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The operational technology security market size is estimated to grow by USD 17.75 billion at a CAGR of 15.97% between 2022 and 2027. Market growth hinges on several factors, such as the increasing emphasis on enhancing business efficiency, the imperative for robust defenses against phishing attacks and hacking, and the expanding integration of digital technologies into industrial systems. Businesses are constantly seeking ways to streamline operations and improve productivity, driving the demand for solutions that offer such capabilities. Additionally, the escalating threats of cyber attacks have led to a heightened awareness of cybersecurity measures, propelling the adoption of protective technologies. Furthermore, the convergence of traditional industrial processes with digital advancements is reshaping industrial landscapes, creating opportunities for innovative solutions that can optimize performance and ensure operational resilience.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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This market report extensively covers market segmentation by end-user (SMEs and large enterprises), application (power generation and electrical, manufacturing, transportation and logistics, mining, and others), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth by the SMEs segment will be significant during the forecast period. Small and medium-sized enterprises (SMEs) are adopting new technologies and advanced operational processes, such as using machine learning and AI-based manufacturing robots. This allows them to work efficiently. Small businesses need solutions with advanced operational technology security to maintain price competitiveness and product quality.
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The SMEs segment was valued at USD 5.15 billion in 2017. Small businesses are increasingly moving to a digital environment, with most data being transmitted through online channels. Hacking and phishing are two of the most common types of cyberattacks SMEs face when it comes to data security. To combat such issues, small businesses are adopting increasingly sophisticated cybersecurity measures to ensure the security of their data and operational processes. Increased use of internet-based technologies for monitoring processes and data transmissions will lead to increased demand for industrial engineering security solutions among small and medium enterprises during the forecast period, leading to market growth.
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North America is estimated to contribute 33% to the growth of the market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America has become an important market for operational technology security solutions worldwide, largely because it has always been an early adopter of advanced technologies. The region is a major producer of operational technology safety data and a major end-user worldwide. The large amount of data generated by the deployment of operational technology security solutions in this region is driving the growth of the market in the region. The region is technologically very mature, and the industrial sector is well developed. North America is rapidly adopting advanced technologies such as artificial intelligence, virtualization, and cloud computing compared to other regions of the world, creating numerous use cases for technology operational security in North America.
The market addresses security challenges faced by smart infrastructure and critical infrastructure, including industrial control systems and SCADA networks. It focuses on interoperability between IT teams and industrial equipment to implement security solutions like Byos, Microsegmentation, and Zero Trust. Other key aspects include Asset Management, Application Security, and Identity and Access Management within IT and OT ecosystems. The market also addresses cyber threats and utilizes cloud technology, edge computing, IoT technology, and 5G technology to enhance security measures for IIoT. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising need to improve business efficiency is notably driving market growth. The increasing number of connected devices in various industries has generated an enormous amount of data. Businesses have realized that data can be used to optimize costs, provide better service, and increase sales. Therefore, business models around the world are changing and are becoming data-driven rather than experience and perception-driven. For example, aircraft engine manufacturers now offer comprehensive rental programs for equipment and maintenance. They hope that feedback from users of these engines will enable improvements in engine design, thereby reducing manufacturing and maintenance costs and providing a significant competitive advantage.
Companies are indeed adopting automation and flexible production techniques in manufacturing to improve productivity. This trend is supported by the implementation of industrial control systems, smart infrastructure, identity and access management, and IoT technology, which enable more efficient and responsive manufacturing processes. In addition, predictive asset maintenance helps businesses save money on planned repairs, reduce maintenance costs, and avoid downtime. Implementing operational technology security increases confidence and efficiency in implementing business processes. All these factors will drive the growth of the market during the forecast period.
Growing dependence on the Internet is a key trend influencing market growth. One of the major trends contributing to the growth of the market is the increasing use of the Internet for both daily activities and critical business. With the increasing popularity of the internet, people are sharing personal information on platforms, especially social media. In addition, the company offers storage services in the cloud, important information is stored on the web. Additionally, banks and credit card companies allow their customers to conduct transactions such as online transactions and payments over the Internet. Online methods offer many advantages over traditional methods, but they also carry higher security risks. Optimizing capacity, reducing lead times and costs, and increasing profits from developing IT infrastructure are key requirements for any organization.
Operational security improves organizational processes by ensuring that process quality and resources are protected from external and internal threats. This increases the productivity and efficiency of the organization. Operational technology security tools enable organizations to improve efficiency and productivity. This allows users to quickly meet business needs and stay competitive. These advantages of operational technology security solutions are expected to have a positive impact on the growth of the market during the forecast period.
The high cost of ownership is challenging the market growth. Deploying operational technology security tools is an expensive process. It is, therefore, important to define the requirements for implementing them. Deploying these solutions is costly if changes are made. Complex programming processes and data integration add time and cost. Also, most providers charge extra for software updates. Some companies force end users to purchase updated software by refusing to provide technical support for older software versions. Pricing for in-house technology security solutions includes licensing, system design and customization, implementation, training, maintenance, and support costs.
Operational security software is very complex and typically requires consultants or qualified professionals to operate the software. As the market grows, the cost of acquiring and implementing security tools for operational technology increases. These costs are increasing due to increased demand and the need to customize products according to end-user requirements. Therefore, high operating costs are expected to hamper the growth of the market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alphabet Inc: Under its subsidiary Fire Eye, the company offers operational technology security services.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market faces cybersecurity challenges and adopts standardization, AI, ML, and big data analytics. It relies on Asset discovery tools, Network mapping solutions, and Vulnerability assessment platforms. Key solutions include Next-generation firewalls, MDR/XDR, and SIEM for energy and power utilities and SCADA/ICS. The market embraces OT endpoint security, OT network segmentation, and anomaly detection. Deployment options include On-Premise and Hybrid models. It's bolstered by investments in IIoT solutions and focuses on Protection Relays, Communication Infrastructure, and Substation Automation to enhance security in the energy and utilities sector.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.97% |
Market growth 2023-2027 |
USD 17.75 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
15.37 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 33% |
Key countries |
US, Canada, China, UK, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., AO Kaspersky Lab, BeyondTrust Corp., Broadcom Inc., Check Point Software Technologies Ltd., Cisco Systems Inc., CyberArk Software Ltd., Darktrace Holdings Ltd., Forcepoint LLC, Forescout Technologies Inc., Fortinet Inc., Fortra LLC, Microsoft Corp., Nozomi Networks Inc., Okta Inc., Palo Alto Networks Inc., Radiflow, Sophos Ltd., Tenable Holdings Inc., and Zscaler Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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