NEWARK, Del, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The operational technology security market is on the brink of reaching a substantial valuation, projected to reach US$ 22.1 billion by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the operational technology security market. The trend is anticipated to open doors to new opportunities within the market, with a projected CAGR of 18.4% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around US$ 119.6 billion.
The operational technology (OT) security market is experiencing significant growth, driven by several key factors shaping the cybersecurity landscape. A notable driver is the increasing adoption of cloud-based OT security solutions. Organizations recognize the advantages of cloud deployment, which offers a cost-effective approach to enhancing cybersecurity across various industries.
Cloud-based solutions prove advantageous over on-premises alternatives, as they eliminate the need for expensive hardware equipment, reducing storage, power, and cooling costs. This shift towards cloud solutions streamlines operational expenses and contributes to market expansion.
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Integrating government initiatives into security standards is another influential factor fueling market growth. As governments globally prioritize cybersecurity, the collaboration between the public and private sectors contributes to establishing robust security standards. This integration bolsters the overall resilience of OT security systems, instilling confidence in organizations regarding the protection of critical infrastructure.
The rising demand for cyber threat modeling solutions propels the OT security market forward. Organizations are increasingly recognizing the need for advanced threat modeling capabilities to safeguard against evolving cyber threats. This surge in demand underscores a proactive approach to cybersecurity, driven by the ever-evolving nature of cyber threats in the contemporary digital landscape.
However, challenges persist, acting as constraints on the market growth. The shortage of trained security staff proficient in analyzing OT security systems poses a notable hurdle. Additionally, the high installation costs associated with OT security solutions limit their widespread adoption. Organizations face budgetary constraints and resource shortages, hindering their ability to invest in comprehensive security measures.
Key Takeaways from the Market Study
- The market for operational technology security in 2023 totaled US$ 19 billion.
- Based on enterprise size, large enterprises are expected to dominate at a market share of 72% in 2024.
- Japan is estimated to register at a CAGR of 19.6% by 2034.
- Australia experiences significant growth, projected at a CAGR of 21.9% by 2034.
“Rising adoption of cloud-based OT security solutions and the surge in the integration of government initiatives in security standards are driving the market growth is considered a major driver of the operational technology security market” - Says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
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Competitive Landscape
The operational technology security industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are
- In June 2023, Thales proposed acquiring Tesserent, a leading cybersecurity firm in Australia and New Zealand.
- In April 2023, Cisco Systems, renowned for its longstanding support of the free and open-source programming community, unveiled a collection of new open-source tools for developers involved in application modernization at the KubeCon+CloudNativeCon event in Amsterdam.
Key Players:
- Broadcom
- Cisco Systems
- CyberArk Software Ltd
- Darktrace Holdings Limited
- Fortinet, Inc
- Forcepoint
- Nozomi Networks Inc
- Qualys, Inc
- Sophos Ltd
- Z-scaler Inc.
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Market Segmentation
By Component:
- Software
- Services
By Deployment:
- Cloud
- On-Premise
By Enterprise Size:
- Large Enterprises
- Small & Medium Enterprises
By Vertical:
- Manufacturing
- Transportation & Logistics
- Energy & Utilities
- Oil & Gas Operations
- Government
- Healthcare & Pharmaceuticals
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
About the Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at the Related Reports of the Technology Domain:
- The projected size of the operational technology market was estimated to be US$ 19 billion in the year 2023. By the conclusion of 2024, industry forecasts suggest a significant increase, reaching a valuation of US$ 22.1 billion. Throughout the forecast period, the market is anticipated to experience robust growth with an impressive Compound Annual Growth Rate (CAGR) of 18.40%, culminating in a substantial size of US$ 119.6 billion by the year 2034.
- The estimated value of the CDN (Content Delivery Network) security market stands at US$ 8,411.5 million in the year 2023. As we look toward the future, the CDN security industry is anticipated to achieve a remarkable valuation, reaching US$ 50,731.1 million by the year 2033. The adoption of CDN security is positioned for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 19.9% from 2023 to 2033.
- The anticipated demand for global corporate web security market is projected to surpass US$ 3.2 billion in the year 2022. Demonstrating a Compound Annual Growth Rate (CAGR) of 7.0%, the sales of corporate web security solutions are forecasted to reach a significant milestone, totaling US$ 7.6 billion by the year 2032.
- The BFSI (Banking, Financial Services, and Insurance) security market is anticipated to witness a Compound Annual Growth Rate (CAGR) of 13.2% throughout the forecast period. As of 2022, the market boasts a current valuation of US$ 61,994.54 million. Looking ahead, the market is poised for substantial growth, with an anticipated value reaching US$ 214,199.15 million by the year 2032.
- According to the analysis report by Future Market Insights, the global sales of the Security Testing Market reached US$ 7.9 billion in 2021. Projected for growth from 2022 to 2032, the market is expected to witness an expansion of 11.5%. Within this dynamic landscape, the Application Security Testing component emerges as the highest revenue-generating segment, with a projected growth at a notable Compound Annual Growth Rate (CAGR) of around 11.8% during the forecast period from 2022 to 2032.
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