Operational Technology (OT) Security Market worth $38.2 billion by 2028 – Exclusive Report by MarketsandMarkets™ – Yahoo Finance

CHICAGO, June 23, 2023 /PRNewswire/ — With the rising IIoT usage, changing threat landscape, integration of AI/ML, risk-based approaches, convergence of IT and OT security, regulatory advancements, and continued vendor innovation, the future of the OT security industry appears bright. The need for cutting-edge OT security solutions to safeguard crucial infrastructure will be fuelled by these considerations.

The global Operational Technology (OT) Security Market size is expected to grow from an estimated value of USD 17.9 billion in 2023 to 38.2 billion USD by 2028, at a Compound Annual Growth Rate (CAGR) of 16.3% from 2023 to 2028, according to a new report by MarketsandMarkets™.  Some factors driving the market growth include the rising demand for Industry 4.0 and smart infrastructure and the convergence of OT and IT infrastructure to fuel OT security market growth.

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349 – Tables
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310 – Pages

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Scope of the Report

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By deployment mode, the On-Premises segment is projected to hold the largest market share during the forecast period.

The Operational Technology (OT) Security Market can be classified based on deployment into two main segments: cloud and on-premises, per business requirements. These deployment options offer distinct advantages and considerations for organizations seeking to secure their critical infrastructure from cyber threats. The cloud deployment mode of OT security solutions provides enterprises with cloud-based solutions that offer speed, scalability, and enhanced OT security. As more applications are deployed in the cloud, there is an increase in the need for cloud-based OT security solutions among SMEs and large enterprises. The on-premises deployment mode enables organizations to control all OT security solutions, such as NGFWs, threat investigation, antivirus/antimalware protection, and next-generation intrusion prevention systems.

By verticals, the manufacturing segment holds a larger market size during the forecast period.

OT security solutions are being implemented across various verticals, such as manufacturing, energy & power (generation), oil & gas (distribution), transportation, and logistics. Among the verticals, the manufacturing vertical dominates the OT security solutions market size. The increasing attacks on the manufacturing vertical imply a crucial need for companies with OT infrastructure responsibility to secure the endpoints of their OT systems and networks. The drivers for market size growth of OT security solutions include the requirement of OT security solutions and services to help organizations overcome operational challenges and overcome the challenges associated with the cost of supplies and increased cost of inventory management, resulting in the increment of OT security solutions demand in the market.

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By region, Asia Pacific is to grow at the highest CAGR during the forecast period.

The OT security market is categorized into the following regions: Americas, Europe, Asia Pacific, and Middle East and Africa. During the forecast period, the Asia Pacific region is expected to exhibit the most rapid growth, measured by its Compound Annual Growth Rate (CAGR). This growth can be attributed to the swift adoption of OT solutions in emerging economies in Asia, including India, China, Japan, and other countries. Effective government regulations and advancements in technology drive this adoption. The growth of OT solutions in the region is fueled by several factors, such as a surge in investments in security solutions to protect ICS/SCADA systems against cyber threats and advancements in technologies such as artificial intelligence, machine learning, and advanced analytics. Many organizations in the Asia Pacific region recognize the significance of OT security for safeguarding their business operations and draw lessons from developed countries in the Americas and Europe. These factors collectively contribute to the Asia Pacific region experiencing the highest CAGR growth among all the regions in the OT security market.

Top Key Companies in Cloud Infrastructure Operational Technology (OT) Security Market:

Major vendors in the global Operational Technology (OT) Security Market include Broadcom (US), Cisco (US), Fortinet (US), Forcepoint (US), Forescout (US), Trellix (US), Zscaler (US), Darktrace (UK), CyberArk (US), BeyondTrust (US), Microsoft (US), Kaspersky (Russia), Nozomi Networks (US), Rapid7 (US), Checkpoint (Israel), Okta (US), Palo Alto Networks (US), Qualys (US), Radiflow (US), SentinelOne (US), Sophos (UK), Tenable (US), Thales (France), Tripwire (US), Armis (US), Seckiot (France), Siga OT Solutions (Israel), OPSWAT (US), Claroty (US), Cydome (Israel), Dragos (US), Mission Secure (US), Ordr (US), runZero (US), Scadafence (US) and Sectrio (US).

Recent Development

• In May 2023, Forcepoint upgraded the Forcepoint NGFW with advanced vulnerabilities and situation detection technology.

• In April 2023, Fortinet launched new solutions such as FortiGate 7080F. It represents a cutting-edge lineup of next-generation firewalls (NGFWs) designed specifically for businesses. These innovative firewalls go beyond traditional point products, streamlining operations, and simplifying security infrastructure.

• In March 2023, Tenable enhanced the Tenable Security Solution with Upgraded management experience for Tenable OT Security sensors, advanced Vulnerability and Threat Detection and Enhanced Dashboards and Reporting system.

• In December 2022, Microsoft enhanced the Microsoft Sentinel Solution which provides features such as as MultiCloud SOAR, Enrichment and Threat Intelligence, Incident Management and Remediation and Response.

• In November 2022, Okta introduced a series of innovative enhancements to its Workforce Identity Cloud, reinforcing its unified control platform for efficient identity management across all enterprise resources and user profiles.

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Operational Technology (OT) Security Market Advantages:

• Protection from cyberthreats and attacks that target industrial systems is strong thanks to OT security solutions. These devices are frequently linked to the internet and exposed to a number of dangers, including malware, ransomware, unauthorised access, and data breaches. Assuring the integrity and availability of crucial operations, OT security solutions assist in recognising and mitigating these threats.

• OT systems are essential to the operation of important infrastructure in numerous sectors, including energy, transportation, manufacturing, and utilities. An OT security framework aids in defending against hostile activity, decreasing the possibility of disruptions that could result in significant monetary losses, safety risks, and reputational harm.

• For critical infrastructure, the adoption of strong security measures is required by a number of industry laws and standards, including NERC CIP, IEC 62443, and NIST SP 800-82. Organisations can achieve regulatory compliance by investing in OT security solutions, avoiding fines and legal repercussions while showcasing their dedication to cybersecurity.

• The maintenance of business continuity and operational resilience depends heavily on OT security solutions. Organisations may reduce downtime, swiftly recover from cyber events, and guarantee the continuity of their crucial activities by identifying vulnerabilities, putting preventive measures into place, and creating incident response plans.

• Improved insight into industrial networks and assets is provided by OT security solutions. These technologies provide early identification of potential threats and offer actionable information for preventative security steps by monitoring network traffic, system behaviour, and abnormalities. Organisations can make better decisions and manage risks when they have a thorough awareness of their OT environment thanks to this visibility.

• The OT security market is always changing to handle new threats and weaknesses. Organisations may keep on top of the curve and adjust to fresh difficulties brought on by quickly developing cyber threats by investing in OT security solutions. Organisations can effectively reduce the risks brought on by the shifting threat landscape thanks to regular updates, patches, and developments in OT security technologies.

Report Objectives

• To define, describe, and forecast the OT Security market based on offering, solutions, services, deployment mode, organization size, vertical, and region.

• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the OT Security market

• To forecast the size of the market segments with respect to five main regions: Americas, Europe, Asia Pacific, and Middle East and Africa

• To analyze subsegments of the market with respect to individual growth trends, prospects, and contributions to the overall market

• To profile the key players of the OT Security market and comprehensively analyze their market size and core competencies.

• To profile key players and comprehensively analyze their market rankings and core competencies.

• To map the competitive intelligence based on company profiles, key player strategies, and game-changing developments such as product developments, collaborations, and acquisitions.

• To track and analyze the competitive developments, such as product enhancements and new product launches; acquisitions; and partnerships and collaborations, in the OT Security market globally.

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