Operational Technology (OT) refers to hardware and software that detects or causes a change through the direct monitoring and/or control of industrial equipment, assets, processes and events. OT security solutions help protect critical infrastructure by securing industrial control systems, sensors and SCADA systems from cyber threats.
The global Operational Technology Security Market is estimated to be valued at US$ 18492.8 Mn in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing frequency and complexity of cyberattacks targeting critical infrastructure are driving the need for robust OT security solutions. According to reports, there were over 140 OT cyberattacks in 2021 alone. Ransomware attacks targeting critical infrastructure are on the rise, disrupting essential services. Regulatory mandates requiring secure monitoring and control of industrial assets are also fueling market growth. Furthermore, the growing convergence of IT and OT networks has expanded the attack surface, necessitating integrated security solutions. Vendors are increasingly offering converged IT-OT security platforms to provide end-to-end visibility and protection across the modern attack surface.
Segment Analysis
The operational technology security market is segmented into component, security type, deployment mode, vertical, and region. Component-wise, the services segment dominates the overall market owing to the high demand for managed security services and professional security services to monitor rising cyber threats and security breaches. Security type-wise, the network security segment accounts for the largest share as it helps secure OT networks, endpoints, applications, and controls systems from cyber threats. Deployment mode-wise, the on-premises segment holds a significant share due to wide adoption across industries for secure operations. Vertical-wise, critical infrastructure leads the market due to increasing investments in cybersecurity to protect critical assets from cyberattacks.
Key Takeaways
The Global Operational Technology Security Market Growth is expected to witness high, exhibiting a CAGR of 7.7% over the forecast period, due to increasing cyber threats and security breaches targeting OT systems across industries.
Regional analysis - North America dominates the market currently due to strict regulations and early adoption of operational technology security solutions across sectors. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rapid digital transformation of industries and increasing focus on cybersecurity in countries like China, India, and Japan.
Market size - The global operational technology security market size was valued at US$ 18492.8 Mn in 2023 and is projected to reach over US$ 32,787.6 Mn by 2030.
Key players - Key players operating in the operational technology security market are 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 players are focusing on strategic partnerships, product innovations, and expansion strategies to gain a competitive edge in the market.
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