CHICAGO, May 8, 2024 /PRNewswire/ -- Operational
technology (OT) security is expected to grow in the future due to
factors like digitalization driving adoption, convergence with IT
security, and a focus on threat detection and response. Anticipate
a concentration on adhering to regulations, incorporating IT
security operations, and consistently innovating to tackle changing
cyber threats and guarantee operational durability in
over-the-horizon settings.
The Operational Technology Security Market is expected to
grow from USD 20.7 billion in 2024,
to USD 44.9 billion by 2029, at a
compound annual growth rate (CAGR) of 16.8% during the forecast
period, according to a new report by MarketsandMarkets™. The
escalating reliance on Operational Technology (OT) in vital
infrastructure underscores the urgency for robust security
measures. Unlike Information Technology (IT), OT systems oversee
real-time physical processes, rendering them vulnerable to
disruptions and attacks. This overview primes a thorough
examination of OT security, encompassing its definition,
significance, and evolving threat landscape. It delves into
critical concepts like attack vectors, threat actors, and security
controls while tackling challenges such as system heterogeneity and
limited security expertise. Moreover, it delineates prevailing and
emerging OT security solutions, encompassing frameworks, products,
services, and best practices. SIEM for OT, asset discovery and
management, network security, vulnerability management, IAM, and
data security are vital components tailored to address OT
environments' evolving cyber threats, enhancing overall security
posture.
Browse in-depth TOC on "Operational Technology Security
Market"
509 – Tables
64 - Figures
437 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2018–2029
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2029
|
Forecast
units
|
Value (USD
Billion)
|
Segments
Covered
|
By Offering, By
Organization Size, By Deployment mode, By Vertical, and By
Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East Africa, and Latin America
|
Major companies
covered
|
Major vendors in the
global Operational Technology Security Market include Fortinet
(US), Forcepoint (US), Cisco (US), Tenable (US), Forescout (US),
Checkpoint (Israel), Broadcom (US), Trellix (US), Microsoft (US),
OKTA (US), Palo Alto Networks (US), Qualys (US), Zscaler (US),
BeyondTrust (US), CyberArk (US), Rapid7 (US), Sophos (US), Tripwire
(US), Radiflow (Israel), Kaspersky (Russia), SentinelOne (US),
Thales (France), Armis (US), Darktrace(US), Nozomi networks (US),
Honeywell (US), Schneider Electric (France), Siemens (Germany), ABB
(Switzerland), Forcepoint (US)
|
By offering the services segment to grow with the highest
CAGR during the forecast period.
The global OT security market, by service, has been segregated
into consulting & integration, support & maintenance,
training & development, incident response services, and managed
security services. Various industries and business models are at
risk of disruption due to rapid technological advancements, which
introduce new business models and alter distribution channels and
interactions. OT security services are crucial for integrating and
managing solutions across business operations, offering
comprehensive support to protect critical infrastructure from cyber
threats. Increased virtualization and cloud computing adoption
drive demand for these solutions globally. They also aid
organizations in real-time analysis of dynamic network
communication and managing relationships with suppliers, partners,
and vendors.
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By Deployment mode, the cloud segment will grow at a higher
CAGR during the forecast period.
Cloud-based OT security solutions provide businesses with a
cost-effective means to bolster their security measures,
irrespective of industry. Offering easy access and implementation
without extensive on-site setups, cloud deployment's flexibility,
and scalability are desirable as more enterprises embrace
virtualization and cloud computing. This shift reduces
infrastructure costs and eliminates constant IT maintenance, making
it especially appealing for small to medium-sized enterprises
(SMEs) with limited budgets. Streamlining access control management
in physical and virtual environments, these solutions ensure robust
protection against cyber threats. As businesses increasingly
migrate their IT operations to the cloud, the demand for
cloud-based security solutions continues to surge, enabling
companies to focus on core activities while entrusting IT security
complexities to specialized cloud services, driving market
expansion.
By region, Asia Pacific will
grow at the highest CAGR during the forecast period.
The Operational Technology (OT) Security Market in the
Asia Pacific region is rapidly
expanding. Companies operating in the market focus on providing
comprehensive solutions and services to protect critical
infrastructure, industrial processes, and essential services. The
region is undergoing rapid digital transformation, with increased
IT and OT systems integration. While digitalization enhances
operational efficiency, it also introduces new security risks. OT
security solutions must cater to the challenges of securing
converged networks and effectively manage the associated risks.
Governments in the Asia Pacific
region have implemented various initiatives and regulations to
enhance OT security. For instance, countries like Singapore have established cybersecurity
frameworks, while Australia has
specific guidelines for securing critical infrastructure.
Compliance with these regulations is essential for organizations
operating in the region. Attacks on critical infrastructure have a
ripple effect on the economy.
Top Key Companies in Operational Technology (OT)
Security Market:
Fortinet (US), Forcepoint(US), Cisco(US), Tenable (US),
Forescout (US), Checkpoint (Israel), Broadcom (US), Trellix (US),
Microsoft (US), OKTA(US), Palo Alto Networks(US), Qualys (US),
Zscaler (US), BeyondTrust (US), CyberArk (US), Rapid7 (US), Sophos
(US), Tripwire (US), Radiflow (Israel), Kaspersky (Russia), SentinelOne (US), Thales
(France), Armis (US),
Darktrace(US), Nozomi networks (US), Honeywell (US), Schneider
Electric(France), Siemens
(Germany), ABB(Switzerland), Forcepoint(US) are the key
players and other players in the Operational Technology Security
Market.
Recent Development
- In December 2023, Fortinet, a
global cybersecurity leader, announced new integrated operational
technology (OT) security solutions and services, setting them apart
in the market. Recognizing the rising risks across OT environments,
Fortinet offers purpose-built solutions that consolidate security
measures, reduce operational overhead, and enforce policies. These
include the FortiSwitch Rugged 424F, FortiAP 432F access point, and
FortiExtender Vehicle 211F wireless gateway, along with updates to
FortiOS, FortiAnalyzer, FortiNDR, FortiDeceptor, and FortiGuard OT
Security Service.
- In April 2023, The FortiGate
7080F 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 May 2021, Forcepoint acquired
Cyberinc IT Services and IT Consulting company based in the US.
Forcepoint has intelligent remote browser isolation (RBI)
technology that gives administrators granular control. It also has
Smart Isolation capabilities to help Forcepoint enhance user
productivity, lower operational burdens, and eliminate traditional
monolithic products through a best-in-class SASE cloud
service.
- In January 2021, Francisco
Partners, a leading global investment firm that specializes in
partnering with technology and technology-enabled businesses,
acquired Forcepoint, a leading provider of cybersecurity
solutions.
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Operational Technology (OT) Security Market
Advantages:
- OT security solutions provide continuous operations and
minimise possible disruptions by defending vital infrastructure
from cyber threats, including industrial plants, transportation
networks, and power plants.
- By helping businesses conform to industry-specific standards
and regulations like NERC CIP, IEC 62443, and NIST, OT security
solutions help them maintain cybersecurity compliance and prevent
fines and legal repercussions.
- Advanced threat detection and response capabilities catered to
the particularities of OT settings are made possible by OT security
solutions. These solutions provide prompt incident response and
mitigation in addition to providing fast identification of
anomalies, incidents, and security breaches.
- Organisations can identify and track OT assets, keep an eye on
their settings and vulnerabilities, and enforce security policies
to prevent unauthorised changes or access by using OT security
solutions, which also provide inventory management and asset
visibility tools.
- In order to ensure comprehensive and well-coordinated
cybersecurity defence throughout the entire organisation, OT
security solutions integrate with IT security systems and tools,
facilitating easy collaboration between IT and OT teams, sharing of
threat intelligence, and coordination of security activities.
- By detecting and fixing vulnerabilities, enhancing system
dependability, and putting proactive steps in place to stop and
lessen cyber incidents, OT security solutions improve operational
resilience by reducing the impact of interruptions on business
operations and continuity.
Report Objectives
- To define, describe, and forecast the Operational Technology
Security Market based on offering, organization size, deployment
mode, vertical, and region.
- To forecast the market size of five central regions:
North America, Europe, Asia
Pacific (APAC), Middle East
& Africa (MEA), and
Latin America.
- To analyze the subsegments of the market concerning individual
growth trends, prospects, and contributions to the overall
market.
- To provide detailed information related to the primary factors
(drivers, restraints, opportunities, and challenges) influencing
the growth of the Operational Technology Security Market.
- To analyze opportunities in the market for stakeholders by
identifying high-growth segments of the Operational Technology
Security Market.
- To profile the key players of the Operational Technology
Security Market and comprehensively analyze their market size and
core competencies.
- Track and analyze competitive developments, such as new product
launches, mergers and acquisitions, partnerships, agreements, and
collaborations in the global Operational Technology Security
Market.
Browse Adjacent Market: Information Security Market
Research Reports & Consulting
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Self-Sovereign Identity Market- Global Forecast to
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Attack Surface Management Market- Global Forecast to
2029
DDoS Protection and Mitigation Security Market- Global
Forecast to 2027
Threat Intelligence Market- Global Forecast to
2026
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