Operational Technology (OT) Security Market Is Expected to Reach USD 84.2 Billion by 2032 | Top Players Such as - Fortinet, Inc., Kaspersky Lab, Forescout

According to the report published by Allied Market Research, The Operational Technology (OT) Security Market Is Expected to Reach USD 84.2 Billion by 2032 | Top Players Such as - Fortinet, Inc., Kaspersky Lab, Forescout. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

The growth of the operational technology (OT) security market is attributed to several factors, including the increase in the use of OT security solutions that are cloud-based, the surge in the integration of government initiatives to security norms, and the increasing demand for cyber threat modeling solutions. By region, North America held the major share in 2022, garnering more than one-third of the global operational technology (OT) security market revenue.

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The global Operational Technology (OT) Security Market was valued at USD 15.2 billion in 2022, and is projected to reach USD 84.2 billion by 2032, growing at a CAGR of 19% from 2023 to 2032.

The global Operational Technology Security Market Size 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.

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Based on component, the solution segment held the largest share in 2022, accounting for nearly three-fourths of the global operational technology (OT) security market revenue and would dominate the market in terms of revenue through 2032. The services segment, however, is estimated to witness the fastest CAGR of 20.7% during the forecast period.

Based on deployment mode, the on-premise segment captured the largest share of more than half of the global operational technology (OT) security market revenue in 2022. On the other hand, the cloud segment is expected to dominate the market in terms of revenue during the forecast period. Simultaneously, the same segment would also display the fastest CAGR of 20.6% from 2023 to 2032.

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Based on region, the market in North America was the largest in 2022, accounting for more than one-third of the global operational technology (OT) security market revenue and is likely to maintain its dominance during the forecast period. The market in Asia-Pacific, however, is expected to manifest the fastest CAGR of 21.8% during the forecast period. The other provinces studied in the report include Europe and LAMEA.

The key players of the global operational technology (OT) security market analyzed in the research include Microsoft Corporation, Forcepoint, Darktrace Holdings Limited, Cisco System, Inc., Palo Alto Networks Inc., Broadcom Inc., Fortinet, Inc., Kaspersky Lab, Forescout, and Thales Group.

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Covid-19 Scenario-

● The COVID-19 outbreak had a positive impact on the global operational technology (OT) security market due to the rapid shift towards digitalization, which created a robust demand for AI-powered OT security solutions that offer real-time reporting and agile efficiency features.

● In addition, the pandemic had forced many businesses to move work to remote locations. This has increased the reliance on digital systems and the susceptibility of OT systems. To defend their systems from cyberattacks, businesses are now making investments in the operational technology security sector.

● This led to an increased investment in operational technology (OT) security solutions that can assist businesses in mitigating risks and ensuring the continuity of their operations.

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