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Operational Technology (OT) Security Market Report 2024-2033: Global Outlook, Growing Demand, Rising Trends And Major Players
Operational Technology (OT) Security Market
The Business Research Company presents an extensive market research report on the Operational Technology (OT) Security Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The operational technology (OT) security market size has grown rapidly in recent years. It will grow from $18.65 billion in 2023 to $20.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased connectivity, aging infrastructure, cyber attacks, incident response failures, adoption of digital technologies.
The operational technology (OT) security market size is expected to see rapid growth in the next few years. It will grow to $31.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to 5G integration, regulatory evolution, cloud migration, adoption of biometric security measures, blockchain integration. Major trends in the forecast period include zero trust framework, behavioral analytics, predictive maintenance security, human element emphasis, automated incident response.
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Key Market Players:
Major companies operating in the operational technology (OT) security market report are Honeywell International Inc., Siemens AG, General Electric Company, IBM Corporation, Cisco Systems Inc., Schneider Electric SE, Broadcom Inc., ABB Ltd., VMware Inc., Rockwell Automation Inc., Palo Alto Networks Inc., Fortinet Inc., Belden Inc., Check Point Software Technologies Ltd., Trend Micro Incorporated, Zscaler, Kaspersky Lab, Darktrace Limited, FireEye Inc., Dragos Inc., Cyberbit Ltd., PAS Global LLC, Clavister AB, Nozomi Networks Inc., Mocana Corporation, Radiflow Ltd., Bayshore Networks Inc., Forescout Technologies Inc., Claroty Ltd., Owl Cyber Defense Solutions LLC, Innominds Software Inc., Tempered Networks Inc., CyberArk Software Ltd., Senstar Corporation, Wurldtech Security Technologies Inc., Securicon LLC, SecuriThings Ltd., Applied Risk B.V., Tenable Inc., OSIsoft LLC, Radware Ltd.
Market Drivers:
The increased use of digital technologies in industrial systems will propel the growth of the operational technology (OT) security market going forward. Digital technologies in industrial systems refer to an increase in automation, preventative maintenance, self-optimization of process improvements, and, most importantly, a new level of efficiency and customer responsiveness. Operational technology security is viewed as a key function in operational and enterprise environments because it offers a strong foundation for addressing digital technology challenges, promoting adopting new technologies in operational environments, and demonstrating safety and security. For instance, according to the statistics published by the Computing Technology Industry Association, a US-based, non-profit organization known for issuing professional certifications for the information technology industry, in 2021, the information technology sector is projected to increase by 4%, reaching $5 trillion. Therefore, the increased use of digital technologies in industrial systems is driving the growth of the operational technology (OT) security market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/operational-technology-ot-security-global-market-report
The OT market covered in this report is segmented -
1) By Offering: Solutions, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Industry: Power And Electrical, Mining, Transportation, Manufacturing, Other Industries
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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