By Vinisha Joshi for GMI Reports
Identity and Access Management (IAM) is anticipated to be a key component of the industrial sector’s cyber evolution. Companies are putting more emphasis on user and data security as connected devices proliferate and digital transformation technologies develop in order to restrict access to sensitive data. The industrial control system is also facing increasingly serious security issues as industrialization and information technology become more deeply integrated, which is the main factor driving the industry growth during the forecast period.
Limited expenditure on the upkeep of legacy systems
Most of the ICS systems running in the industrial infrastructure are legacy systems that are between 10 and 20 years old. Maintaining security on such legacy systems that were mainly designed to facilitate point-to-point communications is a major challenge. Also, it is often very difficult to persuade organizations to invest in cyber security for legacy systems that have been functioning fault-free for years, which acts as a limitation for industry growth.
Increasing requirement for application security
The application security segment is poised to account for over 20% of the ICS security market revenue share in 2032. Application security refers to the use of tools such as hardware, software, and methods to safeguard applications that are more prone to external threats and a variety of attacks as they are freely accessible across networks. Therefore, providing solid application security with necessary safeguards integrated into the application helps to reduce the possibility of unwanted code accessing, stealing, or deleting crucial data.
Growing demand for ICS services as a result of required maintenance
The services category in the industrial control systems security market recorded around 20% industry share in 2022; due to evolving cyber threats that reap the benefits of vulnerabilities in ICS components, ICS services are vital for the maintenance and servicing of security infrastructure. In order to meet the growing demand, ICS systems are also being continuously integrated with automated systems and IoT technologies. Because of this, organizations that offer security solutions have started to offer consulting and integration services to manage security systems.
Rising cyberattack rates will boost demand for risk management services
Through 2032, the risk management component is anticipated to expand at a notable CAGR. The maritime and energy sectors are suffering increasing losses due to cyberattacks. In order to combat this industry threat, businesses are providing risk analysis services to handle and examine cyber security concerns within the ICS environment.
Extensive deployment of industrial control systems security solutions to extend the power & energy industry
The power & energy sector is to surpass USD 11 billion by 2032. The energy sector is switching to the next stage of transformation with the rapid adoption of robotics, IoT, and digitization. The energy industry has been among those most impacted in recent years and is highly susceptible to ICS attacks. Another factor that is said to contribute to the increased uptake of ICS security market solutions is the rise in cyberattack occurrences in the industry.
Massive investments in the LATAM gas industry
The industrial control systems security market in Latin America is anticipated to generate USD 2 billion by 2032’s end. By 2023, the African gas sector will have significantly improved due to significant economic growth-related investments in the sector. Through the projection period, this will support the regional market share.
Initiatives by the players to determine the business outlook
The leading industrial control systems security market enterprises are Trend Micro, Inc., ABB Ltd., Belden, Inc., Schneider Electric, Check Point Software Technologies Ltd., Accenture plc (Symantec Corporation), Rockwell Automation, Cisco Systems, Inc., Inc., FireEye, Inc., General Electric Company, Honeywell International, Inc., IBM Corporation, Inc., Siemens AG, and others. These companies are often engaged in strategic business initiatives such as mergers, acquisitions, and product launches.
Vinisha Joshi is a qualified Engineering graduate that takes pride in playing with words. Presently, she pens down insightful articles on business, core industry, technology, and the like. Creativity comes naturally to her, and Vinisha makes sure to effectively combine the same with her technical expertise in the articles she writes.