Spike in Cyber-attacks Triggers Need for Security Solutions amidst COVID-19 Outbreak
The COVID-19 outbreak has exposed the vulnerability of industrial control systems (ICS). Industrialists have become cognizant about the spike in cyber-attacks during the coronavirus pandemic. This issue has created revenue opportunities for companies in the industrial control systems security solutions market. Service providers in these markets are resolving issues of unauthorized access to networks and increasing efforts to prevent the spread of misinformation pertaining to political agendas.
The work from home (WFH) phenomenon is a direct result of the rise in cyber-attacks. Since organizations are rapidly deploying systems and networks for remote staff, malicious cyber criminals are taking undue advantage of the situation. Hence, service providers in the industrial control systems security solutions market are taking active measures to facilitate scanning and filtration of electronic communications to prevent intrusion from hackers.
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Design Aspects of ICS-tailored Security Controls Solve Cyber Security Issues
The industrial control systems security solutions market is anticipated to surpass the revenue of US$ 54.8 Bn by 2030. However, challenges in cyber security are hindering market growth. Many service providers tend to make a common mistake of only focusing on securing networks and ignore process control equipment, which plays a pivotal role in plant safety and reliability. In order to tide over these issues, companies in the industrial control systems security solutions market are focusing on design aspects of ICS-tailored security controls. This helps to gasp the difference between an ICT (Information and Communication Technologies) and an ICS security program.
Products Incorporate Secure-by-Design Principles into Automation, Control Systems
The industrial control systems security solutions market is projected to expand at a striking CAGR of 11.5% during the forecast period. Although cyber-attacks are a threat to security systems, these threats play as a catalysts role for modernization of industrial control systems security solutions. Service providers are developing security solutions by innovating in designs of products to reduce lifecycle costs and improve cyber security.
Companies in the industrial control systems security solutions market are offering products that incorporate secure-by-design principles into automation and control systems or instrumentation. Unique backplane designs and port locking features form an important part of secure-by-design principles. Companies are tying up with suppliers that provide tested and verified reference architectures to develop reliable system and network designs.
Smart, ML-powered Security Systems Mitigating Risks of Cyber Threats
The proliferation of the IoT (Internet of Things) in the industrial control systems security solutions market is predicted to significantly mitigate cyber threats. The U.S. multinational technology company Microsoft is tapping into incremental opportunities in the chemical & pharmaceutical production, robotics, and power generation applications, among others, to increase penetration of IoT in security systems.
Smart, interconnected, and machine learning (ML) powered systems are mitigating risks of cyber threats. Chief Information Security Officers (CISOs) in med-tech companies, oil production, and transportation industries are directing investments in security systems equipped with IoT and ML. Companies in the industrial control systems security solutions market are witnessing high demand for products that provide security in custom-built solutions for operating technologies (OT) and ICS.
Industry 4.0 Brings Companies under Scrutiny for Evaluating Cyber Security Risks
Industry 4.0 has become a fast growing phenomenon in the global market landscape. This has led to the concept of industrial IoT, which has fueled the demand for cyber security. New products in industrial IoT include cloud computing platforms, edge computing devices, and connected sensors, which are generating value grab opportunities for suppliers and service providers in the industrial control systems security solutions market.
Since not all industrial edge offerings accommodate good cyber security, companies in the industrial control systems security solutions market are increasing efforts to provide zero trust architectures in products. However, complex use of industrial edge offerings has brought service providers under scrutiny for evaluating potential cyber security risks in systems.
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Industrial Control Systems Security Solutions Market: Overview
- According to Transparency Market Research’s latest research report on the global industrial control systems security solutions market for the historical period 2018–2019 and the forecast period 2020–2030, the industrial control systems security solutions market is anticipated to cross value of US$ 54.8 Bn by 2030, expanding at a CAGR of 11.5% during the forecast period. Growing trend of connected machines, building automation, as well as remote supervision and control of traditional equipment and machinery have brought about convenience in access and use to various industries in recent years. However, with high degree of connectivity, enterprises are also facing some serious security threats with regard to industrial control systems (ICS), which, in turn, triggers the growth of the industrial control systems security solutions market.
- During the forecast period, North America is anticipated to emerge as the leading industrial control systems security solutions market, followed by Europe and Asia Pacific
Increase in Government Funding to Address Security Breaches and Improve Cybersecurity: A Key Driver of Industrial Control Systems Security Solutions Market
- Cyber-attacks are rapidly evolving, putting millions of users at risk worldwide. At present, cyber-attacks are a major risk to organizations. Many big and small industries use large volume of digital data in various applications. This raises the possibility of data hacking, which is likely to drive the industrial control systems security solutions market during the forecast period.
- Besides, many government organizations are raising funds to tackle security breaches and increase web-based applications for more connected devices for easier and safer transmission of data over secured networks. Governments all across the world are taking initiatives to invest in ICS security solutions to manage physical operational processes due to rising use of newer technologies such as machine learning, artificial intelligence, 5G cellular networks, advanced data analytics, and pervasive machine-to machine communications. This is expected to boost the industrial control systems security solutions market during the forecast period.
- For instance, in February 2017, the U.K. Government announced plans to invest US$ 2.62 Bn to significantly transform the country’s cyber security landscape
Key Challenges Faced by Industrial Control Systems Security Solutions Market Players
- Lack of awareness about cyber-attacks and dearth of trained professionals may restrain the growth of the industrial control systems security solutions market.
Rise in Adoption of Industrial Control Systems Security Solutions across Emerging Markets
- An industrial control system is a useful tool to improve quality, productivity, and make workplaces safer. Demand for industrial control systems in emerging nations such as India and Brazil is expected to act as an opportunity for the industrial control systems security solutions market during the forecast period. India is one of the fastest growing economies among developing countries in Asia. At present, the adoption rate of industrial control systems is low in India; however, it is likely to increase in the near future due to new projects. Additionally, rising investments in developing countries is anticipated to increase during the forecast period. This creates opportunities for the industrial control systems security solutions market.
- Furthermore, economic growth in many countries across South America, Middle East & Africa, and Asia Pacific is constantly expanding, due to initiatives by governments to expand energy & power, oil & gas, automotive, and aerospace & defense sectors. Increasing number of projects and industries in countries of these regions is leading to adoption of these systems to guard against cyber threats. This factor also creates opportunity for the growth of the industrial control systems security solutions market.
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