CHICAGO, Sept. 8, 2020 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets, the global ICS Security Market 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 growth drivers for the market include the increasing number of security breaches and cyberattacks on ICS infrastructure and strict regulatory compliances toward the adoption of ICS services.
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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 major 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 (US), Airbus (France), Claroty (US), Indegy (US), Bayshore Networks (US), Dragos Security (US), Nozomi Networks (US), Cyberbit (Israel), and CyberX (US).
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