The operational technology (OT) security market has experienced substantial growth, rising from $18.65 billion in 2023 to $20.76 billion in 2024, with a CAGR of 11.3%. This growth is linked to increased connectivity, aging infrastructure, and a surge in cyber attacks. Looking ahead, the market is projected to reach $31.31 billion by 2028, at a CAGR of 10.8%. Key drivers include the integration of 5G and advancements in biometric security. Trends will focus on a zero-trust framework and predictive maintenance security.
Major Driver In The Operational Technology OT Security Market
The increasing integration of digital technologies into industrial systems is expected to propel the growth of the operational technology (OT) security market. Digital technologies in industrial settings encompass automation, predictive maintenance, process optimization, and enhanced customer responsiveness, fostering efficiency and innovation. Operational technology security assumes a pivotal role in addressing digital challenges within operational and enterprise environments, facilitating the adoption of new technologies while ensuring safety and security. As reported by the Computing Technology Industry Association in 2021, the information technology sector is projected to reach $5 trillion, reflecting a 4% increase. This underscores the growing importance of OT security in industrial ecosystems, thereby driving market growth. In 2023, the market size of OT security experienced notable expansion, with expectations for continued growth in 2024 and 2028.
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Operational Technology OT Security Market Competitive Landscape
Honeywell International Inc., Siemens AG, General Electric Company, Accenture plc, 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.
Key Operational Technology OT Security Market Trend
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.
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Operational Technology OT Security 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
By Geography:The regions covered in the operational technology (ot) security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region and Western Europe was the second largest region in the operational technology (OT) security market in 2023.
The Operational Technology OT Security Global Market Report 2024 furnishes information about the global operational technology ot security market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
