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Industrial Control Systems (ICS) Security Market Growing at a CAGR 7.0% | Key Player Cisco, ABB, Lockheed Martin, Fortinet, Honeywell

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Industrial Control Systems (ICS) Security Market Growing at a CAGR 7.0% | Key Player Cisco, ABB, Lockheed Martin, Fortinet, Honeywell

September 17
22:52 2020
Industrial Control Systems (ICS) Security Market Growing at a CAGR 7.0% | Key Player Cisco, ABB, Lockheed Martin, Fortinet, Honeywell

Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), Belden (US), BAE Systems (UK), Raytheon Company (US), FireEye (US), Darktrace (US), Check Point (Israel), Kaspersky (Russia), Sophos (UK), CyberArk (US), Airbus (France), Claroty (US), Indegy (US), Bayshore Networks (US), Dragos Security (US), Nozomi Networks
Industrial Control Systems (ICS) Security Market by Component, Solution (Antimalware/Antivirus, DDoS Mitigation, Encryption, Firewall, IDPS, Security and Vulnerability Management), Service, Security Type, Vertical, and Region – Global Forecast to 2025

The global Industrial Control Systems Security Market size in the post-COVID-19 scenario is projected to grow from USD 15.8 billion in 2020 to USD 22.2 billion by 2025 at a CAGR of 7.0% during the forecast period. The major factors driving the market include growing instances of security breaches, the existence of stringent government regulations, and rising investments in Research and Development (R&D) activities. The increasing need to secure Operational Technology (OT) networks are expected to push governments and private firms to deploy or develop ICS solutions in the coming years.

By component, solutions segment to lead the market in 2020

In the post-COVID-19 scenario, the solutions segment is expected to dominate the ICS security market during the forecast years. Continuing to deal with the mounting pressure for securing both IT and OT teams throughout the pandemic crisis, organizations are considering securing the ICS assets. Organizations are now dedicating resources to protecting their ICS assets, which include Supervisory Control and Data Acquisition (SCADA) programs, against intentional or accidental security threats. This is expected to drive the market growth in the solutions segment.

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North America is expected to hold the largest market size during the forecast period.

North American has sustainable and well-established economies, which empower it to invest significantly in Research and Development (R&D) activities, thereby contributing to the development of new technologies in the ICS security market. The presence of a majority of key players in the ICS security market is expected to be the major factor driving the growth of the market in this region. Key players, such as Cisco, Lockheed Martin, Honeywell, Palo Alto Networks, FireEye, and Raytheon Company, along with several start-ups in the region, offer ICS security solutions and services.

The vendors covered in the ICS security market report include Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto (US), Belden (US), BAE Systems (UK), Raytheon Company (US), FireEye (US), Darktrace (US), Check Point (Israel), Kaspersky (Russia), Sophos (UK), CyberArk s, Airbus (France), Claroty (US), Indegy (US), Bayshore Networks (US), Dragos Security (US), Nozomi Networks (US), Cyberbit (Israel), and CyberX (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their footprint in the ICS security market.

Cisco, an American multinational company, was founded in 1984 and is headquartered in California, US. Cisco is an ICT company that designs, manufactures, verifies, and sells integrated products and services. The company’s product offerings are categorized into switching, Next-Generation Network (NGN) Routing, service provider videos, collaboration endpoints, data center analytics, wireless, cybersecurity, and other products. It designs, manufactures, and offers products for networking protocols. The company provides various video collaboration tools that integrate voice, video, audio data, and mobile applications. Cisco also provides services, such as fixed and mobile network services across electronic equipment. The company offers telepresent technology-based products, such as telepresence conductors, servers, immersive systems, collaboration room endpoints, and collaboration desk endpoints. The company has strategic alliances with Apple, A10 Networks, Alien Vault, Amazon Web Services (AWS), Centrify, Fortinet, Google, and IBM Security. It has a significant presence in North America, Latin America, APAC, Europe, and the Middle East. The benefits offered by Cisco ICS security product portfolio email security, SaaS application security, public ICS infrastructure visibility, real-time ICS monitoring, multi-ICS network protection, and multi-ICS workload protection. Cisco also provides free trials of its ICS security applications, including Cisco Umbrella, Cisco Email Security, AppDynamics, and Stealthwatch ICS.

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 and 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, which is 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.

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The major subsidiaries of ABB include ABB S.A. (Argentina), ABB Australia Pty Limited (Australia), ABB AG, (Austria), ABB N.V., (Austria), ABB Ltda. (Belgium), ABB Bulgaria EOOD (Bulgaria), ABB, Inc. ( Canada), ABB (China) Ltd., Asea Brown Boveri Ltd. (Colombia), ABB (Croatia), ABB s.r.o. (Czech Republic), ABB A/S(Denmark), ABB (Hong Kong) Ltd., (Hong Kong), ABB Limited (India), ABB S.p.A. (Ireland), and ABB K.K. (Japan). A few of its key competitors are Siemens (Germany), Emerson Electric (US), GE (US), Invensys (UK), Schneider Electric (France), Bharat Heavy Electricals Ltd. (India), and Honeywell (US).

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