The Operational Technology Security Market is estimated to be valued at US$ 14,803.2 Mn in 2022 and is expected to exhibit a CAGR of 7.7% over the forecast period 2021-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The Operational Technology Security market involves the protection of critical infrastructure and industrial control systems from cyber threats. With the increasing adoption of Industrial Internet of Things (IIoT), the need for securing operational technology has become paramount. Various industries such as oil and gas, manufacturing, energy, and transportation heavily rely on operational technology for their operations. Therefore, there is a growing demand for robust security solutions to safeguard critical infrastructure from cyber attacks.
Market Dynamics:
The Operational Technology Security market is driven by two main factors. Firstly, the increasing threats of cyber attacks on critical infrastructure have created a need for advanced security solutions. The rising number of cyber threats, such as ransomware, malware, and phishing attacks, has pushed organizations to adopt reliable security measures. Secondly, the growing adoption of Industrial IoT has provided significant opportunities for the market. Industrial IoT enables seamless connectivity and data exchange between industrial systems, leading to increased efficiency and productivity. However, it also exposes these systems to potential security breaches. As a result, organizations are investing heavily in operational technology security to protect their critical assets and data.
Overall, the Operational Technology Security market is expected to witness substantial growth due to the increasing risks of cyber attacks and the adoption of Industrial IoT in various industries.
Segment Analysis:
The operational technology security market can be segmented based on end-user industry, which includes manufacturing, energy and utilities, transportation and logistics, healthcare, and others. Among these segments, the manufacturing industry dominates the market. This is mainly due to the increasing adoption of industrial automation and digitization in manufacturing processes. The manufacturing sector faces numerous security risks, such as cyber-attacks and data breaches, which has led to a high demand for operational technology security solutions. Additionally, the need to comply with industry regulations and safeguard critical infrastructure further drives the demand for security solutions in the manufacturing sector. Therefore, the manufacturing segment is expected to dominate the operational technology security market during the forecast period.
PEST Analysis:
Political: The political factors impacting the operational technology security market include government regulations and policies related to cybersecurity. Governments worldwide are recognizing the growing threat of cyber-attacks and are implementing stringent regulations to protect critical infrastructure. This creates opportunities for operational technology security solution providers to offer their services to meet regulatory requirements.
Economic: The economic factors affecting the operational technology security market include the overall economic growth of countries and investment in technological advancements. As economies grow, industries invest in automation and digitization, leading to an increased demand for operational technology security solutions. The rise in cyber-attacks also drives the need for robust security measures, contributing to market growth.
Social: The social factors influencing the operational technology security market include the growing awareness of cybersecurity risks among individuals and organizations. With the increasing interconnectedness of devices and systems, people are becoming more conscious of the vulnerabilities and potential consequences of cyber threats. This drives the demand for operational technology security solutions to protect critical infrastructure and personal information.
Technological: The technological factors impacting the operational technology security market include advancements in cybersecurity technologies and the integration of artificial intelligence and machine learning in security systems. Industry players are continuously developing innovative solutions to combat evolving cyber threats. The adoption of technologies such as intrusion detection systems, secure remote access, and anomaly detection further strengthens the operational technology security market.
Key Takeaways:
The Operational Technology Security Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period (2021-2028). This growth is driven by increasing cyber threats and the need to protect critical infrastructure in various industries such as manufacturing, energy, and utilities.
From a regional analysis perspective, North America is the fastest-growing and dominating region in the operational technology security market. This can be attributed to the presence of major market players, strict government regulations, and a high focus on cybersecurity in critical industries. Europe and Asia Pacific are also expected to experience significant growth in the market due to increasing investments in industrial automation and digitalization.
Key players operating in the operational technology security market include Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Hitachi Systems Security Inc., Fortinet, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
