Utility Industrial Control System Security Revenue Is Expected to Experience a 7% Compound Annual Growth Rate from 2020-2029
Utilities are proactively addressing cybersecurity, expanding beyond traditional compliance-based management practices
A new report from Guidehouse Insights analyzes the electric utility industrial control system (ICS) security market and forecasts revenue between 2020 and 2029.
A key challenge utilities face as they work to keep pace with digital transformation is protecting critical infrastructure. While utilities are developing more interconnected systems that make the grid smarter, more efficient, and more dynamic, these systems also introduce cybersecurity vulnerabilities that bad actors might exploit. Although IT security is well understood among electric utilities, OT security—including ICSs, which sit at the heart of utility OT environments— is a relatively new paradigm facing the industry. Click to tweet: According to a new report from @WeAreGHInsights, global ICS cybersecurity revenue is expected to grow from $964.5 million in 2020 to $1.8 billion in 2029 at a compound annual growth rate (CAGR) of 7%.
“Utilities have traditionally viewed ICS and OT security as a cost-limitation exercise,” says Michael Kelly, research analyst with Guidehouse Insights. “However, the growing surface area for cyberattacks, along with an increase in the number of threat actors, is motivating utilities to expand beyond traditional, compliance-based management practices and proactively address cybersecurity.”
According to the report, the ICS market is headed beyond one-off, point-to-point solutions and toward more integrated, harmonious solutions. In the future, the market for cybersecurity solutions is expected to show healthy growth as the related markets for automation, communications, and smart devices continue to mature.
The report, Hardening and Securing Utility Control Systems, analyzes the electric utility ICS security market and forecasts revenue between 2020 and 2029. The cybersecurity of four industrial control applications are covered: transmission automation and sensing, distribution automation and sensing, communications, and control system software. The report provides this data for five major global regions: North America, Europe, Asia, Latin America, and the Middle East & Africa. An executive summary of the report is available for free download on the Guidehouse Insights website.
*The information contained in this press release concerning the report, Hardening and Securing Utility Control Systems, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.