Industrial Control System Security Market Trends, Outlook, Deployment Type and Business Opportunities

Market Analysis 

The Industrial Control System (ICS) Security Market will develop at a 6.81% CAGR in the forecast period (2020- 2027), as per the latest Market Research Future (MRFR) report.

Key Players 

Eminent industry players profiled in the global Industrial Control System Security Market report include Cisco Systems, Inc., Schneider Electric, Siemens AG, Check Point Software Technologies Ltd., General Electric,Honeywelll International Inc., Fortinet, Inc., ABB, BAE Systems, Belden Inc., and Rockwell Automation, Inc among others.

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Industrial Control System Security Market Drivers/ Industrial Control System (ICS) Security Market Trends

Rise in Vulnerabilities to Boost Market Growth 

The significant rise in the number of vulnerabilities detected in ICS components in various industrial sectors will fuel market growth in the forecast period.

Industrial Control System Security Industry Opportunities 

Favorable Government Initiatives to offer Robust Opportunities 

Favorable government initiatives for ICS security will offer robust opportunities for the market in the forecast period.

Restraints 

Lack of In-House Technical Expertise to act as Market Restraint 

The lack of in-house technical expertise may act as market restraint over the forecast period.

Challenges 

Inclination towards Renewable Energy Sources to act as Market Challenge 

The inclination towards renewable energy sources may act as market challenge over the forecast period.

COVID-19 Analysis 

Amidst the COVID-19 outbreak, various governments and regulatory authorities mandate both private and public organizations for embracing new practices for working remotely and maintaining social distancing. Ever since the digital ways to do business became the new business continuity plan for various organizations. Following the widespread usage of bring your own device, work from home trend, IIoT, and penetration of the internet across different industry verticals like oil and gas, manufacturing, power grids, enterprises and individuals are inclined progressively towards the use of digital technologies like ICS solutions that is boosting the need for ICS security measures to protect against cyber-attacks. ICS security solutions allow organizations in ensuring business continuity and stay safe from the threat actors. Most industries are heavily investing in R&D for developing advanced ICS security solutions and services for betting combat the ongoing situation.

Market Segmentation 

The ICS Security Services Market is bifurcated based on solutions, service, control system type, and vertical.

By control system, the SCADA segment will lead the market over the forecast period.

By vertical, the energy and power segment will dominate the market over the forecast period.

By service, the risk management segment will spearhead the market over the forecast period.

By solution, the firewall segment will have the lions share in the market over the forecast period.

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Regional Analysis 

North America to Sway Industrial Control System Security Market 

North America will sway industrial control system security market over the forecast period. Quick adoption of security solutions & technical convenience, high susceptibility to sophisticated technology to high profile cyber-attacks, well-established and sustainable economies that empower it to invest significantly in R&D activities, and the presence of major key players are adding to the global industrial control system security market growth in the region.

The industrial control system security market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.

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