endpoint security offers an encrypted framework with an aim to protect the network infrastructure from potential threats of cyberattacks and data breaches on network infrastructure that may lead to network malfunction.
Endpoint security also assists in securing the weak connections as well as supporting the network structure. Major companies in the ICS security market are constantly aiming at developing advanced cloud-based ICS security networks. These include Schneider Electric, Rockwell Automation, Honeywell International Inc, Trend Micro Inc., Kaspersky Lab, and several others.
American software company- Kepware launched its latest version 6.9 of the KEPServerEX in June 2020. The latest version demonstrates its commitment to ICS Security and offering its customers the best tools and services that provide support to defense-in-depth programs. Enlisted below are some of the major factors likely to impact industrial control systems security market during the forecasted timeframe.
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Wide adoption of unified threat management solution
Unified thread management solutions have gained considerable popularity over the years due to various advantages offered as compared to other alternatives. The UTM technology integrates multiple security services and functionalities that help the companies to protect the systems from malware attacks and other security threats. Moreover, it allows the management of various security functions with the help of a single administration console.
Power and energy firms as key ICS security customers
With respect to the application segment, power and energy accounted for a major share of the ICS security market in the year 2019. The companies operating in the energy sector are increasingly deploying the latest IoT and robotics trends to enhance their workings. This allows them vulnerable to cyber-attacks and other security threats.
The energy sector is one of the most vulnerable verticals for ICS attacks and are one of the most affected industries over the past few years. As per the US ICS-CERT website, nearly 509 vulnerabilities were detected in various ICS components in the year 2019.
Need for security in North America oil & gas sector
North America accounts for the maximum ICS security market share due to the increasing investments made towards the enhancement by private entities and the rising-cases of cyberattacks in the oil and gas sector, especially in the U.S. Additionally, the governments are also investing in projects to encourage advancements in security solutions for industrial infrastructures.
Firms are also developing innovative security solutions to control the rising cases of cyberattacks. In April 2020, Dragos Inc. – an ICS cybersecurity company unveiled Dragos Neighborhood Watch Network Visibility and Threat Detection Services for industrial environment. This helped the firm to offer advanced security solutions, enhance its product portfolio, and achieve a competitive edge.
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