USD 15.60 Billion
Operational Technology Security Market Size, Share, Growth Analysis, By Components(Solutions and services), By Deployment Mode(On-premise and cloud), By Industry Vertical(BFSI, manufacturing, energy & power, oil & gas), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45J2120 |
Region:
Global |
Published Date: March, 2024
Pages:
197
|Tables:
89
|Figures:
76
Operational Technology Security Market Insights
Global Operational Technology Security Market size was valued at USD 15.60 Billion in 2022 and is poised to grow from USD 18.03 Billion in 2023 to USD 57.51 Billion by 2031, at a CAGR of 15.60% during the forecast period (2024-2031).
Global Operational Technology (OT) Security Market is a rapidly growing and dynamic industry focused on protecting critical infrastructures and industrial control systems (ICS) from cyber threats. With the increasing adoption of IoT devices, cloud computing, and interconnected industrial networks, the demand for robust OT security solutions has skyrocketed. Organizations across various sectors, such as energy, manufacturing, transportation, and healthcare, are recognizing the importance of safeguarding their OT environments against cyber-attacks that can disrupt operations, cause financial losses, and jeopardize public safety. The OT security market encompasses a wide range of products and services, including network monitoring and anomaly detection, access control systems, endpoint protection, security information and event management (SIEM), incident response, and threat intelligence. The market is witnessing a shift towards proactive security approaches, with a greater emphasis on continuous monitoring, threat hunting, and vulnerability management to detect and respond to threats before they cause damage. As the convergence of IT and OT systems continues, the demand for integrated security solutions that bridge the gap between these traditionally separate domains is expected to fuel market growth further. Key players in the market offer comprehensive solutions that combine advanced technologies like artificial intelligence (AI) and machine learning (ML) to detect and mitigate emerging threats in real-time. Additionally, regulatory frameworks and industry standards such as NIST, IEC 62443, and ISO 27001 are driving the adoption of OT security solutions globally. North America dominates the market due to the high concentration of critical infrastructures and stringent regulations, while the Asia-Pacific region is witnessing rapid growth fueled by the increasing industrialization and digitization in countries like China and India. As the cyber threat landscape continues to evolve, the global market is expected to experience significant growth in the coming years as organizations prioritize protecting their operational technology from emerging threats.
US Operational Technology Security Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Solutions
Fastest Growth
Solutions
Growth Rate
15.60% CAGR
Global Operational Technology Security Market ($ Bn)
Country Share for North America Region (%)
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Operational Technology Security Market Segmental Analysis
The Global Operational Technology Security Market is segmented by components, deployment mode, industry vertical and region. Based on components, the market can be segmented into solutions and services. Based on deployment mode, the market is segmented into on-premise and cloud. Based on industry vertical, the market is segmented into BFSI, manufacturing, energy & power, oil & gas, transportation & logistics, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Components
The solutions segment dominated the Global OT Security Market. As organizations increasingly prioritize the protection of their operational technology infrastructure, the demand for robust security solutions is on the rise. These solutions encompass a wide range of technologies, including network monitoring, access control systems, endpoint protection, and incident response. Vendors in the market are continuously innovating to offer comprehensive, scalable, and easy-to-deploy solutions that can effectively safeguard critical infrastructures and industrial control systems from cyber threats.
On the other hand, the fastest-growing component in the market is services. As the complexity of OT security challenges continues to evolve, organizations are seeking specialized expertise and support to effectively manage their security requirements. OT security services include consulting, risk assessment, threat intelligence, managed security services, and incident response. The growing recognition of the need for proactive security measures and the shortage of skilled cybersecurity professionals are driving the demand for these services. Service providers are expanding their capabilities to offer tailored solutions that address the unique requirements of different industries and assist organizations in developing robust OT security strategies.
Analysis by Deployment Mode
The on-premise segment dominated the global market. Many organizations, especially those with stringent data privacy and regulatory requirements, prefer to have direct control over their OT security infrastructure by deploying solutions on-premise. This deployment mode offers organizations greater visibility, control, and customization options, allowing them to tailor security measures to their specific needs. On-premise deployments also provide a higher level of physical security and can be perceived as a more secure option for critical infrastructures and sensitive industrial environments.
However, the cloud deployment mode is the fastest-growing segment in the market. Cloud-based OT security solutions offer scalability, flexibility, and cost-efficiency, allowing organizations to easily scale their security infrastructure as per their requirements. Cloud deployments also enable remote monitoring and management, making them suitable for distributed industrial environments and organizations with multiple sites. Moreover, cloud-based solutions often come with advanced threat intelligence capabilities and continuous updates, ensuring that organizations stay protected against evolving cyber threats. The cloud deployment mode is particularly attractive for small and medium-sized enterprises (SMEs) that may lack the resources and expertise to maintain complex on-premise infrastructure, as it offers a more accessible and hassle-free security solution.
Global Operational Technology Security Market By Components
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Operational Technology Security Market Regional Insights
North America dominated the market due to the high concentration of critical infrastructures, advanced industrial sectors, and stringent regulatory frameworks. The region has been a frontrunner in adopting OT security solutions to protect vital systems and mitigate cyber threats. The presence of key market players and the growing awareness about the potential risks associated with OT environments have significantly contributed to the market's dominance in North America.
Asia Pacific region is the fastest-growing market. The increasing industrialization, rapid adoption of IoT devices, and digital transformation initiatives in countries such as China, India, Japan, and South Korea are driving the demand for robust OT security solutions. The region is witnessing significant investments in critical infrastructures, including smart grids, smart manufacturing, and smart transportation systems, which necessitate advanced security measures to protect against cyber threats. Additionally, emerging economies in the Asia Pacific region are focusing on strengthening their cybersecurity frameworks, creating opportunities for OT security vendors to expand their market presence.
Global Operational Technology Security Market By Geography
- Largest
- Fastest
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Operational Technology Security Market Dynamics
Drivers
Increasing frequency and sophistication of cyber threats targeting operational technology systems
- One key driver of the Global OT Security Market is the increasing frequency and sophistication of cyber threats targeting operational technology systems. As organizations across various sectors become more interconnected and reliant on digital technologies, the risk of cyber-attacks on critical infrastructures and industrial control systems rises. This drives the demand for robust OT security solutions to protect against these evolving threats and ensure the continuity of operations.
Restraints
Lack of skilled cybersecurity professionals
- One significant restraint of the market is the lack of skilled cybersecurity professionals with expertise in operational technology. The field of OT security requires specialized knowledge and understanding of industrial control systems, which is not as widely available as expertise in traditional IT security. The shortage of skilled professionals poses challenges for organizations in implementing and managing effective OT security measures. Addressing this skill gap through training, education, and talent development initiatives is crucial to overcome this restraint and meet the growing demand for OT security expertise.
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Operational Technology Security Market Competitive Landscape
The competitive landscape of the Global OT Security Market is characterized by intense competition among a diverse range of vendors offering solutions and services to protect operational technology environments. Market players strive to differentiate themselves by offering comprehensive, scalable, and innovative OT security solutions that can effectively address the evolving cyber threat landscape. Key strategies employed by vendors include product innovation, strategic partnerships, mergers and acquisitions, and expanding their global market presence. As organizations increasingly prioritize OT security, vendors are focusing on providing integrated solutions that bridge the gap between IT and OT domains, enabling seamless protection across the entire infrastructure. With the market witnessing continuous advancements and evolving customer requirements, competition is expected to intensify as vendors strive to capture a larger market share.
Top Player’s Company Profiles
- Darktrace Holdings Limited (UK)
- Microsoft Corporation (US)
- Palo Alto Networks Inc (US)
- Forescout (US)
- Broadcom Inc (US)
- Fortinet, Inc. (US)
- Forcepoint (US)
- Cisco Systems, Inc. (US)
- Kaspersky Lab (Russia)
- Thales Group (France)
- Symantec Corporation (US)
- McAfee LLC (US)
- FireEye, Inc. (US)
- Siemens AG (Germany)
- Honeywell International Inc (US)
- Trend Micro Incorporated (Japan)
- Rockwell Automation, Inc. (US)
- Schneider Electric SE (France)
- IBM Corporation (US)
- Check Point Software Technologies Ltd (Israel)
Recent Developments
- In February 2023, Cisco introduced new cloud services within its IoT Operations Dashboard, aimed at enhancing industrial asset visibility, enabling secure asset management from any location, and providing a seamless pathway to cloud automation for Operational Technology (OT) teams in the Industrial Internet of Things (IoT) space.
- In February 2023, Cisco ThousandEyes unveiled its support for OpenTelemetry, facilitating comprehensive internet and Cloud intelligence across a wide range of monitoring and IT platforms. This expansion of visibility enables correlated insights and optimized digital experiences.
- In May 2022, Fortinet launched a series of innovative solutions, including FortiGate 600F, FortiGate 3700F, and FortiGate 70F. These solutions feature Security Compute Ratings, delivering superior performance compared to competing offerings. FortiGate provides improved return on investment (ROI), scalability to counter advanced threats, and an integrated networking and security platform for enhanced user experiences.
- In April 2022, Tenable forged a partnership with ServiceNow to enhance the capabilities of The Now Platform through asset inventory and vulnerability data from Tenable.ot. Leveraging Tenable's Predictive Prioritization capabilities, customers can effectively prioritize IT and OT vulnerabilities that pose the highest risks to their business.
- In May 2021, Forcepoint's acquisition of Cyberinc empowers the former with intelligent Remote Browser Isolation (RBI) technology. This technology offers administrators granular control and incorporates Smart Isolation capabilities, enhancing user productivity, reducing operational burdens, and replacing traditional monolithic products.
Operational Technology Security Key Market Trends
- One key market trend in the Global OT Security Market is the increasing convergence of IT and OT security. As organizations recognize the interconnectedness of their information technology (IT) and operational technology (OT) systems, there is a growing demand for integrated security solutions that bridge the gap between these traditionally separate domains. This trend reflects the need for comprehensive security measures that protect both the enterprise IT infrastructure and the critical industrial control systems. Vendors are responding to this trend by offering solutions that provide seamless visibility, monitoring, and protection across both IT and OT environments, enabling organizations to effectively manage and mitigate risks across their entire technology landscape.
Operational Technology Security Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Operational Technology (OT) Security Market analysis, the market is a rapidly growing industry focused on protecting critical infrastructures and industrial control systems from cyber threats. With the increasing adoption of IoT devices and interconnected networks, the demand for robust OT security solutions is soaring. The market is driven by the need to safeguard OT environments against evolving cyber-attacks. It encompasses a wide range of solutions and services, including network monitoring, access control systems, endpoint protection, and incident response. The market is characterized by intense competition, with vendors striving to provide comprehensive and innovative OT security solutions. Key trends include the convergence of IT and OT security, emphasizing the importance of integrated solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.60 Billion |
| Market size value in 2031 | USD 57.51 Billion |
| Growth Rate | 15.60% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Operational Technology Security Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Operational Technology Security Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Operational Technology Security Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Operational Technology Security Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Operational Technology Security Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Operational Technology Security Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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