The Operational Technology (OT) Security Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Operational Technology (OT) Security Global Market Report 2024, The operational technology (OT) security market size has grown rapidly in recent years. It will grow from $18.65 billion in 2023 to $20.76 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to increased connectivity, aging infrastructure, cyber attacks, incident response failures, adoption of digital technologies.
The operational technology (OT) security market size is expected to see rapid growth in the next few years. It will grow to $31.31 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to 5G integration, regulatory evolution, cloud migration, adoption of biometric security measures, blockchain integration. Major trends in the forecast period include zero trust framework, behavioral analytics, predictive maintenance security, human element emphasis, automated incident response.
The increased use of digital technologies in industrial systems will propel the growth of the operational technology (OT) security market going forward. Digital technologies in industrial systems refer to an increase in automation, preventative maintenance, self-optimization of process improvements, and, most importantly, a new level of efficiency and customer responsiveness. Operational technology security is viewed as a key function in operational and enterprise environments because it offers a strong foundation for addressing digital technology challenges, promoting adopting new technologies in operational environments, and demonstrating safety and security. For instance, according to the statistics published by the Computing Technology Industry Association, a US-based, non-profit organization known for issuing professional certifications for the information technology industry, in 2021, the information technology sector is projected to increase by 4%, reaching $5 trillion. Therefore, the increased use of digital technologies in industrial systems is driving the growth of the operational technology (OT) security market.
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The OT market covered in this report is segmented –
1) By Offering: Solutions, Services
2) By Deployment Mode: Cloud, On-Premise
3) By Organization Size: Large Enterprises, Small And Medium Enterprises (SMEs)
4) By Industry: Power And Electrical, Mining, Transportation, Manufacturing, Other Industries
Major companies operating in the operational technology (OT) security market are adopting a strategic partnership approach to provide an all-encompassing security platform for operational technology (OT). Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, L&T Technology Services Limited, an India-based technology company, partnered with Palo Alto Networks, a US-based operational technology (OT) security provider. As a result of the partnership, LTTS and Palo Alto Networks aim to deliver comprehensive security services and solutions in the realms of 5G and operations technology (OT) across various industries. LTTS, now a Palo Alto Networks Managed Security Services Partner (MSSP), will provide a suite of security services, including 5G, OT, and IT/OT Converged SOC services, empowering end customers in industrial verticals to effectively manage security risks in their OT environments through a managed service offering for the Palo Alto Networks Zero Trust OT Security solution.
The operational technology (ot) security market report table of contents includes:
1. Executive Summary
2. Operational Technology (OT) Security Market Characteristics
3. Operational Technology (OT) Security Market Trends And Strategies
4. Operational Technology (OT) Security Market – Macro Economic Scenario
5. Global Operational Technology (OT) Security Market Size and Growth
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26. South America Operational Technology (OT) Security Market
27. Brazil Operational Technology (OT) Security Market
28. Middle East Operational Technology (OT) Security Market
29. Africa Operational Technology (OT) Security Market
30. Operational Technology (OT) Security Market Competitive Landscape And Company Profiles
Top Major Players:
- Honeywell International Inc
- Siemens AG
- General Electric Company
- Accenture PLC
- IBM Corporation
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