Press release
Riding The Wave Of Digital Transformation: Operational Technology (OT) Security Market Projected To Reach $35.23 Billion By 2029
Riding The Wave Of Digital Transformation
What Is The Projected Market Size Of The Global Operational Technology (OT) Security Market And Its Growth Rate?
The landscape of the operational technology (OT) security market is changing at a rapid pace. Here are the key growth projections:
•The market is projected to grow from $20.31 billion in 2024 to $22.37 billion in 2025, a CAGR of 10.1%.
•This growth is primarily driven by increased connectivity, aging infrastructure, cyber-attacks, incident response failures, and the adoption of digital technologies.
•The OT security market is expected to further grow to $35.23 billion in 2029 at a CAGR of 12.0%.
•Forecasts suggest that this growth will be fuelled by 5G integration, regulatory evolution, cloud migration, biometric security measures, and blockchain integration.
What Is Driving The Growth In The Operational Technology (OT) Security Market?
The surge in digital technologies' adoption in industrial systems is a key driver for the operational technology (OT) security market. The integration of digital technologies, particularly automation and enhancements in process improvements, brings about a new level of efficiency and customer responsiveness, necessitating improved operational technology security. A key indicator of this trend is a report from Statistics Canada, which shows that in 2023, 7% of Canadian businesses with five or more employees utilized AI software or hardware, a 3 percentage point increase from 2021. This trend underscores the importance of operational technology security in ensuring reliable and safe digitization in industrial operations.
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Who Are the Key Players Driving Operational Technology (OT) Security Market Growth?
The OT security market is characterized by the presence of internationally recognized players such as:
•Honeywell International Inc.
•Siemens AG
•General Electric Company
•Accentur*e plc
•IBM Corporation
•Cisco Systems Inc.
•Schneider Electric SE
•Broadcom Inc.
•ABB Ltd.
•VMware Inc.
What Are The Key Trends In The Operational Technology (OT) Security Market?
Emerging trends in the OT security market include:
•Zero trust framework
•Behavioral analytics
•Predictive maintenance security
•Human element emphasis
•Automated incident response
What Are The Segments Of The Global Operational Technology (OT) Security Market?
The operational technology (OT) security market is categorized based on the following segments:
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
Which Region Leads The Operational Technology (OT) Security Market?
North America leads the global operational technology (OT) security market, followed by Western Europe. Other examined regions in the report include Asia-Pacific, Eastern Europe, South America, the Middle East, and Africa.
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What Is Covered In The Operational Technology (OT) Security Market Global Market Report?
- Market Size Analysis: Analyze the Operational Technology (OT) Security Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Operational Technology (OT) Security Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Operational Technology (OT) Security Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Operational Technology (OT) Security Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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