The report indicates that the ICS Security Market size was estimated at over USD 1.5 billion in 2017, and is predicted to be growing at a CAGR of 20% from 2018 to 2024.

The Global Market Insight researchers found that between 2015 and 2017, there was a significant increase in the number of vulnerabilities detected in ICS components in industrial sectors. The majority of the vulnerabilities were detected in SCADA/HMI/DCS devices amounting to nearly 30%, followed by those in network equipment which constituted nearly 28% of the overall vulnerabilities. In 2017, the number of vulnerabilities reported by major companies offering ICS solutions were 197, as opposed to 115 in 2016. Consequently, the demand for ICS security solutions increased during this period. Government initiatives to enable better security of national critical infrastructure are expected to increase the awareness regarding the need to fortify ICS environments against cyber-attacks.

The network security segment is projected to register an accelerated growth in the ICS security market between 2018 and 2024 with a CAGR of nearly 26%. Due to the increasing incidents of successful industrial network infiltrations by cyber attackers over the past five to seven years, the demand for robust network security solutions among industrial sectors is increasing consistently. The June 17 Notpetya ransomware attack on industries in the U.S. and Europe was one of the major cyber attacks on industrial IT networks in the recent years that resulted in losses of hundreds of millions of dollars for large enterprises such as Maersk, a shipping company that handles one in seven shipping containers globally.

Researchers say that the identity & access management (IAM) solution is projected to witness a rapid adoption in the ICS security market over the forecast timeline, 2018 - 2024, with the segment registering an impressive growth rate of around 25%. As these solutions ensure the prohibition of unauthorised access to critical infrastructure components, cyber security in the Operational Technology (OT) environments can be largely enhanced using IAM solutions.

The service market is projected to exhibit the fastest growth between 2018 and 2024, registering a CAGR of around 35%. Due to the consistently evolving nature of cyber threats, such as ransomware and viruses, the need to constantly fortify cyber security solution is being increasingly recognised by the companies operating in the ICS security market. Hence the demand for services, such as managed services and integration & consulting services, is likely to increase over the forecast timeline.

The transportation application segment is expected to exhibit a robust growth between 2018 and 2024 with a CAGR of around 26% due to the increasing awareness related to ICS security for protecting critical transportation networks such as highway, surface transportation, aviation, maritime, and pipeline. Maritime transport component, such as ports, vessels, and waterways, plays a critical role in facilitating large-scale trade operations. Hence securing these systems is highly essential to ensure the smooth functioning of vessel and port operations. The rail freight transportation sector is also an emerging market for ICS security as regulatory bodies are focusing on determining cyber risks associated with rail transport systems to identify ICS cyber evaluation metrics.

The Asia Pacific ICS security market is projected to register a lucrative growth during the forecast period due to the presence of several SMEs in the region focusing on delivering ICS security solutions to the major vendors operating in the market, and the LAMEA ICS security market is estimated to exhibit the fastest growth between 2018 and 2024 with a CAGR of nearly 30%. 

Analysts found that the competition in the ICS security market is characterised by diverse product offerings from major system vendors as well as pure providers in the cyber security landscape. The major system vendors place emphasis on product development and strategic partnerships with cyber security vendors to offer enhanced protection to their customers operating in the critical infrastructure sectors. The companies specialising in cyber security solutions focus on product innovation to incorporate the latest cyber security capabilities in their solutions to mitigate the risk of evolving cyber threats. Some of the key players operating in the ICS security market include BAE Systems, Cisco, ABB, Cyberbit, Belden, Fortinet, Dragos, Honeywell, Rolloos, Raytheon, Securitymatters, Trend Micro, Claroty, Symantec, IBM, Kaspersky, Fireeye, Schneider Electric, General Electric, McAfee, Nozomi Networks, and Bayshore Networks.