Operational Technology (OT) security refers to the protection of industrial control systems (ICS) and other operational technology used in critical infrastructure such as power plants, transportation systems, and manufacturing facilities. The purpose of OT security is to prevent unauthorized access, tampering, or disruption of these systems, which could lead to physical damage, financial loss, or even loss of life.
Rising adoption of cloud-based OT security solutions and the surge in the integration of government initiatives in security standards are driving the growth of the market. In addition, the growing demand for cyber threat modeling solutions is fueling the growth of the OT security market. However, the dearth of trained security staff to analyze OT security systems and the high installation cost of OT security solutions limit the market growth. Conversely, the rise in IIoT connectivity between industrial operations and the internet and increased work-from-home activities widen the penetration of broadband is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global OT security market is segmented into components, deployment mode, organization size, industry vertical, and region. Depending on the component, the market is divided into solutions and services. By deployment mode, the market is bifurcated into on-premise and cloud. By organization size, it is divided into large enterprises and small and medium-sized enterprises. As per end user, it is segmented into BFSI, manufacturing, energy & power, oil & gas, transportation & logistics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global OT security market is dominated by key players such as Broadcom, Cisco, Darktrace, Forcepoint, Forescout, Fortinet, Kaspersky, Microsoft Corporation, Palo Alto Networks, and Thales Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Rising adoption of cloud-based OT security solutions and the surge in the integration of government initiatives in security standards are driving the growth of the market. In addition, the growing demand for cyber threat modeling solutions is fueling the growth of the OT security market. However, the dearth of trained security staff to analyze OT security systems and the high installation cost of OT security solutions limit the market growth. Conversely, the rise in IIoT connectivity between industrial operations and the internet and increased work-from-home activities widen the penetration of broadband is anticipated to provide numerous opportunities for the expansion of the market during the forecast period.
The global OT security market is segmented into components, deployment mode, organization size, industry vertical, and region. Depending on the component, the market is divided into solutions and services. By deployment mode, the market is bifurcated into on-premise and cloud. By organization size, it is divided into large enterprises and small and medium-sized enterprises. As per end user, it is segmented into BFSI, manufacturing, energy & power, oil & gas, transportation & logistics, and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global OT security market is dominated by key players such as Broadcom, Cisco, Darktrace, Forcepoint, Forescout, Fortinet, Kaspersky, Microsoft Corporation, Palo Alto Networks, and Thales Group. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the global OT security market forecast along with the current & future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global OT security market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2022 to 2031 is provided to determine the market potential.
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Key Market Segments
By Component
- Solution
- Services
By Deployment Mode
- On-Premise
- Cloud
By Organization Size
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End-User
- BFSI
- Manufacturing
- Energy and Power
- Oil and Gas
- Transportation and Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Thales Group
- Cisco System, Inc.
- Kaspersky Lab
- Fortinet, Inc.
- Forescout
- Broadcom Inc
- Forcepoint
- Darktrace Holdings Limited
- Microsoft Corporation
- Palo Alto Networks Inc
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OPERATIONAL TECHNOLOGY (OT) SECURITY MARKET, BY COMPONENT
CHAPTER 5: OPERATIONAL TECHNOLOGY (OT) SECURITY MARKET, BY DEPLOYMENT MODE
CHAPTER 6: OPERATIONAL TECHNOLOGY (OT) SECURITY MARKET, BY ORGANIZATION SIZE
CHAPTER 7: OPERATIONAL TECHNOLOGY (OT) SECURITY MARKET, BY END-USER
CHAPTER 8: OPERATIONAL TECHNOLOGY (OT) SECURITY MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
Operational Technology (OT) Security Market is likely to experience a significant growth rate of 19.0% from 2022-2031 owing to increasing market demand from the BFSI and Manufacturing sectorOperational Technology (OT) Security solutions are critical for securing industrial control systems, SCADA (Supervisory Control and Data Acquisition) systems, and other critical infrastructure components. These solutions protect these systems from cyber threats, including malware, ransomware, and other attacks that can cause physical damage, system downtime, or data breaches. The importance of Operational Technology (OT) Security solutions cannot be overstated, as they help prevent cyber-attacks that can lead to significant operational and financial losses. Operational Technology (OT) Security solutions are designed to identify and detect potential threats to industrial control systems and other critical infrastructure components. They can detect unusual network traffic, suspicious activity, and other indicators of a potential cyber-attack.
Rising adoption of cloud-based Operational Technology (OT) Security solutions and the surge in the integration of government initiatives in security standards are driving the growth of the market. The demand for cyber threat modeling solutions in OT security has increased gradually, owing to the growth in sophistication and frequency of cyber-attacks. Nowadays, cyber threat has become a key concern for various stakeholders, and therefore, identifying and analyzing potential security threats is an alarming need for an organization's systems, networks, data, and developing safeguards to mitigate the analyzed threats. Hence, the rise in a number of cyber-attacks and data breaches has become a key driving force for increasing the awareness of security solutions, which in turn aids market growth. Furthermore, organizations are often recognizing the importance of proactive cyber security measures, such as threat modeling solutions, which fosters market growth. Businesses are increasingly using cyber threat modeling systems to detect possible threats and vulnerabilities, by implementing the necessary security measures, resulting in reduced risk of a cyber-attack. Therefore, these aforementioned factors significantly contribute to the huge potential for growth and development of the OT security market.
The market also offers growth opportunities to the key players in the market. Increase in adoption of the Industrial Internet of Things (IIoT) in industrial operations promotes the growth of the operational technology (OT) security market. IIoT helps in providing benefits such as better maintenance, digitalization, flexibility, operational intelligence, predictive analytics, scalability, and cost optimization to industrial operations through an internet connection. These IIoT devices relate to industrial operations and control systems, and this connection provides a larger window for cyber attackers to attack the system. In this context, OT security solutions find wider application to mitigate the risk of cyber threats, as it potentially identifies cyber-attacks and frequently protect these networking systems. In addition, the OT solution is able to automatically respond, prevent, and block threats before it can damage the system, which creates numerous opportunities for market growth.
The global Operational Technology (OT) Security market is segmented into components, deployment mode, organization size, industry vertical, and region. Depending on the component, the market is divided into solutions and services. By deployment mode, the market is bifurcated into on-premise and cloud. By organization size, it is divided into large enterprises and small and medium-sized enterprises. As per end user, it is segmented into BFSI, manufacturing, energy & power, oil & gas, transportation & logistics, and others. Region wise, it is analyzed across North America (the U.S., and Canada), Europe (the UK, Germany, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study are Broadcom, Cisco, Darktrace, Forcepoint, Forescout, Fortinet, Kaspersky, Microsoft Corporation, Palo Alto Networks, and Thales Group. The players in the market have been actively engaged in the adoption of various strategies such as partnership, collaboration, acquisition, product development, and product launch to remain competitive and gain an advantage over the competitors in the market. For instance, in May 2021, Cisco Systems acquired Kenna Security Inc. This acquisition will assist Cisco in transforming the way security and IT teams collaborate to detect, respond, and prevent attack surfaces. Cisco security will use a combination of threat and risk-based vulnerability management to expand the platform experience.
Key Market Insights
By component, the solution segment was the highest revenue contributor to the market and is estimated to reach $57.16 billion by 2032, with a CAGR of 18.3%. However, the services segment is estimated to be the fastest-growing segment with a CAGR of 20.7% during the forecast period.By deployment mode, the on-premise segment dominated the global market and is estimated to reach $41.6 billion by 2032, with a CAGR of 17.6%. However, the cloud segment is expected to be the fastest-growing segment during the Operational Technology (OT) Security Market Forecast.
By Organization Size, the large enterprise segment dominated the global market and is estimated to reach $49.55 billion by 2032, with a CAGR of 17.9%. However, the Small and Medium Enterprises (SMEs) segment is expected to be the fastest-growing segment during the Operational Technology (OT) Security Market Forecast.
Based on End User, the BFSI segment was the highest revenue contributor to the market, with $3.87 billion in 2022, and is estimated to reach $18.89 billion by 2032, with a CAGR of 17.5%.
Based on region, North America was the highest revenue contributor and fastest growing region, accounting for $5.45 billion in 2022, and is estimated to reach $26.37 billion by 2032, with a CAGR of 17.4%.
Companies Mentioned
- Thales Group
- Cisco System, Inc.
- Kaspersky Lab
- Fortinet, Inc.
- Forescout
- Broadcom Inc
- Forcepoint
- Darktrace Holdings Limited
- Microsoft Corporation
- Palo Alto Networks Inc
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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