Operational technology (OT) security refers to securing industrial control systems, distributed control systems, supervisory control and data acquisition systems from advanced cyber threats. OT security solutions help organizations secure crucial infrastructure and manufacturing processes from cyber threats. With the increasing integration of IT networks with OT systems and growing emphasis on remote monitoring and management, the need for OT security has increased tremendously.
The global Operational Technology Security Market is estimated to be valued at US$ 15.7 billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of cloud-based OT security solutions is one of the key trends driving market growth. Cloud-based security solutions enable OT networks to benefit from the latest security features through regular updates in the cloud without disrupting plant operations. They also provide scalability, cost-effectiveness, and remote monitoring and management capabilities. As cloud adoption among organizations increases, especially post-pandemic, demand for cloud-based OT security is also growing. With the benefits of 24/7 security, ease of deployment and management, cloud-based solutions are gaining popularity over on-premise security offerings in the OT security market.
Segment Analysis
The global operational technology security market is dominated by the industrial control systems (ICS) security sub-segment. A large number of industries such as manufacturing, oil & gas, power, etc. rely heavily on ICS for managing their production processes and machinery. As these systems are increasingly being connected to other IT networks and the internet, the risk of cyberattacks has risen significantly. To secure critical infrastructure and minimize disruptions, companies are investing extensively in ICS security solutions.
Key Takeaways
The global Operational Technology Security Market Growth is expected to witness high growth. Traditional security approaches designed for IT are not optimized for operational technology environments. Providing threat visibility and protection across endpoints, networks, applications and people is crucial.
Regional analysis: North America currently captures the largest share of the operational technology security market owing to stringent regulatory standards and rising awareness among organizations in critical infrastructure sectors. The Asia Pacific region is poised to grow at the fastest pace in the coming years. Countries like China, India and Japan have recognized the need to bolster security for their industrial assets and control systems.
Key players operating in the operational technology security market are Cisco, Honeywell, Axis Communications, Claroty, IBM, CyberX, Deloitte, Dragos, Schneider Electric, Siemens. In June 2021, Claroty acquired Adversa to strengthen its capabilities in vulnerability management and asset discovery for industrial environments. Cisco acquired Sentryo in 2021 to enhance its security portfolio for internet of things and operational technology networks.
For more insights, read- https://www.ukwebwire.com/operational-technology-security-market-trends-size-and-share-analysis/
For more details on the report, Read- https://cmiinfopiece.blogspot.com/2024/01/plant-based-meat-market-growth.html
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