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Increasing Smart Grid Deployments in Power Sector to Drive the Global Industrial Control Systems Security Market Through 2020, Says Technavio

August 24, 2016 12:03 PM Eastern Daylight Time

LONDON–(BUSINESS WIRE )–The global industrial control systems (ICS) security market is expected grow at a CAGR of more than 9% during the period 2016-2020, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global ICS securitymarketfor 2016-2020. The market is further categorized into five segments, including power, oil and gas, water and wastewater, chemical and others.

“The rising cyber-attacks on critical infrastructure are leading to the high adoption of ICS security solutions in various industries, particularly energy, utilities, chemicals, and manufacturing. These strategic attacks disrupt industrial activities for monetary, political or social gains, and competitive or even personal grievance,” says Bharat Kanniappan, a lead automationresearch expert from Technavio.

Technavio’s industrial automation research analysts segment the global ICS security market into the following regions:

  • Americas
  • EMEA
  • APAC

In 2015, with a market share of nearly 39%, the Americas dominated the global ICS security market, followed by EMEA with around 34% and APAC with approximately 27%.

Americas: largest market for ICS security

The ICS security market in the Americas is expected to exceed USD 4 billion by 2020, growing at a CAGR of more than 6%. The US ICS-CERT (computer emergency response teams), the division of Department of Homeland Security in the US, reported that it received 295 cyber incident reports from industry partners in FY2015. The largest number of these incidents had occurred in the critical manufacturing sector with 97 incidents. In the US, the number of attacks on SCADA system doubled in 2015 compared to 2014 because SCADA and other ICS are more likely to be connected to the Internet in the US compared to other countries.

Technavio expects industrial automation providers to collaborate with IT security services providers to offer embedded security services in their existing and new products. This is due to increasing advances in industrial connectivity and remote access, leading to the growth of the ICS market in the Americas.

The market in the Americas is predicted to grow due to rising investments in smart grids in South America, which is positioned as a key market for smart grid infrastructure investment. The South American countries are likely to invest USD 38 billion in modernizing their power infrastructure from 2015-2025. The South American governments will ensure that they are protected from hacking and other mischievous acts, leading to the growth of the ICS security market in the region.

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EMEA: rise in cyber-attacks on Europe's critical infrastructure to boost growth

The ICS security market in EMEA is expected to exceed USD 4 billion by 2020, growing at a CAGR of close to 10%. The market in EMEA is expected to increase during the forecasted period due to. In December 2014, it was reported that a malware had infiltrated the German Steel Facility. Germany is in the process of passing a new IT security law that requires critical infrastructure companies to implement ICS security practices or face fine of up to USD 112,870. This is mainly done to control the attacks on supervisory control and data acquisition (SCADA) systems, which is increasingly becoming common in the country. The new law will give essential service providers two years to comply with new requirements and achieve certification of cybersecurity standards.

In addition, the Iran-based threat group named Rocket Kitten has continued to target industrial organizations, especially in the middle east. In September 2015, many ICS security firms, including Trend Micro, iSIGHT Partners, ClearSky, and FireEye, have analyzed a total of 550 targets of the group and stated that activities have intensified over the past few months in the Middle East.

APAC: fastest growing market for ICS security

The ICS security market in the APAC is expected to grow at a CAGR of close to 12% during the forecast period. The rise in the ICS security in APAC is primarily due to increase in investments in various sectors, including energy and manufacturing. As the threats against the industries, such as Stuxnet and Flame, are increasingly becoming sophisticated, all companies use an ICS security solution installed on their ICS and segregate their business networks and the Internet by taking appropriate security measures such as building a firewall.

“Developing economies, such as India and China, have experienced tremendous growth in power demand due to population growth, growing economy, and increasing rates of industrial development. These investments along with the increased level of security concerns will enhance the implementation of ICS security in the industrial sector,” says Bharath.

The top vendors in the global ICS security market highlighted in the report are:

  • Cisco
  • Fortinet
  • Kaspersky
  • Symantec

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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