Global Operational Technology (OT) Security Market Overview:

According to MarkNtel Advisors study the Global Operational Technology (OT) Security Market size is valued at USD 19.84 billion in 2023 and is projected to reach USD 58.45 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.93% during the forecast period, i.e., 2024-30. Recently, there’s has been a substantial tendency towards industrial automation, which has been enhancing the acceptance of operational technology solutions. The oil & gas, manufacturing, and other industries have been promptly adopting operation technology solutions to strengthen their performance.

Key Findings of the Study: Operational Technology (OT) Security market

Global Operational Technology (OT) Security Market Driver:

Rising Cybersecurity Threats Amplifying the Demand for OT Security Solutions – Over the past few years, several industries have transitioned towards digital platforms and started providing online services. As per the statistics by the GoDaddy Data Observatory, in 2023, more than 55% of the smaller businesses and around 71% of the larger enterprises have started using online platforms to provide services to consumers. These companies store the information related to the finances & the customers in their cloud servers. However, with the evolution of technology, the number of cyberattack incidents has also increased. Based on the statistics by IBM, a tech-based company, data breaches across the globe rose by 72% during 2021-2023, compromising the critical information of the organizations as well as customers. Therefore, to ensure the safety of the data, enterprises are increasingly adopting these security solutions, amplifying the market growth.

Also, the official governing bodies across the globe are recognizing the importance of data security & privacy. Therefore, the authorities are laying regulations that are mandating organizations to integrate security solutions within their digital ecosystems. Thus, compliance with these safety standards will continue to boost the requirement for OT security solutions in the coming years.

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Scope of the Operational Technology (OT) Security Market Report Segmentation

-By Offering

• Solutions – Market Size & Forecast 2019-2030, USD Million
• Services – Market Size & Forecast 2019-2030, USD Million

-By Deployment

• Cloud – Market Size & Forecast 2019-2030, USD Million
• On-Premise- Market Size & Forecast 2019-2030, USD Million

-By Enterprise Size

• Large Enterprises – Market Size & Forecast 2019-2030, USD Million
• Small & Medium Enterprises- Market Size & Forecast 2019-2030, USD Million

-By End Users

• Energy & Utilities – Market Size & Forecast 2019-2030, USD Million
• Oil & Gas – Market Size & Forecast 2019-2030, USD Million
• Manufacturing- Market Size & Forecast 2019-2030, USD Million
• Transportation and Logistics – Market Size & Forecast 2019-2030, USD Million
• Mining- Market Size & Forecast 2019-2030, USD Million
• Healthcare – Market Size & Forecast 2019-2030, USD Million
• Others (Building & Construction, Military, etc.)- Market Size & Forecast 2019-2030, USD Million

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Geographical analysis:

-By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific
• Rest of the World

North America has been dominating the market over the historical years. The primary factor for this dominance includes the well-establishment industrial ecosystem, which is ready to adopt digital solutions. Also, the region has been a leader in the adoption of advanced technological solutions, owing to which the need for operational technology security has become important.

Moreover, as governments across North American countries have been focusing on reducing cyber security attacks, and have been trying to upgrade their security systems, thus, the adoption of operational technology security solutions is projected to amplify in the coming years.

Global Operational Technology (OT) Security Market Recent Development:

• 2024: Thales collaborated with Tenable to enhance their IT & operational technology security solutions. This partnership ensures comprehensive visibility into assets, effective risk assessment, and streamlined collaboration between IT and OT teams, crucial for protecting against diverse and evolving threats.
• 2023: Fortinet Inc. announced the launch of new & integrated operation technology security solutions, which would provide integrated protection and risk management which would be specific to different industrial environments.

Current Landscape of Operational Technology (OT) Security Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Operational Technology (OT) Security market. The research report profiles major players, including

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• Fortinet, Inc.
• AO Kaspersky Lab
• Cisco Systems, Inc.
• Forcepoint
• Thales
• Palo Alto Networks
• Broadcom
• Rockwell Automation
• Forescout
• Honeywell International Inc.
• Darktrace Holdings Limited
• Microsoft
• Nozomi Networks
• International Business Machines Corp.
• Qualys, Inc.
• Others

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