PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299762
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1299762
Operational technology (OT) security Market size was valued at USD 16,701.9 Million in 2022, expanding at a CAGR of 16.2% from 2023 to 2030.
Operational technology (OT) security is a combination of hardware and software which allow tracking and regulating devices, infrastructure, and physical process. Additionally, OT security is used by many asset-intensive industries to fulfill various functions from managing robots on a factory floor to managing critical infrastructure. Moreover, it is typically designed to assist the common needs of the operational technology environments.
The rising use of digital technologies in the industrial sector will stimulate the demand for operational technology (OT) security. In addition, digital technologies refer to an increase in self-optimization of process improvements, a new level of customer responsiveness & efficiency, preventative maintenance, and an increase in automation. However, a lack of knowledge related to software and cost-factor of OT security is likely to restrain the market growth over the forecast period.
Furthermore, the increase in the number of cyber-attacks and the adoption of Industry 4.0 offers massive opportunities for the operational technology (OT) security market. The COVID-19 pandemic impacted the operational technology (OT) security market positively. The increase in digitalization has resulted in an increase in the cyberattack on the OT system power generation plants, monitoring the transportation, and manufacturing industries. Vendors are adopting newer capabilities to their OT security solutions and providing them on the cloud to assist reduces the risk of data breaches. This in turn, expected to increase the demand for OT security.
The global Operational Technology (OT) Security market is segmented on the basis of offering, vertical, deployment mode, organization size, and region.
The market is divided into two categories based on Offering: air solutions and services. The solution sector is likely to maintain its dominance. Sometimes OT endpoints are outdated and were not designed to be created and connected before cyber dangers were observed as a problem.
The market is divided into four categories based on verticals: manufacturing, energy & power, oil & gas, BFSI, and others. The energy & power sector is expected to dominate the market during the forecast period. The requirement for the connection of key players to utility core systems, more frequent attacks, increased regulations, and enlargement of private consumer data entering utility systems owing to smart home initiatives & smart metering are such challenges that power utilities deal with.
The market is divided into two categories based on deployment mode: cloud and on-premise. The on-premises sector is likely to possess market growth. Increasing cases of cyberattacks and data breaches are pressurizing companies to implement solutions on their premises.
The market is divided into two categories based on organization size: large enterprises and small & medium enterprises. Small & medium enterprises are estimated to hold the largest market share. Small & medium enterprises required cloud-based OT security as more applications are deployed in the cloud. Additionally, they provide a practical means for the business to enhance cybersecurity.
Key players are emerging with various strategies to enlarge their business including distribution network development, partnerships, R&D spending, mergers & acquisition, and new product launches. Additionally, through a variety of channels companies sell their products including e-commerce websites, corporate websites, distributors, retailers, and end consumers. For instance, in August 2021, TUV SUD announced a partnership with Infosec, the leading cybersecurity education provider. TUV SUD provides customers and partners with global certification, a comprehensive portfolio of testing, and advisory services.
This proposed research study on operational technology (OT) security market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year.
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for operational technology (OT) security market.
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the operational technology (OT) security market
Impact of COVID-19 on operational technology (OT) security market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on operational technology (OT) security market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the operational technology (OT) security market, we have also included competitive landscape and key innovator analysis for the operational technology (OT) security market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offersdetailed company profiling featuring major market participantswhich will help users to understand their financial information and strategic initiatives of players operating in the operational technology (OT) security market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global operational technology (OT) security market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts.
The scope of this report covers the market by its major segments, which include as follows: