ICS Security Market Size, Trends, Share, Growth, Competitive Landscape

The global ICS Security Market size is projected to grow from USD 17.8 billion in 2023 to USD 25.1 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period-integration of IT and OT systems driving expansion in ICS security solutions. However, a shortage of skilled analysts for analyzing critical ICT systems may hinder market growth.

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Based on the component, services segment is expected to grow at a highest CAGR during the forecasted period.

Integrating and administering solutions across company activities requires ICS security services. Over time, these services support businesses by monitoring and guaranteeing the seamless operation of ICS security systems. The need for these solutions is being driven by the increasing use of cloud computing and virtualization across businesses in different nations. Additionally, solution installations support businesses in controlling the number of partners, suppliers, and vendors by enabling real-time analysis of dynamic network interactions.

By solution, the encryption segment is expected to grow at the highest CAGR during the forecast period.

Encryption is the process of converting plain text to cipher text using an encryption algorithm, which may be symmetric or asymmetric. The data encrypted can be deciphered only with an encryption key. Encryption protects the data at rest, in transit, or in process. Encryption is critical to the communication channels through which ICS send/receive sensitive data to keep critical infrastructure functioning. Encryption safeguards data while it's in transit, opening up lines of communication for secure permission and preventing hacking by nefarious entities. For instance, communications to and from operations centers, power generating systems, distribution substations, and residential "smart grid" networks are all protected by encryption while traveling over the electrical grid. Government agencies and critical infrastructure organizations frequently require encryption. The NIST Framework recommends using strong encryption to increase the cybersecurity of vital infrastructure.

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By region, Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is highly concerned over the increasing security spending due to the ever-growing threat landscape on industrial systems. Moreover, the Asia Pacific region also has vast manufacturing facilities, which exhibit high demand for security measures. The variety of the region's economies, societies, and technological advancements is reflected in the vital infrastructures of the Asia Pacific area. The area is seeing significant development potential in ICS security due to the implementation of effective government policies and technical improvements. Sector-specific cybersecurity, R&D, and public-private partnerships (PPPs) have been the main drivers of growth in the area.

Initiatives taken by governments across countries in the Asia Pacific are expected to promote future ICS security market growth. For example, The Government & Critical Infrastructure APAC 2022 online event was a signature community designed to accelerate public-private collaboration on industrial control system threats and cyberattack defense of critical assets.

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Cisco (US), ABB (Switzerland), Lockheed Martin (US), Fortinet (US), Honeywell (US), Palo Alto Networks (US), BAE Systems (UK), RTX (US), Trellix (US), Check Point (Israel), Darktrace (UK), Kaspersky Lab (Switzerland), Tenable (US), Belden (US), Sophos (UK), CyberArk (US), Claroty (US), Dragos (US), Nozomi Networks (US), Cyberbit (US), Forescout (US), Radiflow (Israel), Verve Industrial Protection (US), Applied Rosk (Netherland), Positive Technology (US) are the key players and other players in the ICS security market.

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