New York, USA, July 30, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The operational technology (OT) security market was estimated at USD 17.25 billion in 2023. The market valuation is expected to be USD 71.22 billion by 2032, registering a staggering CAGR of 17.1% during the forecast period of 2024-2032.
What is OT Security Technology?
Utilizing hardware and software to keep an eye on and manage physical processes, equipment, and infrastructure is known as operational technology or OT. This entails safeguarding system availability, comprehending protocols unique to OT, and thwarting attacks directed at the legacy systems frequently utilized in OT contexts.
Asset-intensive industries use operational technology systems for a wide range of functions, from managing robots on a manufacturing floor to monitoring critical infrastructure (CI). Many industries, such as manufacturing, utilities, oil and gas, electrical generation and distribution, aviation, maritime, and rail, use OT.
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Key Market Stats:
- The operational technology security market size was valued at USD 17.25 billion in 2023.
- The market is anticipated to grow from USD 20.18 billion in 2024 to USD 71.22 billion by 2032.
- The market is expected to exhibit a CAGR of 17.1% during the forecast period.
Major Findings from the Report:
- The market for operational technology security is expanding because it encompasses a range of tools, procedures, and guidelines designed to detect and neutralize risks to operational technology systems.
- The OT security market segmentation is primarily based on the offering, deployment mode, organization size, application, and region.
- North America dominated the market with the largest market share.
Operational Technology (OT) Security Market Drivers and Trends:
- Rising Adoption of Industrial Automation: Because industrial automation lowers costs, boosts production, and increases efficiency, its use has grown dramatically in recent years. Cybercriminals are increasingly targeting these systems, which control necessary services like transportation systems, water treatment plants, and power grids. This has resulted in a tremendous demand for OT security solutions, expanding the operational technology (OT) security market demand.
- Growing IIoT Integration: People are becoming increasingly conscious of the need to secure OT systems as the dangers of cyberattacks on vital infrastructure become more obvious. Because of this, there is now a higher need for OT security solutions from businesses looking to defend their vital infrastructure against online attacks.
- Increasing Popularity of Virtualization and Cloud Computing: The global demand for virtualization and cloud computing technologies is being driven by the expanding operational technology (OT) security market. Furthermore, they help companies in the instantaneous analysis of dynamic network communication and in preserving relationships with vendors, partners, and suppliers.
Market Challenges:
One of the main obstacles to the operational technology security market is the need for qualified cybersecurity specialists. Organizations' capacity to deploy and manage OT security solutions may need more qualified personnel as demand for these solutions rises.
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Industry’s Prominent Players:
- Checkpoint
- Fortinet
- Cisco
- McAfee
- Honeywell
- Qualys
- Palo Alto Networks
- Yokogawa Electric
- Siemens
- Zscaler
Geographical Landscape:
With the biggest operational technology (OT) security market share, the North American region led the global market and is predicted to continue leading it for the anticipated amount of time. The market's growth may be primarily ascribed to the fast growing operational technology deployment by several multinational organizations operating in North America. These corporations operate both on-premises and online, making them more vulnerable to cyber-attacks.
Due to its strong manufacturing and technological capabilities and growing industrial development, the Asia Pacific region is predicted to grow at the highest rate with a healthy compound annual growth rate (CAGR) during the projected period. This would result in a significant need for OT security.
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Market Segmentation:
By Offering Outlook:
- Solutions
- SIEM
- Asset Discovery & Management
- Network Security
- Vulnerability Management
- IAM
- Data Security
- Services
By Deployment Mode Outlook:
- Cloud
- On-Premises
- Hybrid
By Organization Size Outlook:
- Large Enterprises
- Small and Medium-Sized Enterprises
By Application Outlook:
- Energy and Power
- Transportation & Logistics
- Manufacturing
- Oil and Gas
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, Australia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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