NEW YORK, Sept. 25, 2023 /PRNewswire/ -- The industrial control systems security market is expected to grow by USD 10.8 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 7.79% during the forecast period. The market is segmented by Type (Network security and Cloud security), End-user (Oil and gas, Power, Chemicals and mining, Automotive, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). The growing need to improve security is a key factor driving market growth. Businesses need to strengthen their security because cyber-attacks are becoming more frequent and complex. Moreover, there is an increase in false positives and false negatives due to the greater complexity of applications used by businesses daily. However, to reduce the funding required to train or recruit personnel assigned to this task, many companies have outsourced their security responsibilities, not only to qualified personnel but also to focus on security issues. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View FREE PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the industrial control systems security market: ABB Ltd., Airbus SE, AO Kaspersky Lab, BAE Systems Plc, Belden Inc., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., Claroty Ltd., CyberArk Software Ltd., Darktrace Holdings Ltd., Fortinet Inc., Honeywell International Inc., International Business Machines Corp., Lockheed Martin Corp., Musarubra US LLC, Palo Alto Networks Inc., Positive Technologies, Radiflow, and Sophos Ltd.
- Industrial Control Systems Security Market is fragmented in nature.
- Market to observe 7.29% YOY growth in 2023.
Market Dynamics:
Major Trend
- The adoption of the hybrid model is a major trend in the market.
Significant Challenge
- The lack of enforceable security laws is a key factor driving market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Key Segments:
- The market share growth by the network security segment will be significant during the forecast period. Protecting critical infrastructure and business operations is a top priority when it comes to network security in the Industrial Control Systems (ICS) Security Market. The ICS is concerned with the safety of networks and control systems, which oversee the most important activities in a wide range of sectors, including energy and infrastructure. In addition, they may be able to deal with an incident rapidly, due to the detection of anomalies and possible threats in real-time. Hence, these factors are expected to drive segment growth during the forecast period.
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ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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