PRESS RELEASE
Published July 25, 2023
According to the latest report by Virtue Market Research, in 2022, the Global Operational Technology Security Market was valued at $14.7 billion, and is projected to reach a market size of $72.62 billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 22.1%.
In the ever-evolving landscape of technology, the need to protect critical infrastructure has become paramount. Operational Technology (OT) Security is a domain that has garnered significant attention in recent years, as industries increasingly rely on interconnected systems to enhance efficiency and productivity.
One of the primary long-term market drivers for Operational Technology Security is the persistent growth of Industrial Internet of Things (IIoT) devices and networks. As industries seek to optimize processes and extract valuable insights from data, the integration of sensors, smart devices, and automation technologies has become commonplace. However, this digital transformation comes with the inherent risk of cyber threats.
With the outbreak of the COVID-19 pandemic, businesses across the globe faced unprecedented challenges. The sudden shift to remote work and virtual operations exposed vulnerabilities in OT systems, leading to an increased focus on cybersecurity measures. As a result, the demand for robust OT security solutions surged, with companies seeking protection against potential disruptions caused by cyber-attacks. The pandemic acted as a catalyst for accelerating the adoption of secure OT practices, which is likely to have a lasting impact on the industry.
A key short-term market driver for OT Security lies in the rise of targeted cyber-attacks on critical infrastructure. Malicious actors, such as hackers and cybercriminals, are constantly evolving their tactics to exploit vulnerabilities in OT systems. The high-profile attacks on power grids, transportation networks, and manufacturing facilities have compelled organizations to prioritize the implementation of robust security measures.
Amidst these challenges, there is a significant opportunity for companies specializing in Operational Technology Security to provide innovative solutions. A notable opportunity lies in the development of advanced threat detection and prevention technologies. Solutions that can proactively identify potential threats and neutralize them before any damage occurs will be highly sought after by industries relying on OT systems.
An observable trend in the industry is the convergence of IT and OT security practices. Traditionally, IT (Information Technology) and OT (Operational Technology) were managed separately, but as the lines between them blur, there is a growing need for unified security strategies. This convergence allows for better visibility and control over all aspects of a company’s infrastructure, reducing the likelihood of security gaps and providing a holistic approach to cybersecurity.
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Segmentation analysis:
The global Operational Technology Security System Market segmentation includes:
By Component: Solution and Services.
Among these, Solutions play a significant role in fortifying OT systems against potential cyber-attacks. These solutions encompass a range of cutting-edge technologies such as firewalls, encryption tools, and intrusion detection and prevention systems. By deploying these solutions, industries can create robust barriers to protect their operational networks.
On the other hand, Services emerge as the fastest-growing segment during the forecast period. These services are designed to provide expert support and assistance in managing and optimizing OT security. They include services like threat monitoring, incident response, and security consulting. As the threat landscape evolves, industries are increasingly turning to specialized service providers to enhance their defense mechanisms and stay ahead of potential risks.
By Security Type: Network Security – Firewall, Intrusion Detection and Prevention Systems, and VPN; Endpoint Security – Antivirus/Anti-Malware, Encryption, and Others; Application Security – Identity and Access Management, vulnerability Assessment, and others; Others.
Network Security takes the lead as the largest segment in this category. It includes essential tools like firewalls, which act as gatekeepers to control the flow of data in and out of OT networks. Additionally, Intrusion Detection and Prevention Systems (IDPS) play a crucial role in identifying and neutralizing potential threats, while Virtual Private Networks (VPNs) offer secure remote access.
However, the fastest-growing segment during the forecast period is Application Security. This sub segment focuses on securing applications and software used in operational environments. It includes Identity and Access Management (IAM) solutions to control user permissions and vulnerability assessment tools to proactively identify weaknesses in applications. As industries increasingly rely on software for critical processes, the demand for robust application security solutions continues to surge.
By Industry: Energy and Utilities, Healthcare, Transportation, Manufacturing, and Others
Among these industries, Energy & Utilities stands out as the largest segment in terms of implementing Operational Technology Security measures. With the increasing integration of sensors and smart devices in power grids, oil refineries, and utility plants, the need for robust security solutions becomes paramount to safeguard against potential cyber threats. Energy & Utilities companies are investing heavily in securing their critical infrastructure to ensure uninterrupted power supply and smooth operations.
On the other hand, Healthcare emerges as the fastest-growing segment in the forecast period. The rapid digital transformation in healthcare institutions has led to the widespread adoption of interconnected medical devices and electronic health record systems. While these advancements improve patient care and streamline medical processes, they also expose the healthcare sector to cybersecurity risks. As a result, the demand for Operational Technology Security solutions in healthcare is witnessing significant growth to protect sensitive patient data and maintain the integrity of medical systems.
The Transportation industry also recognizes the importance of Operational Technology Security to ensure the smooth functioning of transportation networks. With the rise of smart transportation systems, including traffic management and autonomous vehicles, the need for robust security measures becomes evident. Transportation companies are actively seeking advanced security solutions to prevent potential cyber-attacks that could disrupt the flow of traffic and pose risks to public safety.
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Regional Analysis:
North America emerges as the largest segment in terms of Operational Technology Security adoption. The region’s robust industrial infrastructure and high concentration of critical industries, such as energy, utilities, and manufacturing, drive the demand for effective security measures. With a proactive approach towards cybersecurity, North American companies are investing significantly in protecting their operational technology systems from potential cyber threats.
In contrast, the Asia-Pacific region showcases the fastest-growing trend in Operational Technology Security during the forecast period. The rapid economic growth and digital transformation in countries like China, India, and South Korea contribute to the soaring adoption of interconnected systems in industries. As the Asia-Pacific region embraces automation and smart technologies, the need for robust security solutions to safeguard against cyber-attacks becomes more pronounced.
Europe stands as another prominent region where Operational Technology Security gains traction. European industries are progressively integrating smart devices and interconnected systems to enhance productivity and efficiency. To ensure the smooth functioning of critical infrastructure and prevent cyber incidents, European companies are embracing advanced security measures. The region’s focus on stringent data protection regulations and cybersecurity standards further fosters the adoption of Operational Technology Security solutions.
South America also witnesses steady growth in the adoption of Operational Technology Security practices. As industries in South America increasingly rely on interconnected systems for operations, the demand for effective cybersecurity solutions rises. Companies in the region are recognizing the importance of securing their operational technology systems to mitigate potential risks and ensure uninterrupted operations.
The Middle East & Africa region experiences a rising interest in Operational Technology Security. With the region’s ongoing investments in infrastructure development and digitization initiatives, industries are becoming more susceptible to cyber threats. As a result, businesses in the Middle East & Africa are actively seeking robust security solutions to protect their critical assets and infrastructure from potential attacks.
Latest Industry Developments:
- April 2020: Fortinet, a leading cybersecurity company, acquired Panopta, a network monitoring and detection firm, to expand its cloud security offerings.
- March 2021: Nozomi Networks launched the Vantage Alliance Program, providing customers access to a network of partners offering complementary OT security solutions.
- June 2022: Cybereason and Schneider Electric joined forces to offer a joint solution for safeguarding industrial control systems.
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