The global operational technology security market will reach USD 33.13 billion at an 8.3% CAGR by 2030, states the new Market Research Future report.
Operational Technology Security Market Drivers
Increasing Adoption of Industry 4.0 to Boost Market Growth
The rapidly growing adoption of industry 4.0 coupled with the rising number of cyber-attacks on the operational technology networks will boost market growth over the forecast period.
Operational Technology Security Market Report Scope:
Revenue Forecast in 2030
USD 33.13 Billion
CAGR of 8.3% from 2022 to 2030
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
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Growing Need to Secure IT Infrastructure in Media & Entertainment to offer Robust Opportunities
The growing need to secure IT infrastructure in the media & entertainment sector will offer robust opportunities for the market over the forecast period.
Operational Technology Security Market Restraints
Complexity of Systems to act as Market Restraint
The complexity of systems and lack of expertise may act as market restraints over the forecast period.
Operational Technology Security Market Challenges
High Procurement Costs to act as Market Challenge
The high procurement costs of the OT security solution may act as a market challenge over the forecast period.
The global operational technology security market is bifurcated based on end-use, deployment, and component.
By component, solution will lead the market over the forecast period.
By deployment, on-premise will dominate the market over the forecast period.
By end-use industry, power and electrical will spearhead the market over the forecast period.
The national lockdown of each country during the COVID-19 epidemic has extended the market reach of digital technologies. Because of the increased digitalization following COVID-19, there has been an increase in cyber-attacks on the region’s OT systems that monitor transportation, power production plants, and manufacturing businesses. The COVID-19 pandemic has accelerated cloud adoption, as enterprises embrace remote working. To assist lower the risk of data breaches, vendors are adding new features to their OT security solutions and making them available in the cloud. These solutions necessitate solid security knowledge to deploy from the ground up, resulting in the expansion of the OT security services industry. The epidemic impacted global oil price volatility, instilling alarm in the minds of oil and gas producers about the possibility of an unprecedented situation. As a result, large oil and gas firms are attempting to secure their operations by implementing OT security solutions.
Operational Technology Security Market Regional Analysis
North America to Have Admirable Growth in Operational Technology Security Market
With regards to market share, North America leads the worldwide operational technology security industry. The US is the largest market for operational technology, owing to strong investments in research and development and a large IT and communication sector in the country. The US market is likely to maintain its leadership position throughout the projection period, owing to constant technology advances, a dynamic regulatory framework, higher customer expectations, and fierce competition. Enterprises in their particular sector verticals demand resistance against cyber-attacks and, as a result, cyber-security services. The US is the largest market for operational technology security, owing to strong investments in R&D and the presence of a large IT and communication sector in the country.
The US market is likely to maintain its leadership position throughout the projection period, owing to constant technology advances, a dynamic regulatory framework, higher customer expectations, and fierce competition. Enterprises in their particular sector verticals demand resistance against cyber-attacks and, as a result, cyber-security services. Government investments in OT security and R&D activities have resulted in breakthroughs and are projected to bring about advancements in the region’s cyber-security landscape and fuel the OT security market growth in the future. This region has witnessed highly inventive and fast-paced technological and digital advancements. Because of major dangers to the industrial network, there is an increase in demand for OT solutions and services. The region’s main problem, however, is a lack of industrial security rules and the usage of obsolete systems, solutions, and software. Attacks on OT systems have increased dramatically in the region. Organizations and governments in North America are eager to implement security systems on their industrial sites, fueling the region’s demand for OT security.
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Europe to Have Admirable Growth in Operational Technology Security Market
Europe is the second-largest operational technology market. The region includes both developed and emerging countries, such as the United Kingdom, Germany, France, Italy, and Spain. A surge in data traffic, the implementation of 5G services, the expanding number of cloud-based data centers, workforce mobility, and the rapid acceptance of IoT technologies are driving regional market expansion. These incentives are motivating businesses and service providers to integrate operational technology security solutions into their networks. An increase in data traffic, the deployment of 5G services, the increasing number of cloud-based data centers, employee mobility, and the growing adoption of IoT technologies are all encouraging enterprises and service providers to incorporate operational technology security solutions into their networks. Other factors include the increased proliferation of internet services and mobile phones, the increased costs incurred as a result of endpoint attacks, the rising demand for cost-effective alternatives for on-premises security deployment, the increasing mitigation of IT risks, and the growing need to manage and mitigate IT security risks in this region.
Operational Technology Security Market Key Players
Eminent players profiled in the global operational technology security market report include VMware, Inc (US), Honeywell International Inc (US), Schneider Electric (France), Cisco Systems, Inc. (US), Broadcom (US), Kaspersky Lab (Russia), General Electric (US), Rockwell Automation, Inc. (US), PAS Global LLC. (US), Fortinet, Inc. (US), Palo Alto Networks (US), Darktrace (UK), and Forescout Technologies Inc. (US).
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