DUBLIN--(BUSINESS WIRE)--The "Global Operational Technology (OT) Security Market by Offering (Solutions and Services), Deployment Mode, Organization Size (SMEs and Large Enterprises), Verticals (BFSI, Manufacturing, Energy & Power, Oil & Gas) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global OT security market size is expected to grow from an estimated value of USD 15.5 billion in 2022 to USD 32.4 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027.
By Offerings, Services to grow at the highest CAGR during the forecasted period
The global OT security market by offering has been segmented into solutions and services. The need for OT solutions is increased globally by the use of cloud computing and the expanding virtualization across sectors. Organizations' OT security policies for safeguarding endpoints are strengthened by OT security, which also offers perimeter protection and blocks access to the network for malicious users.
The services offered by OT security have become essential for managing and integrating solutions across business operations. With the help of these services, organizations can manage and ensure the smooth functioning of OT security solutions over time. These factors are driving the growth of the services segment in OT security offerings and hence, the services segment is projected to record a higher CAGR during the forecast period.
By Organization size, Large enterprises account for a larger market size during the forecasted period
By organization size, Enterprises are categorized into large enterprises and small and medium-sized enterprises (SMEs). Enterprises with more than 1,000 employees are considered large enterprises. OT security solutions are adopted at a high level among large enterprises worldwide in order to secure their crucial assets. These solutions are adopted by large organizations mostly to protect networks, data centres, endpoints, devices, users, and applications from unofficial usage and malevolent ransomware attacks.
The expansion of the OT security market in large organizations is anticipated to be driven by the availability of financial resources and massive infrastructure to safeguard key assets from potential data thefts and cyberattacks. These factors are driving the growth of OT security solutions among large enterprises recording a higher market size during the forecasted period.
By Vertical, the Energy and power (generation) vertical is projected to grow at the highest CAGR during the forecast period
OT security solutions are being implemented across verticals, such as BFSI, manufacturing, energy and power (generation), and oil and gas (distribution). OT security solutions are widely adopted by energy and power verticals. The various factors that are driving the need for OT security solutions in energy and power verticals include an increasing issue of cyberattacks on the power grids resulting in long power cut-offs till the restoration of systems, adding to huge financial losses.
Therefore, it is very crucial for the economies and communities to secure energy and power infrastructure through the use of OT solutions. 80% of the nation's energy infrastructure provides fuel to the transportation sector, electricity to homes and businesses, and other sources of energy that are essential for growth and production across the nation, energy and power are the most important infrastructures, according to data from US CISA.
Terrorist attacks against energy and power facilities have the potential to be devastating for people's lives and cause political instability in a nation. These factors tell us the importance of the usage of OT security solutions in the energy and power vertical and thus the vertical is projected to grow at the highest CAGR during the forecasted period.
Market Dynamics
Drivers
- Increased Use of Digital Technologies in Industrial Systems
- Stringent Government Regulations Related to Cip to Boost Adoption of Ot Security Solutions
- Convergence of It and Ot Systems to Fuel Ot Security Growth
Restraints
- High Procurement Costs of Ot Security Solutions
- Emerging Challenges Related to Maintenance and Upgradation of Ot Security Solutions
Opportunities
- Increase in Demand for Professional and Managed Security Services
- R&D Investments by Governments and Enterprises to Develop Robust Ot Security Solutions for Protecting Critical Infrastructure
- Growing Need to Secure Ot Networks
Challenges
- Lack of Trained Security Analysts to Analyze Ot Security Systems
- Lack of Awareness About Ot Security Techniques
Companies Mentioned
- Armis
- Bayshore Networks (Opswat)
- Beyondtrust
- Broadcom
- Check Point
- Cisco
- Claroty
- Cyberark
- Cydome
- Darktrace
- Dragos
- Fireeye (Trellix)
- Forcepoint
- Forescout
- Fortinet
- Kaspersky
- Microsoft
- Mission Secure
- Nozomi Networks
- Okta
- Ordr
- Palo Alto Networks
- Qualys
- Radiflow
- Rapid7
- Rumble Inc
- Scadafence
- Sentinelone
- Siga (Ot Solutions)
- Sophos
- Tenable
- Thales
- Tripwire
- Zscaler
For more information about this report visit https://www.researchandmarkets.com/r/3rf6yz
