Operational Technology (OT) Security Global Market Report 2024

The operational technology (ot) security market size has grown rapidly in recent years. It will grow from $18.65 billion in 2023 to $20.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth observed in the historical period can be attributed to increased connectivity, aging infrastructure, cyber attacks, failures in incident response, and the adoption of digital technologies.

The operational technology (ot) security market size is expected to see rapid growth in the next few years. It will grow to $31.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The anticipated growth in the forecast period can be attributed to the integration of 5G, regulatory evolution, migration to the cloud, adoption of biometric security measures, and the integration of blockchain. Major trends in the forecast period include the implementation of a zero-trust framework, utilization of behavioral analytics, emphasis on predictive maintenance security, recognition of the human element, and the adoption of automated incident response.

The expanding utilization of digital technologies within industrial systems is poised to drive the growth of the operational technology (OT) security market in the coming years. Digital technologies in industrial settings encompass heightened levels of automation, preventative maintenance, self-optimization for process improvements, and notably, enhanced efficiency and customer responsiveness. Operational technology security assumes a pivotal role in both operational and enterprise environments, serving as a foundational element in addressing challenges posed by digital technologies. It facilitates the seamless adoption of new technologies within operational settings while prioritizing safety and security. As reported by the Computing Technology Industry Association, a US-based non-profit organization renowned for issuing professional certifications in the information technology industry, the information technology sector is anticipated to witness a 4% increase in 2021, reaching a market value of $5 trillion. Consequently, the heightened integration of digital technologies in industrial systems stands as a driving force behind the growth of the operational technology (OT) security market.

The growing prevalence of remote work is poised to significantly contribute to the expansion of the operational technology (OT) security market in the foreseeable future. Remote work, defined as the practice of conducting work outside a traditional office environment, introduces challenges related to the secure handling of sensitive operational data. To ensure data privacy, maintain regulatory compliance, and protect against unauthorized access to confidential information, the implementation of robust OT security measures becomes imperative in remote work scenarios. Notably, in September 2022, a report from the United States Census Bureau, a government agency, highlighted that nearly half of the workforce in the District of Columbia, comprising 48.3%, embraced remote work – marking the highest percentage of home-based workers among states and state equivalents in 2021. Moreover, states with notable proportions of remote workers included Washington (24.2%), Maryland (24.0%), Colorado (23.7%), and Massachusetts (23.7%). Consequently, the escalating trend of remote work stands as a key driver behind the growth of the operational technology (OT) security market.

The proliferation of digital technologies within industrial systems is expected to propel the expansion of the operational technology (OT) security market in the foreseeable future. This advancement encompasses automation enhancements, preventative maintenance protocols, self-optimization for process improvements, and notably, heightened efficiency and responsiveness in addressing customer needs. Operational technology security assumes a pivotal role within operational and enterprise environments due to its ability to form a robust foundation in confronting challenges posed by digital technologies. It facilitates the seamless adoption of new technologies within operational settings while underscoring the paramount importance of safety and security. For instance, statistics released by the Computing Technology Industry Association, a renowned US-based non-profit organization specializing in professional certifications for the information technology industry, project a 4% increase in the information technology sector, expected to reach $5 trillion by 2021. Consequently, the heightened integration of digital technologies within industrial systems stands as a driving force behind the growth trajectory of the operational technology (OT) security market.

Major players within the operational technology (OT) security market are strategically embracing partnerships to offer holistic security platforms tailored for operational technology (OT) environments. These strategic partnerships involve companies leveraging each other's strengths and resources to attain mutual benefits and foster success. A pertinent example occurred in June 2023 when L&T Technology Services Limited, an India-based technology company, collaborated with Palo Alto Networks, a US-based provider specializing in operational technology (OT) security. Through this partnership, LTTS and Palo Alto Networks aim to provide comprehensive security services and solutions, particularly focusing on 5G and operations technology (OT) across diverse industries. LTTS has now established itself as a Palo Alto Networks Managed Security Services Partner (MSSP), enabling the provision of an array of security services, including 5G, OT, and IT/OT Converged SOC services. This collaboration empowers end customers in industrial sectors to effectively mitigate security risks within their OT environments through a managed service offering centered around the Palo Alto Networks Zero Trust OT Security solution. This strategic alliance underscores a commitment to fortifying OT security by amalgamating expertise and resources to deliver robust, tailored solutions addressing the evolving challenges within operational technology landscapes.

In September 2023, Sapphire, a cyber security solutions provider based in the UK, successfully acquired Awen Collective for an undisclosed amount. This strategic acquisition positions Sapphire to expand its service portfolio, providing support to UK organizations seeking to integrate their IT and OT infrastructures while reinforcing cybersecurity defenses against cyber threats. The acquisition encompasses Awen Collective's intellectual property and assets, featuring its comprehensive technology stack. This includes Dot, specializing in OT asset discovery and vulnerability management, along with Profile, an industrial cyber compliance management system. Awen Collective, the acquired company, is a UK-based provider of operational technology (OT) security solutions.

Major companies operating in the operational technology (ot) security market report are Honeywell International Inc., Siemens AG, General Electric Company, Accenture plc, IBM Corporation, Cisco Systems Inc., Schneider Electric SE, Broadcom Inc., ABB Ltd., VMware Inc., Rockwell Automation Inc., Palo Alto Networks Inc., Fortinet Inc., Belden Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, Zscaler, Kaspersky Lab, Darktrace Limited, FireEye Inc., Dragos Inc., Cyberbit Ltd., PAS Global LLC, Clavister AB, Nozomi Networks Inc., Mocana Corporation, Radiflow Ltd., Bayshore Networks Inc., Forescout Technologies Inc., Claroty Ltd., Owl Cyber Defense Solutions LLC, Innominds Software Inc., Tempered Networks Inc., CyberArk Software Ltd., Senstar Corporation, Wurldtech Security Technologies lnc., Securicon LLC, SecuriThings Ltd., Applied Risk B.V., Tenable Inc., OSIsoft LLC, Radware Ltd.

North America was the largest region and Western Europe was the second largest region in the operational technology (OT) security market in 2023. The regions covered in the operational technology (ot) security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the operational technology (ot) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Operational technology (OT) security primarily encompasses solutions and services tailored for industrial systems. OT security solutions entail specialized software and protocols, facilitating interface capabilities with legacy and proprietary systems. These tools are instrumental in monitoring and managing the operations of industrial machinery within manufacturing, essential infrastructure (e.g., power and water systems), and related sectors. These security measures are deployed via cloud or on-premises setups, catering to both large enterprises and SMEs. The application of operational technology security spans across industries such as power and electrical, mining, transportation, manufacturing, and others.

The operational technology (OT) security market research report is one of a series of new reports that provides operational technology (OT) security market statistics, including operational technology (OT) security industry global market size, regional shares, competitors with operational technology (OT) security market share, detailed operational technology (OT) security market segments, market trends and opportunities, and any further data you may need to thrive in the operational technology (OT) security industry. This operational technology (OT) security market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The operational technology (OT) security market includes revenues earned by entities by 24*7 monitoring, incident detection and response, training and consulting, deployment, testing, and support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. The market value includes the value of related goods sold by the service provider or included within the service offering. The operational technology (OT) security market also includes sales of integrated platforms and standalone tools which are used in providing operational technology (OT) security services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.