Industrial Control Systems Is Estimated To Witness High Growth Owing To Cyber Security Needs
Industrial control systems (ICS) refer to the hardware and software used to monitor and control industrial processes in critical infrastructure sectors such as manufacturing, oil and gas refining, transportation systems, electric power generation and distribution, water and wastewater management and treatment services. ICS improves overall productivity, efficiency and safety of such processes. ICS facilitate monitoring and controlling of industrial processes that are distributed over large geographical areas.
The global Industrial Control Systems (ICS) Market is estimated to be valued at Us$ 161141.22 Bn in 2023 and is expected to exhibit a CAGR Of 9.6% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Cyber security risks continue to remain high in industrial environments and necessitate strong investments in ICS cyber security solutions. With increasing digitization of critical industries, the threat of cyber-attacks on industrial control systems has also increased manifold. Cyber criminals are constantly developing new techniques to infiltrate industrial networks and systems with an objective to disrupt operations or steal sensitive data for financial or ideological gains. To counter growing cyber security challenges, industries are making substantial investments in advanced ICS security solutions such as identity and access management, intrusion detection/prevention, application and network security, industrial firewalls and encryption. The demand for stronger authentication and detection capabilities will continue to drive the ICS cyber security market during the forecast period from 2024 to 2031.
SWOT Analysis
Strength: Industrial control systems play a vital role in manufacturing and process industries by controlling machines and equipment. Given their importance, end users employ robust ICS infrastructure to optimize operations. Additionally, advancements in digital technologies have enabled ICS providers to offer unified monitoring and predictive maintenance capabilities through AI/ML tools. This helps users maximize uptime and efficiency.
Weakness: Heavy dependence on legacy infrastructure makes many ICS vulnerable to cyber threats. As operational technologies converge with IT networks, hackers can potentially access ICS remotely to disrupt processes or compromise safety systems. Further, upgrading outdated control systems involves substantial investments which deters some organizations.
Opportunity: Integrating ICS with cloud, edge and 5G networks presents an opportunity to unlock new visibility and optimization opportunities through data analytics. This allows remote monitoring of assets and preventive maintenance. Growing digitization also creates demand for secure industrial IoT platforms, cybersecurity solutions and smart mobility options for field workers.
Threats: Geopolitical tensions and trade conflicts among major economies increase risks of supply chain disruptions or technology bans. Switching to alternative vendors also requires redesigning control architectures. Further, skills shortage inhibits the pace of digital transformation within process industries. Lax security culture at some end users also poses risks of successful cyberattacks.
Key Takeaways
The Global Industrial Control Systems (ICS) Market Demand is expected to witness high growth over the forecast period of 2024 to 2031. The market size is projected to reach US$ 161141.22 Bn by 2031 registering a CAGR of 9.6%.
North America currently dominates the ICS space accounting for over 30% share owing to widespread industrial automation across manufacturing, oil & gas and utilities sectors in the region. Key factors driving regional market include advanced digital infrastructure, strict compliance with cybersecurity standards and presence of automation giants based in the U.S and Canada.
Key players operating in the Industrial Control Systems (ICS) market are 3M Company, Oracle Corporation, Optum Inc., Nuance Communications Inc., Dolbey Systems Inc., Aviacode Inc., MRA Health Information Services, The Coding Network, L.L.C, and Maxim Health Information Services, among others.
Get more insights on this topic :
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian