Portland, OR , April 27, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global operational technology (OT) security market generated $15.2 billion in 2022 and is estimated to reach $84.2 billion by 2032, witnessing a CAGR of 19.0% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $15.2 Billion |
| Market Size in 2032 | $84.2 Billion |
| CAGR | 19.0% |
| No. of Pages in Report | 385 |
| Segments covered | Component, Deployment Mode, Organization Size, End-User, and Region |
| Drivers | The increase in the use of OT security solutions that are cloud-based |
| The surge in the integration of government initiatives to security norms | |
| The growing demand for cyber threat modeling solutions | |
| Opportunities | The rise in IIoT connectivity between industrial operations and the internet |
| Increased work-from-home activities which is widening the penetration of broadband | |
| Restraints | A lack of skilled security agents to analyze OT security systems |
| High installation cost of OT security solution |
Covid-19 Scenario-
- The COVID-19 outbreak had a positive impact on the global operational technology (OT) security market due to the rapid shift towards digitalization, which created a robust demand for AI-powered OT security solutions that offer real-time reporting and agile efficiency features.
- In addition, the pandemic had forced many businesses to move work to remote locations. This has increased the reliance on digital systems and the susceptibility of OT systems. To defend their systems from cyberattacks, businesses are now making investments in the operational technology security sector.
- This led to an increased investment in operational technology (OT) security solutions that can assist businesses in mitigating risks and ensuring the continuity of their operations.
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The report comprehensively analyzes the global operational technology (OT) security market, covering its various segments such as component, deployment mode, organization size, end-user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on component, the solution segment held the largest share in 2022, accounting for nearly three-fourths of the global operational technology (OT) security market revenue and would dominate the market in terms of revenue through 2032. The services segment, however, is estimated to witness the fastest CAGR of 20.7% during the forecast period.
Based on deployment mode, the on-premise segment captured the largest share of more than half of the global operational technology (OT) security market revenue in 2022. On the other hand, the cloud segment is expected to dominate the market in terms of revenue during the forecast period. Simultaneously, the same segment would also display the fastest CAGR of 20.6% from 2023 to 2032.
Based on end-user, the BFSI segment held the major share in 2022, garnering more than one-fourth of the global operational technology (OT) security market revenue and is projected to rule the roost by 2032. However, the energy and power segment is expected to witness the fastest CAGR of 22.4% from 2023 to 2032. The manufacturing, oil and gas, transportation and logistics, and others segments are also studied in the report.
Based on region, the market in North America was the largest in 2022, accounting for more than one-third of the global operational technology (OT) security market revenue and is likely to maintain its dominance during the forecast period. The market in Asia-Pacific, however, is expected to manifest the fastest CAGR of 21.8% during the forecast period. The other provinces studied in the report include Europe and LAMEA.
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The key players of the global operational technology (OT) security market analyzed in the research include Microsoft Corporation, Forcepoint, Darktrace Holdings Limited, Cisco System, Inc., Palo Alto Networks Inc., Broadcom Inc., Fortinet, Inc., Kaspersky Lab, Forescout, and Thales Group. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
