Press release
Tech Secure: Operational Technology (OT) Security Market Unveils Strategies and Scope for Cyber Resilience || Honeywell International Inc., Siemens AG, General Electric Company, IBM Corporation
Operational Technology (OT) Security Market
The Business Research Company offers in-depth market insights through Operational Technology (OT) Security Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - The Surging Role Of Operational Technology (OT) Security Market Amidst Increased Utilization Of Digital Technologies In Industrial Systems
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.
Competitive Landscape:
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.
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Top Trend - Strategic Partnerships In The Operational Technology (OT) Security Market For A Holistic Security Platform
Major companies operating in the operational technology (OT) security market are adopting a strategic partnership approach to provide an all-encompassing security platform for operational technology (OT). Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in June 2023, L&T Technology Services Limited, an India-based technology company, partnered with Palo Alto Networks, a US-based operational technology (OT) security provider. As a result of the partnership, LTTS and Palo Alto Networks aim to deliver comprehensive security services and solutions in the realms of 5G and operations technology (OT) across various industries. LTTS, now a Palo Alto Networks Managed Security Services Partner (MSSP), will provide a suite of security services, including 5G, OT, and IT/OT Converged SOC services, empowering end customers in industrial verticals to effectively manage security risks in their OT environments through a managed service offering for the Palo Alto Networks Zero Trust OT Security solution.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Operational Technology (OT) Security Market Characteristics
3. Operational Technology (OT) Security Market Trends And Strategies
4. Operational Technology (OT) Security Market - Macro Economic Scenario
5. Operational Technology (OT) Security Market Size And Growth
…..
27. Operational Technology (OT) Security Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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