Rising cyber threats, increased IoT adoption, and critical infrastructure protection needs drive growth in the operational technology (OT) security market.
PORTLAND, ORIGON, UNITED STATES, October 3, 2023 /EINPresswire.com/: The report comprehensively analyzes the global operational technology (OT) security market, covering its various segments such as component, deployment mode, organization size, end-user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants determine the sub-segments to be tapped on to achieve growth in the coming years.
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Covid-19 Scenario-
► The COVID-19 outbreak had a positive impact on the global operational technology (OT) security market due to the rapid shift towards digitalization, which created a robust demand for AI-powered OT security solutions that offer real-time reporting and agile efficiency features.
► In addition, the pandemic had forced many businesses to move work to remote locations. This has increased the reliance on digital systems and the susceptibility of OT systems. To defend their systems from cyberattacks, businesses are now making investments in the operational technology security sector.
► This led to an increased investment in operational technology (OT) security solutions that can assist businesses in mitigating risks and ensuring the continuity of their operations.
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Based on component, the solution segment held the largest share in 2022, accounting for nearly three-fourths of the global operational technology (OT) security market revenue, and would dominate the market in terms of revenue through 2032. The services segment, however, is estimated to witness the fastest CAGR of 20.7% during the forecast period.
Based on deployment mode, the on-premise segment captured the largest share of more than half of the global operational technology (OT) security market revenue in 2022. On the other hand, the cloud segment is expected to dominate the market in terms of revenue during the forecast period. Simultaneously, the same segment would also display the fastest CAGR of 20.6% from 2023 to 2032.
Based on end-users, the BFSI segment held the major share in 2022, garnering more than one-fourth of the global operational technology (OT) security market revenue, and is projected to rule the roost by 2032. However, the energy and power segment is expected to witness the fastest CAGR of 22.4% from 2023 to 2032. The manufacturing, oil and gas, transportation and logistics, and other segments are also studied in the report.
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Based on region, the market in North America was the largest in 2022, accounting for more than one-third of the global operational technology (OT) security market revenue, and is likely to maintain its dominance during the forecast period. The market in Asia-Pacific, however, is expected to manifest the fastest CAGR of 21.8% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
Key market players:
► Forescout
► Fortinet, Inc.
► Cisco System, Inc.
► Microsoft Corporation
► Broadcom Inc.
► Darktrace Holdings Limited
► Kaspersky Lab
► Palo Alto Networks Inc.
► Forcepoint
► Thales Group
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