Australian Industrial Control Systems Security Solutions Market to Reach Over A$300M in Revenues by 2020
SYDNEY, Nov. 29, 2016 /PRNewswire/ -- The Australian industrial control systems (ICS) security market is expected to experience sharp growth over the next 2 years as a result of recent security incidents impacting government networks and critical infrastructure. Frost & Sullivan anticipates with the increasing reliance on digital technologies and Internet of Things applications to automate processes, substantial investments will be made towards security technologies including security analytics and intelligence solutions, cyber security insurance, network security and endpoint security.
Frost & Sullivan's most recent analysis, Australian Industrial Control Systems (ICS) Security Market, 2016 finds that the region's ICS security solutions market revenues will reach A$328M by 2020. Growth is expected to triple over the next 3 years, followed by steady increases through to 2020. Network security is the largest and one of the fastest growing segments in the ICS solutions market. However, to gain intelligence on unknown threats, the Australian market will witness an increased demand for security intelligence and analytics solutions over the next few years.
"Due to the increase in information and operational (IT/OT) convergence and the overall complexity of an ICS environment, enterprises will look to partner with managed security service providers that offer well integrated cyber resilient IT and OT security solutions," said Sandeep Karuppuswamy, Industry Analyst, ICT Practice, Frost & Sullivan Australia & New Zealand. "To strengthen their portfolio, managed security service providers will tie up with ICT and automation security vendors such as Cisco, Checkpoint, Fortinet, Symantec, Palo Alto networks, Wurldtec and ABB, Honeywell and Siemens."
For now, Australia's percentage of investments towards cyber security solutions against current threats is far behind that of other developed markets such as the US and UK. This weak approach towards protecting critical infrastructures from cyber attacks stems from a combination of poor policies, low compliance standards, shortage of cyber security skills, and the general mindset of many businesses and government departments.
"Unlike the business networks, plant engineers are still unsure about the solutions that need to be implemented since the ICS environment was never designed to accommodate security. Besides lack of mandates and awareness translate into low incident reporting," explained Karuppuswamy. "Training and education, mandatory reporting, and information sharing are required to improve the overall security posture. Establishing its own specific body to directly oversee security protection of systems will also propel Australia toward cyber resiliency."
Frost & Sullivan's report, Australian Industrial Control Systems (ICS) Security Market, 2016, forms a part of the Frost & Sullivan Australian Digital Transformation Research program. All research services included in this subscription provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants. For queries and more information please send an e-mail with your contact details to David Hymers, Frost & Sullivan Australia, at email@example.com.
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