Market Highlights
In 2019, the worldwide Operational Technology Security Market was expected to create a market revenue of USD 13,740.3 Million and is further anticipated to grow USD 24,092.7 Million market value by the end of 2026. Further, the global market is estimated to grow at 8.20% 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 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.
However, the global market might face market restraints due to the lack of expertise and the mounting complexities of systems.
Segmentation:
As per the Operational Technology Security Market, 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 projected to exhibit 66.7% of the largest Operational Technology Security Market Share. For instance, the solution segment is sub-segmented into OT network segmentation, OT endpoint security, incident response, anomaly detection, reporting, and many others.
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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.
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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Global Operational Technology Security Market Research Report: Information By Component (Solution [OT Endpoint Security, OT Network Segmentation, Anomaly Detection, Incident Response and Reporting and Others] and Services [Managed and Professional {Consulting Services, Deployment & Implementation Services and Others}]), Deployment (On-Premise, Hybrid and Cloud), End-Use Industry (Power & Electrical, Manufacturing, Transportation, Mining and Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2027
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