Definition of Operational Technology Security

Operational technology refers to computer systems designed for deployment in critical infrastructure (power, water, etc.), manufacturing, and other industries. They automate, monitor, and manage the operations of industrial machinery by communicating with legacy and proprietary systems via custom protocols and software. The emergence of digital innovation initiatives and the convergence of IT and OT networks prompted organizations to deploy specific point solutions to solve specific problems. These approaches to OT security resulted in the development of a highly complex network where systems were unable to exchange information in real-time and were unable to communicate effectively. Therefore, a system that monitors and controls industrial assets, as well as processes, became necessary.

 Global Operational Technology Security Market: Key Insights

Global Operational Technology Security Market Highlights Over 2023 - 2033

The global operational technology security market is estimated to garner a revenue of ~USD 80.0 Billion by the end of 2033 by growing at a CAGR of ~16% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 16.0 Billion in the year 2022. The growth of the market can be attributed to the increasing cyberattacks on operational technology infrastructure. There is growing complexity and interconnection between power generation and distribution. Security experts and insurance companies are concerned about the vulnerability of critical infrastructure and technical failures. For instance, operational technology vulnerabilities increased by more than 80 percent in the year 2021 from the previous year 2020. 

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Operational technology refers to computer systems designed for deployment in critical infrastructure (power, water, etc.), manufacturing, and other industries. They automate, monitor, and manage the operations of industrial machinery by communicating with legacy and proprietary systems via custom protocols and software. OT security is intended to meet the specific security requirements of OT environments. This includes safeguarding system availability, comprehending OT-specific protocols, and preventing attacks on legacy systems commonly found in OT environments. Moreover, the increasing urbanization rate is contributing to the development of organizational infrastructure and it is anticipated to surge the growth of the global operational technology security market. According to the United Nations Conference on Trade and Development, the percentage of the urban population has increased to 56.2 percent.

Global Operational Technology Security Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Shift Towards Digitalization– There has been an increasing shift towards digitalization among organizations and it is projected to rise the growth of the global operational technology security market. More than 65 percent of organizations across the globe have or are developing a digital transformation strategy.

• Rapid Adoption of Industry 4.0– There has been more than 35 percent of organizations around the globe that has opted for artificial intelligence in the year 2021.

• Surging Demand for Professional Security Services – Spending on the cybersecurity industry has increased to more than U.S 40 Billion in the year 2019

• Increasing Adoption of Cloud Services– More than 90 percent of organizations in the United States will use cloud services in the year 2022.

 Challenges

• Vulnerable To Software Supply Chain Attacks- Modern operational technology environment is susceptible to software supply chain attacks, IT vulnerabilities, and the numerous security challenges associated with the Internet of Things. There are also issues associated with ICS (industrial control systems), SCADA systems, and other operational technology systems. Hence, this factor is anticipated to hinder the market growth over the forecast period.

• High Cost for the Operational Technology Solutions

• Lack of Awareness Among the Organizations

The global operational technology security market is segmented and analyzed for demand and supply by vertical into manufacturing, transportation, BFSI, energy & power, and others. Out of these, the energy & power segment is anticipated to hold the largest share over the forecast period owing to the rising use of operational technology systems in hydropower, and thermal plants. Moreover, the smart metering initiatives for the growth of private consumer data into utility systems are further expected to boost the growth of the segment in the market. For instance, there has been rapid adoption of smart meters worldwide with more than 40 percent of electricity customers using smart meters by the end of the year 2019.

Global Operational Technology Security Market Regional Synopsis

The North America operational technology security market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033 on the back of increased investment in research and development activities, resulting in advances in cybersecurity. Moreover, the surging adoption of digital transformations and technology is further expected to drive regional market growth. As per the Bureau of Economic Analysis, the digital economy percentage has reached 10.2 percent of the United States GDP or USD 2.1 Trillion in the year 2020.

Market Segmentation

Our in-depth analysis of the global operational technology security market includes the following segments:

Key Companies Dominating the Global Operational Technology Security Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global operational technology security market that are included in our report are Cisco Systems, Inc., Accenture PLC, IBM Corporation, Microsoft Corporation, Rapid7, Inc., Zscaler, Inc., Honeywell International Inc., Fortinet, Inc., General Electric, Forcepoint, and others.

Global Operational Technology Security Market: Latest Developments

• June, 2022: Cisco Systems, Inc., announced the reveal of its plan for a global, cloud-delivered, integrated platform that secures and connects organizations of any shape and size. Moreover, it is designing the Cisco Security Cloud to be the industry's most open platform, protecting the integrity of the entire IT ecosystem - without public cloud lock-in.

• January, 2022: Honeywell International Inc., announced the expansion of operational technology cybersecurity portfolio with active defense and deception technology solution

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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