Operational Technology (OT) systems include industrial control systems (ICS), distributed control systems (DCS), supervisory control and data acquisition (SCADA) systems, programmable logic controllers (PLCs), and other control network systems that monitor and control industrial processes in various industries such as oil and gas, manufacturing, chemical, pharmaceutical, pulp and paper, electric power, water and wastewater, food and beverage, and mining and metals. OT security provides protection to operational devices and systems from cyber threats involving unauthorized access, use, disruption, modification, or destruction.
The Operational Technology Security Market is estimated to be valued at US$ 18492.8 Mn or in 2023 and is expected to exhibit a CAGR of 7.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing adoption of IoT, cloud computing, mobility and bring your own device (BYOD) trend in industrial control systems has increased the vulnerabilities and cyber risks. This has pushed organizations to implement OT security solutions to protect critical infrastructure from malicious attacks. Additionally, growing instances of ransomware attacks on critical infrastructure and industrial control systems has raised security concerns, driving demand for effective OT security solutions.
Segment Analysis
The operational technology security market is segmented into three key segments namely- solution, services, and deployment type. The solution segment is further divided into security, automation, and analytics solutions. Among these, security solutions dominate the market as they provide various capabilities like anomaly detection, whitelisting & blacklisting, firewalls, anti-virus/malware protection etc. that helps organizations to secure their OT infrastructure and detect threats.
PEST Analysis
Political: Developing regulations around critical infrastructure protection are forcing organizations to focus on OT security. The IIoT and increasing OT cyberattacks have heightened the need for regulations.
Economic: Industrial digital transformation is aiding market growth. Organizations are investing in modernizing legacy systems and integrating them with IT to develop smart factories and gain operational efficiencies.
Social: Growing awareness of threats like ransomware targeting critical services is compelling industries to enhance OT security and adopt proactive measures.
Technological: Adoption of technologies like AI, ML, cloud and 5G is enabling organizations to remotely monitor and manage OT systems. This extends the attack surface and amplifies security risks.
Key Takeaways
The Global Operational Technology Security Market Size is expected to witness high growth, exhibiting CAGR of 7.7% over the forecast period, due to increasing digitization of OT infrastructure and growing OT cyberattacks. The market size for 2023 is US$ 18492.8 Mn.
Regional analysis- North America is expected to dominate the market during the forecast period, owing to stringent government policies for critical infrastructure protection and growing investments by organizations in the US and Canada to modernize their industrial control systems.
Key players analysis- Key players operating in the operational technology security market are Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., Indegy, IOActive Inc., Kaspersky Lab, Leidos, Thales Group, TÃœV SÃœD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group. The players are focused on providing advanced solutions to detect anomalies and threats and ensure holistic security of OT infrastructure.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it