Industrial Control Systems (ICS) Security Market Growing at a CAGR 6.6% | Key Player Cisco, ABB, Lockheed Martin, Fortinet , Honeywell

February 23, 2022 at 16:14 PM EST

Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), BAE Systems (UK), Raytheon (US), Fireeye (US), DarkTrace (UK), Check Point (Israel), Kaspersky Labs (Russia), Airbus (France), Belden (US), Sophos (UK), Cyberark (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (Israel), Forescout (US).

Industrial Control Systems (ICS) Security Market by Component (Solution and Services), Solution, Security type (Network Security, Endpoint Security, Application Security, Database security), Vertical, and Region - Global Forecast to 2026

The global Industrial Control Security market size is expected to grow from USD 17.1 billion in 2021 to USD 23.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 6.6% from 2021 to 2026. Industrial Control Security helps in performing various functions such as safeguarding databases from security breaches and hacking activities, put a stop to attacks such as malware contagious files, and other infections that are possible for unsecure ICS systems, protection for the server systems from any substantial harm that might result in the failure in data processing or data retrieval, etc.

Accretion in digital technologies and industrial systems to facilitate the demand for ICS security solutions services and to boost the growth of Industrial Control Systems Security market across the globe during the forecast period. Moreover, Stringent government regulations related to CIP, and services and the Convergence of IT and OT systems to fuel the growth of ICS security market would provide lucrative opportunities for Industrial Control Systems security market vendors.

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Services to grow at a higher CAGR during the forecast period

The global ICS security market by service has been segregated into consulting and integration, support and maintenance, training and development, incident response services, and managed security services. Many industries and business models face the risk of being disrupted due to rapid technological developments, enabling new business models, replacing old distribution channels, and changing the way people and businesses interact with each other. These changes are driven by megatrends that have far-reaching, interrelated consequences for business, economies, industries, societies, and individuals. The above-mentioned factors combined cause massive transformational shifts. Therefore, it is expected that medium-sized firms are likely to face the biggest challenge, especially at the level of compliance-related services. Some of the renowned players offering Industrial Control Security services include Cisco, ABB, Lockheed Martin, Fortinet, Honeywell, Palo Alto Networks, Bae Systems, Raytheon, and Fireeye.

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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Industrial Control Security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2021 to innovate their offerings and broaden their customer base.

ABB was formed in 1988 as a result of the merger between two conglomerates—ASEA (Sweden) and Brown, Boveri & Cie (Switzerland). The company is headquartered in Zurich, Switzerland. ASEA was founded in 1883, and Brown, Boveri & Cie was established in 1891. ABB is involved in the generation and distribution of electricity; it also provides systems and solutions to reduce industrial complexities and to increase the efficiency of processes. The company operates through three business segments: Electrification Products, Robotics and Motion, and Industrial Automation. The company’s Robotics & Motion and Industrial Automation segments provide products, solutions, and related services that increase industrial productivity and energy efficiency. This segment also comprises motors, generators, drives, Programmable Logic Controllers (PLCs), power electronics, robotics, and motion control solutions in a wide range of automation applications. ABB offers a wide range of motion control products and solutions for machine automation. Its motion control products include rotary and linear servo motors, motion control drives for single- and three-phase supply, inverters and vector drives, multiaxis motion controllers, and operator panels. ABB has developed a collaborative industrial robot called YuMi, a combination of IoT, AI, algorithms, and robotics. ABB is focusing on IoT with its advanced service offerings to enhance the collaboration of machines, people, and factories and companies.

Lockheed Martin is aerospace, security, defense, and advanced technology company. The company caters to various segments, including aeronautics, missiles and fire control, rotary and mission systems, and space. The company partnered with BAE Systems, Boeing, Northrop Grumman, and Raytheon and has implemented two cybersecurity surveys to measure a supplier’s ability to manage cybersecurity in case of any cyberattack. Lockheed Martin, in partnership with Neon, has developed Dull Tensor Gradiometry (DTG), a new sensor that will be able to locate precious metals and fossil fuels below the earth’s surface. Lockheed Martin’s acquisition of Industrial Defender marks a significant expansion into the oil & gas security and service market to secure offshore platforms. Lockheed Martin is functional in the regions of North America, Latin America, Europe, Asia Pacific, and MEA.

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Industrial Control Systems (ICS) Security Market Growing at a CAGR 6.6% | Key Player Cisco, ABB, Lockheed Martin, Fortinet , Honeywell

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