Operational Technology (OT) Security Market Overview, Trends, Growth, Demand, Key Players Analysis and Forecast to 2027

August 08 13:28 2022
Operational Technology (OT) Security Market Overview, Trends, Growth, Demand, Key Players Analysis and Forecast to 2027
Broadcom (US), Cisco (US), Fortinet (US), Forcepoint (US), Forescout (US), Tenable (US), Check Point (Israel), FireEye (TRELLIX) (US), Zscaler (US), Okta (US), Palo Alto Networks (US), Darktrace (UK), CyberArk (US), BeyondTrust (US), Microsoft (US), Kaspersky (Russia), Nozomi Networks (Switzerland), Sophos (UK), TripWire (US), Radiflow(Israel).
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 – Global Forecast to 2027

MarketsandMarkets forecasts the global Operational Technology Security Market size is expected to grow from an estimated value of USD 15.5 billion in 2022 to 32.4 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027. The increased use of digital technologies in industrial systems, stringent government regulations related to CIP to boost the adoption of OT security solutions, and convergence of IT and OT systems to fuel OT security growth are some of the factors that are driving the market growth.

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By deployment mode, the cloud segment is projected to grow with a higher CAGR during the forecast period

Based on deployment mode, the OT security market is segmented into two categories: on-premises and cloud. The cloud-based deployment mode of OT security solutions provides organizations with cloud-based solutions that offer scalability, speed, and enhanced OT security. With the deployment of more applications on the cloud, there is an enhancement in the need for cloud-based OT security solutions among SMEs and large enterprises. The cloud-based OT security solutions are preferred over on-premises security solutions because they provide a cost-effective approach for enterprises across industries to enhance cybersecurity. In addition to this, the cloud-based solution for OT security help organizations in reducing the cost associated with expensive hardware equipment required for storage, power, and cooling. The cost incurred for IT maintenance by any organization is also reduced because of the cloud-based deployment mode and thus the cloud segment is projected to grow with a higher CAGR during the forecasted period.

Scope of the Report:

Report Metrics

Details

Market size available for years

2016–2027

Base year considered

2021

Forecast period

2022–2027

Forecast units

Value (USD)

Segments covered

  • Offering, deployment mode, organization size, vertical, and region

Geographies covered

Americas, Europe, Asia Pacific, and Middle East and Africa

Major companies covered

Major vendors in the global OT security market include Broadcom (US), Cisco (US), Fortinet (US), Forcepoint (US), Forescout (US), Tenable (US), Check Point (Israel), FireEye (TRELLIX) (US), Zscaler (US), Okta (US), Palo Alto Networks (US), Darktrace (UK), CyberArk (US), BeyondTrust (US), Microsoft (US), Kaspersky (Russia), Nozomi Networks (Switzerland), Sophos (UK), TripWire (US), Radiflow(Israel), SentinelOne (US), Thales (France), Bayshore Networks (OPSWAT) (US), Rapid7 (US), Qualys (US), Claroty (US), Dragos (US), SCADAfence (US), Armis (US), Cydome (Israel), Mission Secure (US), Ordr (US), Rumble Inc (US), and SIGA (OT solutions) (Israel)

By verticals, the manufacturing segment to hold a larger market size during the forecast period

Among the verticals, the manufacturing vertical is dominating the market size of OT security solutions. The increasing attacks on the manufacturing vertical imply that there is a crucial need for companies with OT infrastructure responsibility that is required to secure the endpoints of their OT systems and networks. The drivers for market size growth of the OT security solutions include the requirement of OT security solutions and services to help organizations overcome operational challenges, overcome the challenges associated with the cost of supplies and increased cost of inventory management, resulting in the increment of OT security solutions demand in the market.

What is OT Security?

MarketsandMarkets defines, OT as the full stack of hardware and software used to monitor, detect and control physical devices, processes, and events in enterprises. OT security includes a broad array of security solutions, such as NGFWs, IAM, and SIEM used to protect people, physical assets, processes, and information.

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Competitive overview:

The OT security market is led by some of the globally established players such as Cisco, Tenable, Microsoft, Forcepoint, Palo Alto Networks and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.

Cisco is one of the leading providers of OT solutions, that provides a wide range of service offerings, including technical support and advanced services. The company offers its products to small businesses, medium-sized businesses, and service providers. The company’s OT solution offering is named Cyber Vision which has been specifically designed for OT and IT teams to work together to ensure production continuity, resilience, and safety. The solution is built for industrial network equipment so that organizations can easily deploy OT security at scale. The company offers its services to various industries including cities and communities, education, financial services, government, healthcare, manufacturing, mining, oil and gas, retail, sports and entertainment, transportation, and utilities and is operating in 115+ countries and has a global reach in the Americas, EMEA, and the Asia Pacific.

Apart from large vendors, some SMEs, and start-ups such as Claroty, Dragos, SCADAfence, Armis, Cydome, Mission Secure, Ordr, Rumble Inc, and SIGA (OT solutions) are also evolving in the OT security market.

Bayshore Networks (OPSWAT) offers control and protection for industrial Operational Technology (OT) and transforms OT data for IT applications. Incorporating open, standard, and industrial proprietary protocols at a deep level, Bayshore inspects OT protocol content and context, validating every command and parameter against logic-rich policies, addressing zero-day, internal, and rapidly evolving threats, Bayshore can actively protect industrial endpoints and process control automation systems. The solution provided by the company for OT solution is the Meta Defender USB Firewall which provides an option for safely and securely leveraging the productivity advantages, flexibility, and convenience of portable media in IT or OT SCADA environments.

According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide OT solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.

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