Market Research Future published a research report on “Industrial Control Systems Market – Forecast to 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2024.
Global Industrial Control System (ICS) Market to Demonstrate 6.81% CAGR Between 2018 and 2023
Growing incidence of cyber-attack has led to development of robust firewalls. Having a reliable network security has become extremely important. This, in turn, is driving the adoption of industrial control systems (ICS). As per the report published by Market Research Future (MRFR), the global industrial control systems (ICS) is set to exhibit a CAGR of 6.81% from 2018 to 2023. In 2017, the market surpassed a valuation of USD 11 Bn.
Over the years ICSs have continued to evolve with assimilation of new-age technologies. Emergence of new threats continues to prompt developers to update ICS accordingly. Digitization and automation in industrial verticals have made them vulnerable to cyber malignancy, which in turn, is driving the need for sophisticated security.
ICS is a security system which is supported by interconnected infrastructures and networks that work in a cohesive manner to secure industrial processes. Industries are increasingly relying on ICS to curtail cyber-threats. Rapid adoption of ICS in industries such as energy & power, food & beverages, oil & gas among others is supporting the Industrial Control Systems Market growth.
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Global Industrial Control System (ICS) Market: Competitive Landscape
Some of the top-notch market players discussed in MRFR’s report include Schneider Electric, Check Point Software Technologies Ltd., ABB, General Electric, Belden Inc, Siemens AG, Rockwell Automation, Inc., Honeywelll International Inc., Fortinet, Inc., Cisco Systems, Inc. and BAE Systems.
The segment analysis of the market has been conducted on the basis of vertical, control system type, solution, service and region.
Based on vertical, key segments include manufacturing, transportation, food & beverage, energy & power and others. Of these, the energy & power segmented currently account for the most impressive market share in terms value. The segment is likely to remain highly attractive in the foreseeable future. Based on control system type, key segments include SCADA, DCS, PLC and other. The SCADA segment is projected represent impressive market share throughout the assessment period. By the end of review period, the segment is likely to touch a valuation of 6 Bn. Based on solution, key segments include Firewall, Antivirus, Unified Threat Management (UTM), Data Loss Prevention and Distributed Denial of Service (DDOS). The firewall segment currently represents the most impressive market share and is projected to exhibit a CAGR of 6.17% during the forecast period. Based on services, key segments include change in management, risk management, communication services, managed support and others. The risk management segment currently represents the majority share of the market and is expected to witness a sound growth over the next several years. Demand for risk management services is growing owing to increased need for protecting critical information. Risk management services include detection, prevention and prompt response to malicious or non-malicious attacks.
Global Industrial Control System (ICS) Market: Regional Analysis
Europe, South America, North America, Asia Pacific (APAC) and the Middle East & Africa (MEA). Of these, North America has emerged as the largest market for industrial control system (ICS) and is expected to maintain its position throughout the assessment period. Currently, North America command 50% share of the global market in terms of revenue. The North America industrial control system (ICS) market is projected to demonstrate 5.59% CAGR from 2018 to 2023. The vast IT industry and presence of global technology companies puts North America at a favourable position. The US is expected to remain the hotspot for market players operating in the region. Moreover, increased threat from high-intensity cyber-attacks is driving the need for robust internet security solution in the region. Meanwhile, Europe has emerged as the second largest market for ICS. The APAC ICS market is also expected to witness an impressive growth in the years to come.
Table of Content:
Chapter 1: Industrial control systems Market Overview
Chapter 2: Global Economic Impact on Industry
Chapter 3: Industrial control systems Market Competition by Manufacturers
Chapter 4: Global Production, Revenue (Value) by Region
Chapter 5: Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6: Global Production, Revenue (Value), Price Trend by Type
Chapter 7: Global Market Analysis by Application
Chapter 8: Manufacturing Cost Analysis
Chapter 9: Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10: Marketing Strategy Analysis, Distributors/Traders
Chapter 11: Industrial control systems Market Effect Factors Analysis
Chapter 12: Global Industrial control systems Market Forecast
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