With the emergence and long-term Impact of COVID-19, Global Operational Technology Security Market to reach USD 61.31 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Operational Technology Security Market is poised to raise to USD 61.31 Billion by 2030. Operational Technology (OT) security encompasses a variety of technologies, procedures, and guidelines aimed at recognizing and minimizing risks to operational technology systems. These measures encompass activities such as partitioning networks, managing access, detecting intrusions, and preparing for incident response. OT security has gained significant importance due to the increased connectivity of industrial control systems, which has raised the risk of cyber-attacks and infrastructure disruptions.
As a result, there is a growing emphasis on enhancing OT security through increased investment, collaboration, and best practices. The market is being driven by the rising adoption of cloud-based OT security solutions, government initiatives in security standards, and the growing demand for cyber threat modeling solutions. Additionally, increasing connectivity of industrial operations to the Internet and rise in work-from-home activities and the widespread availability of broadband, are expected to create ample opportunities for market growth in the forecast period. However, the high cost of operational technology security stifles market growth throughout the forecast period of 2023-2030.
Geographically, the global Operational Technology Security market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the adoption of OT security solutions by government authorities and cybercrime agencies. These solutions help streamline security operations, thereby driving market expansion within the region. Asia Pacific is expected to grow significantly over the forecast period, owing to factors such as rapid industrialization, increasing cybersecurity concerns, government initiatives, digital transformation, and economic growth. The region’s expanding industrial infrastructure and rising cyber threats drive the demand for OT security solutions to protect critical operations, making it a prominent market for OT security.
The global Operational Technology Security market is highly competitive owing to the presence of several key manufacturers such as Cisco System, Inc., Darktrace Holdings Limited, Kaspersky Lab, Fortinet, Inc., Forcepoint, Microsoft Corporation, Forescout Technologies Inc., Broadcom Inc and others.
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Key findings of the study suggest:
- Global Operational Technology Security Market is anticipated to grow with a healthy growth rate of more than 19% over the forecast period 2023-2030.
- In the Component segment, Solution emerged out as the leading market segment in 2022.
- In the Deployment Mode, Cloud emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to adoption of OT security solutions by government authorities and cybercrime agencies. These solutions help streamline security operations, thereby driving market expansion within the region.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Component:
- Solution
- Services
Deployment:
- On-premise
- Cloud
Organization Size:
- Large Enterprises
- Small and Medium Enterprises
End User:
- BFSI
- Manufacturing
- Energy and Power
- Oil and Gas
- Transportation and Logistics
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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