Global Operational Technology OT Security Market Size To Worth USD 107.1 Billion by 2033 | CAGR of 19.46%
Category: Information & TechnologyGlobal Operational Technology OT Security Market Size To Worth USD 107.1 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Operational Technology OT Security Market Size is to Grow from USD 18.1 Billion in 2023 to USD 107.1 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 19.46% during the projected period.
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Browse key industry insights spread across 245 pages with 120 Market data tables and figures & charts from the report on the "Global Operational Technology OT Security Market Size, Share, and COVID-19 Impact Analysis, By Component (Solutions, and Services), By Deployment (Cloud, and On-premises), By Enterprise Size (SMEs, and Large Enterprises), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/operational-technology-ot-security-market
Operational Technology (OT) security refers to the protection of systems and devices used to monitor and control industrial processes and physical operations. While traditional IT systems support data and communication, OT systems support machinery and equipment, as well as critical infrastructure like power plants, factories, transportation systems, and water treatment facilities. Sensors, controllers, and other connected devices are typically included in such systems to help industrial processes achieve their goals efficiently. It means that the security of OTs is concerned with protecting these systems from cyberattacks, which has recently become critical. Successful attacks on OT systems can result in physical damage, operational shutdowns, and even threats to public safety. Some of the major factors driving the Global OT Security Market include the growing frequency and sophistication of cyber threats against operational technology systems. The more interdependent organizations become in a variety of ways thanks to digital technologies, the more likely it is that critical infrastructures and industrial control systems will be targeted by cyber-attacks. This, in turn, increases demand for robust OT security solutions that protect against evolving threats while ensuring operational continuity. However, a major challenge in OT security is a lack of skilled cybersecurity professionals with expertise in industrial control systems, which requires training and talent development to bridge the gap.
The solutions segment dominates the market with the highest market share of the global operational technology OT security market during the projected period.
Based on the component, the global operational technology OT security market is divided into solutions and services. Among these, the solutions segment dominates the market with the highest market share of the operational technology OT security market during the projected period. The high share can be attributed to organizations' increasing preference for deploying OT security solutions in order to protect their critical infrastructure from cyberattacks. The market is divided into two segments based on solution type: integrated platforms and standalone. Integrated platform solutions are a suite of various OT security products and services that work together to provide an integrated and common approach to addressing OT security issues.
The on-premises segment is anticipated to grow at the fastest pace during the projected timeframe.
Based on the deployment, the global operational technology OT security market is categorized into cloud, and on-premises. Among these, the on-premises segment is anticipated to grow at the fastest pace during the projected timeframe. The high share is due to organizations prioritizing on-premises solutions in order to maintain complete control over their OT security systems. Concerns about security and privacy contribute to this preference, as on-premises solutions mitigate the risks associated with cloud-based solutions. The demand for optimal performance, as well as the continuous availability of OT security solutions, contribute to segment growth.
The large enterprises segment is anticipated to grow at the fastest pace during the projected timeframe.
Based on the enterprise size, the global operational technology OT security market is categorized into SMEs and large enterprises. Among these, the large enterprises segment is anticipated to grow at the fastest pace during the projected timeframe. The high share can be attributed to the complexity and importance of their operational technology (OT) landscapes, which are vulnerable to cyber-attacks. These companies' OT systems are interconnected, allowing attackers to easily move laterally within networks. Additionally, their numerous remote access points provide fertile ground for exploitation. The high value of proprietary data and intellectual property within these organizations drives cyber attackers' motivations.
North America is expected to hold the largest share of the global operational technology OT security market over the forecast period.
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North America is expected to hold the largest share of the global operational technology OT security market over the forecast period. Critical infrastructure, advanced industrial sectors, and increased demand due to the need for strong security have all contributed to the region's growth. Additionally, strict regulatory frameworks in North America, such as those outlined in NERC CIP standards, have necessitated comprehensive OT security protocols within the region. These regulations have helped to raise awareness about the importance of operational technology security across North America.
Asia Pacific is predicted to grow at the fastest pace in the global operational technology OT security market during the projected period. Certain economies in this region, such as China, India, and Indonesia, have experienced rapid growth while also investing heavily in automation and digitization. Such a drive accelerates the adoption of OT solutions, which are increasingly important for monitoring critical infrastructures such as power plants, water treatment facilities, and transportation systems. The demand for OT security corresponds to the demand for OT solutions. Also, growing awareness of the threat of OT security is encouraging organizations across Asia Pacific to invest more and protect their critical infrastructure from a variety of potential cyber-attacks.
Major vendors in the global operational technology OT security market are Fortinet, Forcepoint, Cisco, Tenable, Forescout, Checkpoint, Broadcom, Trellix, Microsoft, OKTA, Palo Alto Networks, Qualys, Zscaler, BeyondTrust, CyberArk, and Others.
Recent Developments
- In December 2023, Fortinet, a global cybersecurity leader, announced new integrated operational technology (OT) security solutions and services that differentiate it in the market. Recognizing the increasing risk in OT environments, Fortinet provides purpose-built solutions that consolidate security measures, reduce operational overhead, and enforce policies.
Key Target Audience
- MarketPlayers
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global operational technology OT security market based on the below-mentioned segments:
Global Operational Technology OT Security Market, By Component
- Solutions
- Services
Global Operational Technology OT Security Market, By Deployment
- Cloud
- On-premises
Global Operational Technology OT Security Market, By Enterprise Size
- SMEs
- Large Enterprises
Global Operational Technology OT Security Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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