Global Operational Technology Security Market (2022 to 2027) - Increasing Demand for Professional and Managed Security Services Presents Opportunities

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Nov 07, 2022, 11:15 ET

DUBLIN, Nov. 7, 2022 /PRNewswire/ -- 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.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in Operational Technology Security Market
4.2 Market, by Offering, 2022
4.3 Market, by Region, 2022-2027
4.4 Market, by Vertical, 2022-2027
4.5 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increased Use of Digital Technologies in Industrial Systems
5.2.1.2 Stringent Government Regulations Related to Cip to Boost Adoption of Ot Security Solutions
5.2.1.3 Convergence of It and Ot Systems to Fuel Ot Security Growth
5.2.2 Restraints
5.2.2.1 High Procurement Costs of Ot Security Solutions
5.2.2.2 Emerging Challenges Related to Maintenance and Upgradation of Ot Security Solutions
5.2.3 Opportunities
5.2.3.1 Increase in Demand for Professional and Managed Security Services
5.2.3.2 R&D Investments by Governments and Enterprises to Develop Robust Ot Security Solutions for Protecting Critical Infrastructure
5.2.3.3 Growing Need to Secure Ot Networks
5.2.4 Challenges
5.2.4.1 Lack of Trained Security Analysts to Analyze Ot Security Systems
5.2.4.2 Lack of Awareness About Ot Security Techniques
5.3 Ecosystem
5.4 Technology Analysis
5.5 Tariff and Regulatory Landscape
5.6 Patent Analysis
5.7 Value Chain
5.8 Pricing Analysis
5.9 Porter's Five Forces Analysis
5.10 Use Cases
5.10.1 Use Case 1: Armis Helped Allegro Microsystems Uncover Thousands of Networked Devices
5.10.2 Use Case 2: Electric & Water Utility Organization Partnered with Dragos to Improve Operational Technology Visibility and Reduce Risk
5.10.3 Use Case 3: Mission Secure Helped North American Midstream Service Provider to Improve Operational Technology Cybersecurity and Performance
5.11 Trends and Disruptions Impacting Customers
5.12 Key Stakeholders and Buying Criteria
5.12.1 Key Stakeholders in Buying Process
5.13 Key Conferences and Events in 2022-2023

6 Operational Technology Security Market, by Offering
6.1 Introduction
6.2 Solutions
6.2.1 Solutions: Market Drivers
6.2.2 Integrated Platform
6.2.3 Standalone Tools
6.3 Services
6.3.1 Services: Operational Technology Security Market Drivers
6.3.2 24*7 Monitoring and Incident Detection and Response
6.3.3 Training and Consulting
6.3.4 Other Services

7 Operational Technology Security Market, by Deployment Mode
7.1 Introduction
7.2 Cloud
7.2.1 Cloud: Market Drivers
7.3 On-Premises
7.3.1 On-Premises: Market Drivers

8 Operational Technology Security Market, by Organization Size
8.1 Introduction
8.2 Small- and Medium-Sized Enterprises
8.2.1 Small- and Medium-Sized Enterprises: Market Drivers
8.3 Large Enterprises
8.3.1 Large Enterprises: Market Drivers

9 Operational Technology Security Market, by Vertical
9.1 Introduction
9.2 Bfsi
9.2.1 Bfsi: Market Drivers
9.3 Manufacturing
9.3.1 Manufacturing: Market Drivers
9.4 Energy and Power (Generation)
9.4.1 Energy and Power (Generation): Operational Technology Security Market Drivers
9.5 Oil and Gas (Distribution)
9.5.1 Oil and Gas (Distribution): Market Drivers
9.6 Other Verticals

10 Operational Technology Security Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Market Evaluation Framework
11.3 Revenue Analysis of Leading Players
11.4 Market Share Analysis of Top Market Players
11.5 Historical Revenue Analysis
11.6 Ranking of Key Players in Market
11.7 Evaluation Quadrant of Key Companies
11.7.1 Stars
11.7.2 Emerging Leaders
11.7.3 Pervasive Players
11.7.4 Participants
11.8 Competitive Benchmarking
11.8.1 Evaluation Criteria of Key Companies
11.8.2 Evaluation Criteria of Sme/Startup Companies
11.9 Sme/Startup Companies Evaluation Quadrant
11.9.1 Progressive Companies
11.9.2 Responsive Companies
11.9.3 Dynamic Companies
11.9.4 Starting Blocks
11.10 Competitive Scenario and Trends
11.10.1 New Product Launches and Product Enhancements
11.10.2 Deals

12 Company Profiles
12.1 Key Players
12.2 Top Five Key Players
12.2.1 Fortinet
12.2.2 Forcepoint
12.2.3 Cisco
12.2.4 Tenable
12.2.5 Forescout
12.3 Other Key Players
12.3.1 Check Point
12.3.2 Broadcom
12.3.3 Fireeye (Trellix)
12.3.4 Microsoft
12.3.5 Okta
12.3.6 Palo Alto Networks
12.3.7 Qualys
12.3.8 Zscaler
12.3.9 Beyondtrust
12.3.10 Cyberark
12.3.11 Rapid7
12.3.12 Sophos
12.3.13 Tripwire
12.3.14 Radiflow
12.3.15 Kaspersky
12.3.16 Sentinelone
12.3.17 Thales
12.3.18 Bayshore Networks (Opswat)
12.4 Sme Players
12.4.1 Claroty
12.4.2 Dragos
12.4.3 Scadafence
12.4.4 Armis
12.4.5 Nozomi Networks
12.4.6 Darktrace
12.5 Startup Players
12.5.1 Cydome
12.5.2 Mission Secure
12.5.3 Ordr
12.5.4 Rumble Inc
12.5.5 Siga (Ot Solutions)