Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The global operational technology (OT) security market is highly lucrative and predicted to witness significant growth at a healthy 8.17% CAGR over the forecast period (2018- 2026), reveals the Market Research Future (MRFR) report. Operational technology security is utilized in different industries to measure, view, and control processes. It is defined as a solution that can help in detecting or causing a change in asset-centric enterprises via direct monitoring and controlling events, processes, and physical devices. The security services associated to such systems can help companies in assessing, designing, and managing activities and security strategies to protect OT systems. Such systems are interconnected networks and infrastructures that manage and control industrial processes.
Enhancing Features that Bolster Market Growth
As per the MRFR report, there are numerous factors that are propelling the technology security market. These include the convergence of OT and IT ecosystems, the growing risks of cyber threats on critical infrastructure, the growing investments in adopting IIOT (industrial internet of things) solutions, rising cases of data breach, increasing dependency on legacy systems, the growing popularity of BYOD culture, and increasing adoption by enterprises.
On the flip side, the mounting complexities of systems coupled with lack of expertise may impede the global operational technology security market share over the forecast period.
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COVID-19 Impact on the Global Operational Security Market
The ongoing COVID-19 crisis has turned the world upside down, severely impacting economies worldwide. After the outbreak, organizations right away shifted to work from home trends to enforce social distancing and keeping employees in the pink of health. Yet this arrangement of work from home opened more risks to organizations along with less resilience and redundancy. This is especially true for organizations with OT (operational technology), as such entities need to ensure that the technology and their dispersed teams can respond swiftly to prospective service interruptions. They also have to withstand the increasing attacks which the security community has experienced in the last few months. Ever since the lockdown and social distancing trends were imposed by the government, doing business digitally became the new business continuity plan for most organizations. Following the wide use of BYOD devices, IIoT, WFH, and internet penetration across various industry verticals are progressively inclined towards the use of OT solutions, thus driving the need for OT security solutions to offer protection against cyber-attacks. These solutions help organizations in ensuring business continuity and keeping safe against malicious threat actors and the threat of cybercrimes. All these, may have a positive impact on the global security for the operational technology market growth.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the operational technology security market based on end use industry, deployment, and component.
By component, the operational technology security market is segmented into services & solutions. The solution segment is again segmented into reporting, incident response, anomaly detection OT network segmentation, OT endpoint security, and others. Of these, the solution segment will lead the market over the forecast period. In 2019, it had a share of 66.7%.
By deployment, the operational technology security market is segmented into cloud, hybrid, and on-premise. Of these, the on-premise segment will dominate the market over the forecast period. It will grow at a 7.4% CAGR by 2026. The hybrid segment will grow at a 9.7% CAGR, and the cloud segment will gain momentum for rapid technology advancements.
By end use industry, the operational technology security market is segmented into mining, transportation, manufacturing, power and electrical, and others. The manufacturing segment is again segmented into process manufacturing and discrete manufacturing. Of these, the power and electrical segment will spearhead the market over the forecast period. It will grow at an 8.82% CAGR by 2026. This will be followed by the manufacturing segment that will grow at a 9.96% CAGR by 2026.
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Regional Analysis
North America to Remain Forerunner in Operational Technology Security Market
By region, the global operational technology security market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East & Africa. Of these, North America will remain the forerunner in the operational technology security market over the forecast period. Constant technological changes, dynamic regulatory framework, cutthroat competition, increased customer expectations, and growing need for cybersecurity services as an enterprise need resilience from cyber-attacks are adding to the global operational technology security market growth in the region. The United States holds the utmost market share due to heavy investments in R&D activities coupled with a huge IT and communication sector.
Europe to Grab Second-Largest Share in Operational Technology Security Market
In Europe, the global operational technology security market is predicted to hold the second-largest share over the forecast period. The presence of several developing and developed countries such as Spain, Italy, France, Germany, and the UK, an increase in data traffic, deployment of 5G services, increase in cloud-based data centers, employee mobility, & the rising adoption of the internet of things technologies are adding to the global operational technology security market growth in the region.
APAC to Have Healthy Growth in Operational Technology Security Market
In the APAC region, the operational technology security market is predicted to have healthy growth over the forecast period. The growing focus of organizations on the threat exposures and vulnerability of their systems and the growing need to consolidate the prevention operations and threat detections in one place are adding to the operational technology security market growth in the region. India, Japan, and China have the utmost market share.
The operational technology security market in South America and the MEA is predicted to have substantial growth over the forecast period. It will grow at a 6.2% CAGR and 4.7% CAGR respectively.
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Competitive Landscape
Notable Players of The Global Operational Security Market Are:
- Forescout Technologies Inc. (US)
- Darktrace (UK)
- Palo Alto Networks (US)
- Fortinet, Inc. (US)
- PAS Global LLC. (US)
- Rockwell Automation, Inc. (US)
- General Electric (US)
- Kaspersky Lab (Russia)
- Broadcom (US)
- Cisco Systems, Inc. (US)
- Schneider Electric (France)
- Honeywell International Inc (US)
- VMware, Inc (US).
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Industry News
February 2021- Worldwide leader in cybersecurity for OT and ICS environments, Dragos, Inc., has introduced the latest Dragis QRadar Device Support Module that integrates with IBM SIEM technology to augment detection and visibility of OT and IT threats.
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