Operational Technology Security Market Trends, Business Revenue, Size, Share, Statistics, Growth Forecast Opportunities, Challenges and Impact of COVID-19

Market Highlights

Global Operational Technology Security Market generated a revenue of USD 13,740.3 Billion in 2019 and is expected to reach a market value of USD 24,092.7 Billion by 2026, growing at an 8.2% CAGR. The Operational Technology Security Market rise can be attributed to the integration of IT and OT ecosystems. The increase in the need to terminate risks of cyber threats on major infrastructure can also underpin the expansion of the operational technology security market in the analysis period. The dependence on legacy systems make enterprise highly prone to cyberattacks, thus the growing installation of operational technology security solutions can support the expansion of the market in the years to come. The rise in adoption of industrial solutions enabled by Internet of Things (IIoT) solutions can also support the operational technology security market rise.

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Segmentation:

The global operational technology security market has been segmented based on component, deployment, end-use industry, and region.

By component, the operational technology security market has been divided into solution and services. The solution segment is further segmented into OT endpoint security, OT network segmentation, anomaly detection, incident response, and reporting, and others. The services segment is also sub-segmented into managed and professional services. The solution segment accounted for the largest market share in 2019, it is expected to register a CAGR of 8.3% during the forecast period, and OT endpoint security accounted for USD 3,646.4 million in 2019 and expected to reach USD 6,772.9 million by 2026.

Based on deployment, the operational technology security market is segmented into on-premise, hybrid, and cloud. The on-premise segment accounted for the largest market share in 2019; it is expected to register a CAGR of 7.4% during the forecast period, while the hybrid segment is expected to register the highest CAGR of 9.7%. The cloud segment reported USD 2,238.2 million in 2019 and is projected to reach USD 3,630.0 million by 2026 growing at a CAGR of 6.94%.

By end-use industry, the operational technology security market is divided into power & electrical, manufacturing, transportation, mining, and others. The manufacturing segment is further divided into discrete manufacturing and process manufacturing. The power & electrical segment accounted for the largest market share of 32.7% in 2019, with a market value of USD 4,449.8 million; it is expected to register a CAGR of 8.82% during the forecast period. The manufacturing segment was the second-largest market in 2019, valued at USD 3,088.4 million; it is projected to register the highest CAGR of 9.96%.

Regional Analysis

The trends of the global OT security market is analyzed across North America, EU, Asia-Pacific, the MEA, and South America.

The OT security market in North America is expected to thrive in the years ahead. The continuous increase in the application of the OT security solutions across different industry verticals can promote the expansion of the regional market in the forecast period. In addition, the rise of the OT security market can be credited to the gradual increase in the industrial attacks creating the need for deploying preventive measures. The Middle East and Africa operation technology security market can witness gradual rise due to the presence of notable vendors of OT security solutions in the region In addition, the rise in deployment of OT security solutions in the oil and gas sector can boost the growth of the regional market. In APAC, the OT security market is expected to boom in the assessment period as awareness regarding this industrial security solution is increasing at a rapid pace.

Key Players

Bayshore Networks, Palo Alto Networks, Inc.(US), Carbon Black, Inc (US), Honeywell International Inc (US), Cisco Systems, Inc (US), Kaspersky Lab (Russia), Symantec Corporation (US), PAS Global, LLC (US), Cyberbit Ltd (Israel), General Electric (Wurldtech) (US), Verve Industrial Protection (US), Forescout Technologies Inc (US), Rockwell Automation, Inc.(US), MAVERICK Technologies, LLC (US), Schneider Electric (France), SCADAfence, Siemens (Germany), Fox-IT, AlertEnterprise,  Owl Cyber Defense,  Armis, Inc., Yokogawa Electric Corporation, Red Tiger Security, LLC, Biznet Bilisim, Claroty, CyberX, NOZOMI NETWORKS INC ,  Inc. PHOENIX, IOActive Inc,  DRAGOS, INC, Indegy , Tenable®, Inc , Deloitte Touche Tohmatsu Limited , Darktrace Industrial, DFLabs, Deep Secure,  and SCADAhacker, Lofty Perch Inc. are some reputed names in the OT security market as listed by MRFR.

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