by Operational Technology Security (OT Security) involves securing industrial control systems, SCADA systems, IoT devices, and more, against cyber threats. OT Security products help organizations monitor, detect, and respond to threats facing industrial assets, production lines, and critical national infrastructure. The growing sophistication of cyber attacks targeting operational networks and the rising connectivity of industrial assets have increased the need for OT security solutions across industries.
The operational technology security market deals with securing industrial control systems, SCADA systems, distributed control systems, IoT devices, and other networking equipment used in industrial environments. OT security solutions monitor operational networks for vulnerabilities, anomalies, and threats in real-time. They help identify risks like unauthorized access, malware infections, network misuse and provide visibility across IT and OT networks. Common OT security products include firewalls, antivirus/IDS, identity & access management, security information & event management, and encryption. The growing interconnectivity between IT and OT networks has resulted in more opportunities for cyber attackers. Consequently, industries are increasingly adopting OT security solutions to protect critical infrastructure and minimize disruptions.
The global Operational Technology Security Market is estimated to be valued at US$ 18492.8 Mn 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 key trends:
One of the primary trends in the operational technology security market is the increasing convergence of IT and OT networks. As industrial facilities bring more connectivity to automate operations and gain efficiencies, the attack surface has also expanded, demanding more coordination between IT and OT security teams. Another significant trend is the shift towards cloud-based OT security services which provide continuous monitoring and detection of threats across dispersed industrial assets. With remote work becoming common, more industries are also implementing secure remote access technologies for field operators. Adoption of zero-trust security architecture in industrial settings is another emerging trend to minimize lateral movement of threats. Growing instances of ransomware are also fueling demand for data security, identity management and secure backup solutions.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as the operational technology security market involves high investment costs associated with infrastructure, research and development.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various options from many players operating in the market. Buyers can bargain for price discounts and demand other concessions.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as technologies required are available from various sources and can be easily substituted.
Threat of new substitutes: The threat of new substitutes is low as operational technology security systems offer unique value propositions in terms of real-time threat detection and monitoring capabilities.
Competitive rivalry: High due to presence of many international and regional players.
Key Takeaways
The Global Operational Technology Security Market Demand is expected to witness high growth, exhibiting a CAGR of 7.7% over the forecast period, due to increasing concerns regarding cyber threats across industrial infrastructure and network integration.
The market size for 2023 is estimated to be US$ 18492.8 Mn. The North American region dominates the market currently due to growing adoption of industrial automation and presence of key players offering advanced security solutions in the region.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
