Chicago, May 20, 2024 (GLOBE NEWSWIRE) -- The global Operational Technology Security Market, the estimated value stands at USD 20.7 billion in 2024, with projections indicating it could soar to USD 44.9 billion by 2029, experiencing a compound annual growth rate (CAGR) of 16.8% during the forecast period, according to a new report by MarketsandMarkets™. The surge in identity theft cases and the growing threat of fraudsters infiltrating business networks, applications, or services, alongside stringent government regulations and privacy mandates, are key drivers propelling market expansion. Additionally, the widespread adoption of digital technologies is anticipated to further boost the demand for OT solutions.
Browse in-depth TOC on "Operational Technology Security Market"
509 - Tables
64 - Figures
437 - Pages
Download Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=18524133
Operational Technology Security Market Dynamics:
Drivers:
- Increase in threats to OT environment
- Organizations embracing digital transformation.
- Rise in demand for Industry 4.0 and smart infrastructure
- Stringent government regulations related to adoption of OT systems
- Convergence of OT and IT networks
Restraints:
- High procurement costs.
- Emerging challenges related to maintenance and upgrades
- Interoperability and standardization challenges
Opportunities:
- Increase in adoption of AI-powered security solutions.
- Technological advancements in cybersecurity
- Need for secure OT networks
List of Key Players in Operational Technology Security Market:
- Fortinet (US)
- Forcepoint(US)
- Cisco(US)
- Tenable (US)
- Forescout (US)
- Checkpoint (Israel)
- Broadcom (US)
- Trellix (US)
- Microsoft (US)
- OKTA(US)
Get Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=18524133
Trend: Stringent government regulations related to the adoption of OT systems
The increasing reliance on OT systems across critical infrastructure sectors, such as energy, transportation, and telecommunications, has raised concerns about their vulnerability to cyber threats. The evolving cyber threat landscape poses significant risks to critical infrastructure. Sophisticated cyberattacks can disrupt services, compromise data integrity, and pose physical safety hazards. Governments across the globe are recognizing the potential consequences of a successful cyberattack on critical infrastructure, causing economic losses, public distrust, and compromised national security. Consequently, they are taking proactive measures to enhance the security posture of OT systems. Governments have established regulations like North American Electric Reliability Corporation (NERC) Critical Infrastructure Protection (CIP) Standards, American Water Works Association (AWWA) Cybersecurity Framework, and standards that organizations must adhere to ensure the security and resilience of critical infrastructure. These regulations often mandate robust OT security measures as a prerequisite for operating in these sectors.
Trend: Convergence of OT and IT networks
As businesses strive for digital transformation and operational efficiency, the convergence of OT and IT networks has become increasingly prevalent. With the convergence of OT and IT, OT platforms can effectively manage and process industrial operations, and industries can achieve long-term cost savings that can lead to lower administrative expenses and operational costs. IT and OT collaboration could be done through integration, where IT stays more aligned with business goals. Modern-day operations include complex IT and OT infrastructure with thousands of internet-connected devices, creating new challenges for securing industrial infrastructure and making cyber-physical security threats even more difficult to detect, investigate, and remediate.
By vertical, the Energy and Power (Generation) vertical has the highest CAGR during the global forecast.
Operational technology (OT) security is crucial in the energy and power sectors, encompassing power plants, renewable energy projects, and utilities. Any compromise in security can lead to severe consequences, such as infrastructure damage and power outages. OT security helps energy and power firms address challenges like ensuring quick service restoration post-disruptions, monitoring power system operations, and managing aging grid infrastructures. With the integration of new renewable energy sources, the grid necessitates enhanced monitoring, while attacks on thermal and hydroelectric power plants can result in fatalities and financial losses. These facilities are managed and optimized by OT systems, which are vital for the efficient operation of thermal and hydropower plants globally. OT systems aid in optimizing, monitoring, and controlling the generating and transmission systems, thus improving system efficiency. However, integrating multiple security solutions into a single platform remains a significant challenge for thermal and hydroelectric plants.
Inquire Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=18524133
Large enterprises hold the highest market share during the forecast period by organization size.
The large enterprises segment is positioned to command a considerable share of the global OT security market's revenue. These enterprises, which form the backbone of various industries, oversee complex and expansive OT systems. Prioritizing cybersecurity, they boast substantial IT teams and budgets to support their endeavors. Large enterprises are reshaping their security strategies by integrating OT solutions and services to safeguard critical assets from diverse cyber threats, notably ransomware attacks. Their adoption of OT security primarily aims to protect networks, endpoints, data centers, devices, users, and applications from unauthorized access and malicious attacks. Moreover, the increasing adoption of access management solutions among large organizations facilitates privileged access to servers and web applications, further driving market growth. Within these enterprises, IT administrators managing susceptible information witness a surge in demand for OT security solutions. These solutions enable real-time security analysis of various incidents, empowering IT security professionals to enhance network visibility and enforce policies across different departments, including remote locations. As large enterprises increasingly prioritize securing data movement and storage, OT security providers are anticipated to encounter significant growth opportunities in the foreseeable future. With substantial budgets to implement top-tier security solutions and a growing need for real-time auditing and monitoring of lot traffic, large companies are embracing OT security solutions. Additionally, government initiatives, such as data protection laws and regulations worldwide, are compelling large enterprises to adopt robust OT security solutions, thereby propelling global market growth.
Opportunity: Increasing Adoption of AI-powered security solutions
The OT security market is ripe for disruption by AI-powered security solutions. These solutions offer a transformative advantage over traditional methods. By continuously analyzing massive amounts of data from OT systems, AI can automate threat detection and response, swiftly identifying and combating cyberattacks that might evade human vigilance. Additionally, AI can predict equipment failures through sensor data analysis, enabling preventative maintenance and minimizing costly downtime. Furthermore, AI grants enhanced security visibility, providing a comprehensive overview of an organization's OT landscape to pinpoint vulnerabilities and prioritize mitigation efforts. This holistic understanding is instrumental in fortifying defenses against cyber threats. As AI-powered security solutions mature and become more affordable, widespread adoption across various industries is expected. This presents a lucrative opportunity for vendors who can develop best-in-class solutions specifically tailored to the unique needs of the OT security market.
Browse Adjacent Markets: Information Security Market Research Reports & Consulting
Browse Other Reports:
Wireless Broadband in Public Safety Market
Chaos Engineering Tools Market
