Operational Technology Security Market size is set to grow by USD 17.75 billion from 2023-2027, Alphabet Inc., AO Kaspersky Lab and BeyondTrust Corp., and more to emerge as Some of the Key Vendors, Technavio

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Apr 22, 2024, 14:35 ET

NEW YORK, April 22, 2024 /PRNewswire/ -- The global operational technology security market size is estimated to grow by USD 17756.09 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 15.97% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 33%.

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Technavio has announced its latest market research report titled Global Operational Technology Security Market 2023-2027

Major Players in the Market

Numerous companies are capitalizing on this growing trend by implementing strategic measures such as alliances, partnerships, mergers, and acquisitions. Among the notable players in the cheese based snacks market are:

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., Zscaler Inc.

Analyst Review

The Operational Technology (OT) Security Market is experiencing significant growth due to escalating cyber threats against Critical Infrastructure, Industrial Control Systems, and SCADA networks. OT security solutions are essential for safeguarding Smart Infrastructure, including operational technology and industrial equipment, from cyberattacks. Asset Management and Application Security are also crucial components of OT security. Artificial Intelligence, Cloud Technology, Edge Computing, Machine Learning, IoT Technology, and 5G Technology are transforming OT, necessitating advanced security measures. The MRFR Database predicts a robust expansion of the OT Security Market, driven by the increasing interoperability between IT teams and OT systems.

Key Market Drivers

In the Operational Technology (OT) sector, the surge in connected devices and data generation has brought about new security challenges. Cyber threats against energy and utilities, manufacturing, transportation, mining, and critical infrastructure are escalating, necessitating robust OT security solutions. MDR/XDR and SIEM technologies are crucial for detecting and responding to advanced threats in real-time. AI, ML, and big data analytics are integral to Component Insights and Deployment Insights, enabling proactive identification of vulnerabilities and anomaly detection. Cloud technology, edge computing, IoT, and 5G are transforming OT landscapes, necessitating standardization and interoperability. IIoT solutions, Protection Relays, Communication Infrastructure, Substation Automation, and SCADA networks require OT endpoint security and network segmentation. Investments in OT security are essential to safeguard against cyberattacks and ensure the resilience of smart infrastructure. Security challenges include standardization, interoperability, and the integration of AI, ML, and big data analytics with traditional OT systems.

Challenges and Opportunities

The Operational Technology (OT) security market encompasses vulnerability assessment platforms, next-generation firewalls, and various solutions designed to safeguard power utilities, control systems, SCADA/ICS, and industrial equipment from cyber threats. IT teams collaborate with OT teams to implement advanced technologies, such as microsegmentation, zero trust, asset management, application security, MDR/XDR, SIEM, and OT endpoint security. Key players in this market include Byos, providing network security through zero trust and microsegmentation, and vendors offering solutions for energy and utilities, such as Siemens, Schneider Electric, and Honeywell. Investments in OT security solutions continue to grow, driven by the increasing risk of cyber attacks on critical infrastructure, including power grids, transportation systems, mining, and manufacturing processes. Component Insights reveal the importance of protection relays, communication infrastructure, and substation automation in OT security. Cloud technology, edge computing, machine learning, artificial intelligence, IoT technology, 5G technology, and IIoT solutions are transforming the market ecosystem, enabling advanced anomaly detection and deployment insights for on-premises, hybrid, and cloud-based OT security solutions.

The Operational Technology (OT) Security Market is experiencing significant growth due to the increasing digitization of critical infrastructure. The Internet's widespread use for daily activities and critical operations has led to an increase in personal data sharing and cloud storage, presenting new cybersecurity challenges. Smart infrastructure, including power utilities and industrial control systems, such as SCADA networks and industrial equipment, are increasingly vulnerable to cyberattacks. Security challenges in OT environments include interoperability and standardization issues, as well as the need for advanced cybersecurity solutions like next-generation firewalls, artificial intelligence (AI), machine learning (ML), and big data analytics. Asset discovery tools and network mapping solutions are essential for identifying vulnerabilities in complex OT ecosystems. Cybersecurity threats against OT systems continue to evolve, with increasing use of AI, ML, and IoT technology. Byos, network security, microsegmentation, zero trust, asset management, application security, MDR/XDR, and SIEM are key components of the OT security market ecosystem. Investments in OT security are expected to grow, driven by the need to protect critical infrastructure from cyber threats. The MRFR Database predicts that the OT security market will experience significant growth due to the increasing adoption of cloud technology, edge computing, 5G technology, and IIoT solutions. Standardization and component insights will play a crucial role in addressing the cybersecurity challenges facing OT environments. IT teams must collaborate closely with OT teams to ensure effective security implementation and mitigate risks.

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Market Overview

The Operational Technology (OT) Security market is a critical segment in the overall cybersecurity landscape. With the increasing integration of Industrial Control Systems (ICS), Supervisory Control and Data Acquisition (SCADA) systems, and Technology for Energy and Process Control (TEPC) in various industries, the need for robust OT security solutions has become imperative. Cyber threats such as Malware, Ransomware, and Advanced Persistent Threats (APTs) pose significant risks to these systems, leading to potential downtime, data loss, and safety concerns. The market for OT security solutions is expected to grow significantly due to the increasing adoption of Industry 4.0 and the Internet of Things (IoT) in manufacturing and other critical infrastructure sectors. Companies offering OT security services and solutions, such as asset protection, vulnerability assessments, threat intelligence, and incident response, are in high demand. The market is also witnessing the emergence of new technologies like Artificial Intelligence (AI), Machine Learning (ML), and Blockchain, which are being leveraged to enhance OT security capabilities. Overall, the OT Security market is a dynamic and evolving space, driven by the need to secure critical infrastructure and protect against increasingly sophisticated cyber threats.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio