INDUSTRIAL CONTROL SYSTEMS (ICS) MARKET ANALYSIS

Industrial Control Systems (ICS) MarketSize and Trends

The global industrial control systems (ICS) market size was valued at USD 130,060 million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 7.55% from 2023 to 2030.  This is mainly due to the growing demand for energy-efficient and safe operations. A major driver for the global industrial control systems (ICS) market is increasing focus on automation and digitization in various industries, as well as the development of smart technologies. These factors are driving the adoption of industrial control systems and thereby, creating lucrative opportunities for the industry.

Global Industrial Control Systems (ICS) Market Trends:

Increasing growth of automotive industry is a growing trend

Industrial control systems offer several opportunities to the automotive industry, as it allows them to fast react to market demands, enhances the supply chain efficiency, reduced downtimes in manufacturing, and increases productivity. The production facilities of several automakers are automated for maintaining efficiency. The increasing trend of replacement of conventional vehicles with Electric vehicles is likely to drive demand of the automotive industry in the near future. Thus, this trend is expected to continue in the global industrial control systems (ICS) market over the forecast period.

Increasing cyber-security threats is a major trend in the market

Due to rise in cyber security threats, the industrial control systems solutions are expected to gain traction. Most of the OT endpoints are unpatched legacy systems as they make use of particular communication protocols. These solutions are increasingly becoming interconnected with external systems, and they are highly vulnerable to cyberattacks. This, in turn is creating demand for ICS solutions among several industries. This trend is thus expected to augment growth of the global industrial control systems (ICS) market over the forecast period.