Operational Technology Security Market will accelerate at a CAGR of 15.97% through 2022-2027|Rising need to improve business efficiency to boost market growth- Technavio – Yahoo Finance

NEW YORK, July 3, 2023 /PRNewswire/ — The operational technology security market size is estimated to increase by USD 17,756.09 million from 2022 to 2027, with a CAGR of 15.97%, according to a recent market study by Technavio. This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover some insights on market size before buying the full report –Request a sample report

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• Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!

Operational Technology Security Market 2023-2027: Vendor Analysis and Scope

The operational technology security market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below –

Alphabet Inc., AO Kaspersky Lab, BeyondTrust Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CyberArk Software Ltd., Darktrace Holdings Ltd., Forcepoint LLC, Forescout Technologies Inc., Fortinet Inc., Fortra LLC, Microsoft Corp., Nozomi Networks Inc., Okta Inc., Palo Alto Networks Inc., Radiflow, Sophos Ltd., Tenable Holdings Inc., and Zscaler Inc.

Chart & Data Table on 5-Year Historic (2017-2021) Market Size, Comparative Analysis of Segments, and Y-O-Y Growth of Operational technology security market Download Sample

Operational Technology Security Market – Market Segmentation

The market is segmented by end-user (SMEs and large enterprises), application (power generation and electrical, manufacturing, transportation and logistics, mining, and Others), and Geography (North America, Europe, APAC, Middle East and Africa, and South America)

• The market share growth in the SME segment will be significant during the forecast period. Small and medium-sized enterprises (SMEs) are adopting new technologies and advanced operational processes which allow them to work efficiently. These technologies include machine learning and AI-based manufacturing robots. Advanced operational technology security is needed by small businesses to maintain price competitiveness and product quality. To hacking and phishing, they are adopting increasingly sophisticated cybersecurity measures to protect the security of their data and operational processes. Hence, these factors are expected to drive the growth of the segment during the forecast period.

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Geographic Overview

The market is segmented by region North America, Europe, APAC, South America, and Middle East and Africa. An analysis of key leading countries has been included.

• North America is estimated to contribute 33% to the growth of the global OT security market during the forecast period. The growth in the region is due to the early adoption of advanced technologies. In addition, the region is the largest producer of OT security data and a major end-user. The various advanced technologies such as artificial intelligence, virtualization, and cloud computing used in the sectors are creating numerous use cases for technological operational security in the region. Hence, these factors are expected to drive the market growth in the region during the forecast period.

Operational Technology Security Market – Market Dynamics

Key driver

The rising need to improve business efficiency is notably driving market growth. The amount of data generated from various industries is due to the increasing number of connected devices. As a result, these data can be used to optimize costs, provide better service, and increase sales. The business models which were used earlier were experience and perception driven, now they have started shifting towards data-driven. To improve productivity, the company has started using automation and flexible production techniques in manufacturing. In addition, businesses are saving money on planned repairs, reducing maintenance costs, and avoiding downtime with the help of predictive asset maintenance. Hence, these factors are expected to drive the market growth during the forecast period.

Major Trends

Growing dependence on the Internet is a key trend in the market. This growth is due to the increasing access to the internet for daily activities and critical business. There is an increase in the amount of data shared on the social media platforms among users. In addition, banks and credit card companies are allowing their customers to conduct online transactions. The key requirement for any organization is reducing lead times and costs, optimizing capacity, and increasing profits from developing IT infrastructure. Operational security protects an organization’s processes from external and internal threats. Hence these benefits offered by operational security are expected to drive the market during the forecast period.

Significant Challenges 

The high cost of ownership is challenging the operational technology (OT) security market growth. The complex programming processes and data integration are the factors that add time and cost to the service provided by the companies. Also, most providers charge extra if there is any need for software updates. The vendors refuse to provide any technical support to older software which forces the end-users to purchase the new updated software. licensing, system design and customization, implementation, training, maintenance, and support costs are included in Pricing for in-house technology security solutions. Furthermore, these costs are increasing due to increased demand and the need to customize products according to the requirements of the end users. Hence, these high costs are expected to restrict market growth during the forecast period.

For Insights on the market dynamics & segmentations VIEW PDF SAMPLE!

What are the key data covered in this Operational Technology Security Market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the operational technology security market between 2023 and 2027

• Precise estimation of the size of the operational technology security market and its contribution to the market with a focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the operational technology security market across North America, Europe, APAC, Middle East and Africa, and South America

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of operational technology security market vendors.

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by End-user

7 Market Segmentation by Application

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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