Operational Technology (OT) Security Market Share, Size, Trends, Industry Analysis Report, By Offering; By Deployment Mode (Cloud, On-Premises, Hybrid); By Organization Size; By Application; By Region; Segment Forecast, 2024- 2032
- Published Date:May-2024
- Pages: 115
- Format: PDF
- Report ID: PM4922
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
Operational Technology (OT) Security Market size was valued at USD 17.25 billion in 2023. The market is anticipated to grow from USD 20.18 billion in 2024 to USD 71.22 billion by 2032, exhibiting the CAGR of 17.1% during the forecast period
Operational Technology (OT) Security Market Overview
Operational technology security market is witnessing growth as it involves a variety of technologies, processes, and policies that are intended to identify and address threats to operational technology systems. These measures include network segmentation, intrusion detection, access control, and incident response planning. The importance of OT security has increased in recent years as more industrial control systems are connected to the Internet and other networks. This has raised the risk of cyber-attacks and other security threats that could disrupt critical infrastructure and cause widespread damage. As a result, there has been a growing emphasis on enhancing OT security through increased investment, collaboration, and best practices.
- For instance, in January 2024, Fortinet unveiled its newest offering of operational technology (OT) security solutions and services. The Fortinet OT Security Platform is a comprehensive collection of cybersecurity products, solutions, and security services tailored to meet the unique needs of industrial networks fortified by real-time OT threat intelligence, ensuring enhanced protection for industrial systems.
The rising popularity of virtualization and cloud computing worldwide is fueling the need for these solutions. Additionally, they support organizations in the real-time examination of dynamic network communication and in maintaining connections with suppliers, partners, and vendors. The benefits of OT systems are clear, as they ensure consistent quality assurance, standardized resource management, improved operational efficiency, and decreased labor costs. This ultimately optimizes production control and inventory management processes.
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The primary focus of security is safeguarding vital assets within these segments. In order to minimize vulnerabilities, simplicity is prioritized in OT systems, as complex systems can introduce additional avenues for attacks. Additionally, the addition of unmonitored devices or systems to the network without proper authorization creates a hidden attack surface that cannot be adequately secured, making the management of cyber risks exceedingly challenging.
Operational Technology (OT) Security Market Dynamics
Market Drivers
- Rising Industrial Internet of Things (IIoT) Integration
The rising integration of Industrial Internet of Things to examine the efficiency of facilities, production cycles, equipment status, and other factors to identify areas of improvement. Receive AI-driven suggestions on enhancing output, scheduling maintenance, and more. Implement IoT-based monitoring for workforce location and safety. Data capabilities can be enhanced by adoption of Industrial IoT (IIoT) solutions. Leverage your data to expedite manufacturing processes, anticipate failures, minimize unplanned downtime, and boost automation. Integration of operational technology (OT) and information technology (IT) data in robust systems with data center-like capabilities at the edge.
- Adoption of Cloud-Based OT Solutions
The motivation to embrace OT cloud deployment will continue to increase as functionalities such as predictive asset maintenance, remote condition monitoring, predictive failure analysis, asset/network performance optimization, and digital assistants for network monitoring generate substantial amounts of data from various field devices that can be effectively utilized in a cloud setting. As leaders in the utilities industry assess cloud-friendly OT strategies, they should not only consider immediate cost savings but also the potential long-term opportunity cost of neglecting the development of robust cloud capabilities in the OT domain.
Market Restraints
- Complexity of OT Environments
OT environments present a high level of complexity due to their geographically dispersed systems, a combination of legacy and modern devices, and specialized components. Conventional IT security tools often fall short in effectively discovering and managing these unique assets. The lack of comprehensive visibility into all OT assets can result in critical vulnerabilities going unnoticed and unpatched, thereby providing attackers with easy entry points for exploitation. The absence of real-time visibility into potential threats and OT further complicates the task of security teams in promptly identifying and containing breaches. This delay grants attackers more time to cause safety hazards, operational disruptions, or significant damage.
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Report Segmentation
The market is primarily segmented based on offering, deployment mode, organization size, application and region.
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By Offering |
By Deployment Mode |
By Organization Size |
By Application |
By Region |
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Operational Technology (OT) Security Market Segmental Analysis
By Offering Analysis
- The solutions segment has dominated the market, largely attributable to its ability to tackle the distinct challenges that come with OT environments, including SIEM, Asset Discovery & Management, Network Security, Vulnerability Management, IAM, and Data Security. OT security solutions aid organizations in identifying and mitigating risks that arise from the growing convergence of OT and IT systems. They empower organizations to enforce policies, procedures, and technical measures that protect OT environments from unauthorized access, malware infections, and other cyber threats.
- The services segment is projected to grow at a CAGR, mainly driven by aim to improve uptime, safety, and resilience by assisting in the identification of OT risks tailored to your business, providing an integrated strategy that covers all aspects of your organization. It ensures integration and management of solutions throughout business operations, delivering extensive assistance in safeguarding essential infrastructure from cyber threats.
By Deployment Mode Analysis
- The on-premises segment accounted for the largest market share as these are implemented within an organization's infrastructure to offer complete authority and adaptability in managing security policies and configurations. On-premise solutions are favoured as they allow for direct oversight of industrial processes and isolation from external networks, typically employ isolated or segmented networks to reduce potential attack points.
- The cloud segment is expected to grow at the fastest growth rate over the next coming years on account of the rapid increase in the demand for cloud deployment as it offers companies the convenience of accessing and implementing security tools without the need for extensive on-site setups. This adaptability and scalability make cloud solutions highly desirable, especially as more businesses adopt virtualization and cloud computing. By switching to cloud-based security, organizations and small to medium-sized enterprises (SMEs) with limited budgets can reduce infrastructure costs and eliminate the need for constant IT maintenance. Cloud-based OT security solutions streamline access control management in both physical and virtual environments, providing strong protection against cyber threats. As more businesses migrate their IT operations to the cloud, the demand for cloud-based security solutions continues to grow.
By Application Analysis
- The energy and power segment dominated the market and is anticipated to grow at the fastest CAGR as the companies operating in the energy and utilities sector play a crucial role in providing products and services that are considered essential infrastructure. Operational technology encompasses a wide range of technologies found in industrial settings, traditional IT systems, and specific operational technology products. OT security is vital for energy and power companies to effectively address issues such as the need for rapid service restoration in the event of disruptions. The management, optimization, control, and monitoring of generation and transmission systems are carried out by OT systems. Cyberattacks can lead to power outages and other critical events, particularly in hydropower and thermal plants where OT systems are commonly utilized. The use of these technologies in thermal power plants enhances system efficiency through optimized monitoring and control of generation and transmission systems.
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Operational Technology (OT) Security Market Regional Insights
The North America region dominated the global market with the largest market share
The North America region dominated the global market with the largest market share and is expected to maintain its dominance over the anticipated period. The growth of the segment market can be largely attributed to the rapidly increasing deployment of operational technology by numerous multinational corporations in North America operate both online and on-premises, leading to heightened vulnerability to cyber-attacks. Consequently, this has opened up profitable prospects for cybersecurity and OT security firms to provide a diverse array of services to these corporations. Due to its advanced connectivity infrastructure and the increasing requirement for network virtualization this region has maintained its stronghold in the Operational Technology Security Market fueled by the ongoing need for these services from multinational corporations.
The Asia Pacific region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to expanding industrial development, known for its strong manufacturing and technological capabilities, leading to a high demand for OT security. The increasing need to centralize threat detection and prevention operations, and the focus of enterprises on identifying vulnerabilities and threats in their systems.
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Competitive Landscape
The Operational Technology (OT) Security market is fragmented and is anticipated to witness competition due to several players' presence. Major security providers in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety of consumers. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Checkpoint
- Cisco
- Fortinet
- Honeywell
- McAfee
- Palo Alto Networks
- Qualys
- Siemens
- Yokogawa Electric
- Zscaler
Recent Developments
- In March 2024, Dispel and Mitsubishi Electric Corporate have joined forces to offer Operational Technology Cybersecurity and Zero Trust Remote Access Solutions by integration of Dispel's secure remote-access technology with Mitsubishi Electric's factory-automation (FA) equipment and OT security solutions allowing thorough monitoring and control of industrial processes.
- In December 2023, Mitsubishi Electric and TXOne Networks have collaborated in the joint expansion of their OT security businesses. By working together, the companies seek to enhance OT security by integrating Mitsubishi Electric's assessment, maintenance, and operation services, along with their control equipment and systems, with TXOne's OT security products.
Report Coverage
The Operational Technology (OT) Security market report emphasizes on key regions across the globe to provide better understanding of the product to the users. Also, the report provides market insights into recent developments, trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides detailed analysis of the market while focusing on various key aspects such as competitive analysis, on offering, deployment mode, organization size, application and their futuristic growth opportunities.
Operational Technology (OT) Security Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 20.18 billion |
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Revenue forecast in 2032 |
USD 71.22 billion |
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CAGR |
17.1% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Offering, By Deployment Mode, By Organization Size, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
FAQ's
The global Operational Technology (OT) Security market size is expected to reach USD 71.22 billion by 2032
Key players in the market are Cisco, Fortinet, Honeywell, McAfee, Palo Alto Networks
North America contribute notably towards the global Operational Technology (OT) Security Market
Operational Technology (OT) Security Market exhibiting the CAGR of 17.1% during the forecast period
The Operational Technology (OT) Security Market report covering key segments are offering, deployment mode, organization size, application and region.
