Exploring Operational Technology (OT) Security Market Opportunity, Latest Trends, Demand, and Development By 2030- MarkNtel Advisors
According to Markntel Advisors Report, Operational Technology (OT) Security Market is expected to grow at a significant growth rate, and the analysis period is 2024-2030, considering the base year as 2023. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Operation Technology is the solution
utilized for the management of industrial tools & appliances and their
proper supervision through complete control. These solutions are often used
across asset-intensive facilities like the oil & gas sector, manufacturing
units, etc. Thus, as software used in these processes is often prone to
security attacks, Operational Technology (OT) security solutions are used for
their protection.
Global Operational Technology
(OT) Security Market Research Report & Summary:
The Global Operational Technology (OT) Security Market is estimated to grow at a CAGR
of around 5.60% during the forecast period, i.e.,
2024-30.
Time Period
Captured in the Report:
·
Historical
Years: 2019-22
·
Base
Years: 2023
·
Forecast
Years: 2024-2030
Who are the Key Players Operating in the Operational
Technology (OT) Security Market?
The top
companies of the Operational Technology (OT) Security Market ruling the
industry are:
Fortinet, Inc., AO
Kaspersky Lab, Cisco Systems, Inc., Forcepoint, Thales, Palo Alto Networks,
Broadcom, Rockwell Automation, Forescout, Honeywell International Inc.,
Darktrace Holdings Limited, Microsoft, Nozomi Networks, International Business
Machines Corp., Qualys, Inc.
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Operational Technology
(OT) Security Market Recent Development:
·
2024: Thales collaborated with Tenable
to enhance their IT & operational technology security solutions. This
partnership ensures comprehensive visibility into assets, effective risk
assessment, and streamlined collaboration between IT and OT teams, crucial for
protecting against diverse and evolving threats.
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The Operational Technology (OT) Security Market
explores the industry by emphasizing the growth parameters and categorizes
including geographical segmentation, to offer a comprehensive understanding of
the market dynamic. The further
bifurcations are as follows:
-By Offering
-Solutions - Market Size & Forecast 2019-2030, USD Million
-Security Information & Event Management (SIEM)- Market Size &
Forecast 2019-2030, USD Million
-Asset Management - Market Size & Forecast 2019-2030, USD Million
-Network Segmentation & Isolation - Market Size & Forecast
2019-2030, USD Million
-Access Control & Identity Management- Market Size & Forecast
2019-2030, USD Million
-Vulnerability Management- Market Size & Forecast 2019-2030, USD
Million
-Incident Response & Management- Market Size & Forecast
2019-2030, USD Million
-Data Protection & Encryption- Market Size & Forecast 2019-2030,
USD Million
-Others- Market Size & Forecast 2019-2030, USD Million
-Services - Market Size & Forecast 2019-2030, USD Million
-Managed Security Services- Market Size & Forecast 2019-2030, USD
Million
-Consulting & Advisory Services- Market Size & Forecast
2019-2030, USD Million
-Training & Education- Market Size & Forecast 2019-2030, USD
Million
-Consulting Services- Market Size & Forecast 2019-2030, USD Million
-Integration Services- Market Size & Forecast 2019-2030, USD Million
-Support & Maintenance- Market Size & Forecast 2019-2030, USD
Million
-By Deployment
-Cloud - Market Size & Forecast 2019-2030, USD Million
-On-Premise- Market Size & Forecast 2019-2030, USD Million
-By Enterprise Size
-Large Enterprises - Market Size & Forecast 2019-2030, USD Million
-Small & Medium Enterprises- Market Size & Forecast 2019-2030,
USD Million
-By End Users
-Energy & Utilities - Market Size & Forecast 2019-2030, USD
Million
-Oil & Gas - Market Size & Forecast 2019-2030, USD Million
-Manufacturing- Market Size & Forecast 2019-2030, USD Million
-Transportation and Logistics - Market Size & Forecast 2019-2030,
USD Million
-Mining- Market Size & Forecast 2019-2030, USD Million
-Healthcare - Market Size & Forecast 2019-2030, USD Million
-Others (Building & Construction, Military, etc.)- Market Size &
Forecast 2019-2030, USD Million
-By Region
-North America
-South America
-Europe
-The Middle East & Africa
-Asia-Pacific
-Rest of the World
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Market Dynamics -Global Operational
Technology (OT) Security Market:
Rising Cybersecurity Threats Amplifying the Demand for OT Security
Solutions – Over the past few years, several industries
have transitioned towards digital platforms and started providing online
services. As per the statistics by the GoDaddy Data Observatory, in 2023, more
than 55% of the smaller businesses and around 71% of the larger enterprises
have started using online platforms to provide services to consumers. These
companies store the information related to the finances & the customers in
their cloud servers. However, with the evolution of technology, the number of
cyberattack incidents has also increased. Based on the statistics by IBM, a
tech-based company, data breaches across the globe rose by 72% during 2021-2023,
compromising the critical information of the organizations as well as
customers. Therefore, to ensure the safety of the data, enterprises are
increasingly adopting these security solutions, amplifying the market growth.
Also, the official governing bodies across the globe are recognizing
the importance of data security & privacy. Therefore, the authorities are
laying regulations that are mandating organizations to integrate security
solutions within their digital ecosystems. Thus, compliance with these safety
standards will continue to boost the requirement for OT security solutions in
the coming years.
Higher Costs & Lack of Trained Professionals –
OT Security solutions generally comprise the software, which is deployed within
the critical infrastructure of the different industry verticals. However, since
these solutions are usually purpose-built for the industries, they are
relatively of higher cost. Hence, small-scale organizations tend to opt for
low-cost security solutions such as in-built firewalls. Additionally, operational technology is often
isolated from the IT network and works in its own Local Area Network (LAN).
Therefore, the end-users cannot use it remotely and one operator must always be
present to monitor the activities. This
acts as an overhead cost for the customers since they are required to pay the
amount for the software as well as the security analysts. Thus, companies with
limited financial resources refrain from opting for these solutions, hindering
market growth.
Further, the lack of training programs and limited awareness about OT
security in underdeveloped & developing nations is causing a shortage of
knowledgeable professionals. In 2024, more than 40% of companies worldwide are
facing a shortfall of qualified cybersecurity professionals, stated Kaspersky.
Therefore, some of the organizations are using alternative solutions, adversely
impacting market growth.
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and several others.
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