Market Overview

In 2022, the worldwide Operational Technology Security Market  Size was expected to create a market revenue of USD 13,740.3 Million and is further anticipated to grow USD 63.9 Billion market value by the end of 2030. Further, the global market is estimated to grow at 18.1% CAGR during the review period. 

Operational technology (OT) security is widely used to control, measure, and view processes among different industries. As per the Operational Technology Security Market Forecast report, the global market is fueling due to the increasing risks of cyber threats on critical infrastructure, the convergence of OT and IT ecosystems, increasing cases of a data breach, the rising adoption by enterprises, the increasing investments in adopting IIOT solutions, increasing popularity of BYOD culture, and rising dependency on legacy systems.

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However, the global market might face market restraints due to the lack of expertise and the mounting complexities of systems.

Market Segmentation:

As per the Operational Technology Security Market Analysis, the global market has been classified into deployment, component, and end-use industries.

The worldwide market has been segmented into hybrid, on-premise, and cloud as per the deployment segment. In 2019, the on-premise segment was accounted to register the largest market share and aimed to achieve a CAGR of 7.4% in the assessment period. On the other hand, the cloud segment is anticipated to achieve momentum in the research period due to the rapid technological advancements. Further, the hybrid segment is projected to generate a significant Operational Technology Security Market Revenue of 35.8% and the highest CAGR of 9.7% in the review period. 

Based on the component segment, the current market has been classified into services and solutions. Further, the services segment is sub-segmented into professional and managed services. In 2019, the solution segment was project OT network segmentation, OT endpoint security, incident response, anomaly detection, reporting, and many others. 

BY COMPONENT:

Solution:

• OT Endpoint Security
• OT Network Segmentation
• Anomaly Detection, Incident Response And Reporting
• Others

Services:

• Professional
• Managed

BY DEPLOYMENT:

• On-Premise
• Cloud
• Hybrid

BY END-USE INDUSTRY:

• Power Electrical
• Mining
• Transportation
• Manufacturing
  • Discrete
  • Process
• Others

BY REGION:

• North America
• Europe
• Asia-Pacific
• Middle East and Africa
• South America

Regional Analysis:

Regionally, the global Operational Technology Security Market Growth is propelling with the regional market contributions. It includes the regions like South America, Asia-Pacific, North America, the Middle East Africa, and Europe. 

The North American region is accounted to create the largest market share during the review period. This region is expanding due to a vast IT and communication sector and increasing investments in research and developmental activities in the region. Moreover, the region is projected to continue the dominant position due to several factors like increased customer expectations, a dynamic regulatory framework, cutthroat competition, and constant technological changes. 

Apart from that, the European region is considered the second-largest market because of the deployment of 5G services, surge in data traffic, the rapid growth in adoption of IoT technologies, employee mobility, an increasing number of cloud-based data centers.

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Industry News:

In July 2020, the prominent market player PAS Global released a modular OT Cyber Security Solution for process industries and critical infrastructure to change its OT cybersecurity solution. This update or development includes enterprise cybersecurity solutions, vulnerability and patch management, and inventory management. 

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