The global Operational Technology Security market is estimated to be valued at US$ 4,803.2 Mn in 2020 and is expected to exhibit a CAGR of 7.7% over the forecast period 2021-2032, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Operational Technology (OT) security refers to the protection of complex systems and networks used in industries such as manufacturing, energy, transportation, and utilities. These systems include hardware, software, and network components that control and monitor the physical processes of an organization. As industries become more interconnected and rely heavily on digital technologies, the need for robust OT security solutions has become paramount. These solutions help safeguard critical infrastructure from cyber-attacks, data breaches, and other security threats. The advantages of implementing OT security solutions include improved operational efficiency, reduced downtime, enhanced reliability, and protection of sensitive information.
Market Key Trends:
One of the key trends driving the growth of the Operational Technology Security market is the increasing threats to critical infrastructure. With the increasing adoption of digital technologies in critical infrastructure sectors such as power plants, oil refineries, manufacturing facilities, and transportation networks, the risk of cyber-attacks has also grown significantly. Cybercriminals are targeting these systems to disrupt operations, compromise safety, steal intellectual property, and cause financial damage. For instance, the Stuxnet worm in 2010 targeted Iranian nuclear facilities and caused physical damage to centrifuges. To protect these critical infrastructure sectors from such attacks, organizations are investing in advanced OT security solutions that offer real-time monitoring, threat detection, and incident response capabilities.
PEST Analysis:
Political: Governments worldwide are realizing the importance of securing critical infrastructure and are introducing regulations and standards to ensure cybersecurity. For example, the U.S. Cybersecurity and Infrastructure Security Agency (CISA) has released guidelines for securing industrial control systems. Such political initiatives drive the adoption of OT security solutions.
Economic: The increasing number of cyber-attacks on critical infrastructure leads to significant economic losses for organizations. The cost of data breaches, operational downtime, and damage to physical assets can be substantial. Therefore, investing in OT security solutions becomes economically viable for organizations to mitigate these risks.
Social: The increasing digitization and interconnectivity of industries have made them more vulnerable to cyber threats. The awareness among organizations and individuals about the importance of OT security is growing, leading to increased adoption of security solutions.
Technological: The rapid advancement of technologies such as Industrial Internet of Things (IIoT), cloud computing, and artificial intelligence (AI) has revolutionized industrial processes. However, these advancements also present new attack vectors for cybercriminals. OT security solutions are continuously evolving to address these emerging threats and protect critical infrastructure.
Key Takeaways:
Paragraph 1: The global Operational Technology Security Market is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to the increasing threats to critical infrastructure. Organizations are investing in advanced OT security solutions to protect their operations from cyber-attacks and ensure uninterrupted performance.
Paragraph 2: In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the Operational Technology Security market. This can be attributed to the presence of major industrial sectors, increasing government regulations, and a high level of awareness about cybersecurity.
Paragraph 3: Key players operating in the global Operational Technology Security market include Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., Indegy, IOActive Inc., Kaspersky Lab, Leidos, Thales Group, TÜV SÜD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group. These key players are focusing on strategic collaborations, partnerships, and product innovations to gain a competitive edge in the market.
In conclusion, the Operational Technology Security market is poised for high growth due to the increasing threats to critical infrastructure. Organizations across various industries are recognizing the importance of securing their systems and networks to protect against cyber-attacks. As technological advancements continue, the demand for advanced OT security solutions will only increase in the coming years.
Operational Technology Security MarketThe sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Operational Technology Security Market.
The growth sectors of the Operational Technology Security Market are identified with precision for a better growth perspective.According to MRFR analysis, the global OT security market was valued at USD 200.0 million in 2018 and is expected to register a CAGR of 42.2% during the forecast period to reach USD 3,531.0 million by 2025.
The propelling factors that contribute to the market growth include the integration of IT and OT systems, surge in the risk of cyber threats on critical infrastructure, and increasing dependence on legacy systems.The global OT security market has been segmented based on component, deployment mode, industry, and region.By component, the global OT security market has been bifurcated into solutions and services.
The solution segment accounted for the larger market share in 2018 owing to dependence on legacy systems which are vulnerable to cyber attacks.
Also, the services segment has been sub-divided into professional services and managed services.
The professional services segment has been categorized into consulting services, deployment and implementation services, and other support services.
OverviewThe operational technology security market is anticipated to grow by US$24,092.7 Million by 2026 rapidly growing at a CAGR of 8.2% during the forecast period.
The global operational technology security market is driven by increasing cyber security threats and the rise of OT ecosystems.
These factors have helped shape the Operational Technology Security Market and are expected to boost the growth.
Companies in the operational technology security market could also face challenges such as complexity of the OT security solutions.
The global market for operational technology security is also covered based on the component segment which is further split into solution (OT endpoint security, OT network segmentation, anomaly detection, incident response and reporting and others] and services (managed and professional (consulting services, deployment & implementation services and others)).Factors like convergence of IT systems and increasing cyber attacks around the world support the operational technology security market growth.
The performance of the Operational Technology Security Industry has also been studied for the past and current years.
