Operational Technology Security Market Overview
The global OT security market was valued at USD 200.0 million in 2018 and is expected to register a CAGR of 42.2% during the forecast period to reach USD 3,531.0 million by 2025. The propelling factors that contribute to the market growth include the integration of IT and OT systems, surge in the risk of cyber threats on critical infrastructure and increasing dependence on legacy systems.
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Regional Analysis
By region, the global OT security market has been segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. North America accounted for the largest market in 2018 owing to the presence of vendors and technical skillset to deploy the solution. Europe gained the second spot in the OT security market attributed to the increasing investments in OT spending and increased adoption of OT security solutions across the energy and power sector.
OT security is defined as the integration of security solutions, services, and technologies used to protect people, assets, and information involved in the monitoring and/or control of physical devices, processes and events. According to insights from industry experts and MRFR analysis, at present, only 8% of enterprises are equipped with on-premise-based model of OT security solutions.
Segmentation
The global OT security market has been segmented based on component, deployment mode, industry, and region.
By component, the global OT security market has been bifurcated into solutions and services. The solution segment accounted for the larger market share in 2018 owing to dependence on legacy systems which are vulnerable to cyber attacks. However, the services segment is expected to exhibhit the higher CAGR. The solution segment is further categorized into OT network segmentation, OT endpoint security, and anomaly detection, and incident response and reporting. Also, the services segment has been sub-divided into professional services and managed services. The professional services segment has been categorized into consulting services, deployment and implementation services, and other support services. The professional services accounted for the larger market share in 2018 whereas managed services segment is projected to exhibit the higher CAGR.
Based on industry, the global OT security market has been categorized into manufacturing, power and electrical, mining, transportation, and others. Furthermore, the manufacturing segment has been subdivided into discrete manufacturing and process manufacturing. The manufacturing segment accounted for the largest market share in 2018 due to the increasing frequency of cyberattacks. Whereas, the power and electrical segment is anticipated to exhibit the highest CAGR during the forecast period.
Key Players
The key players in the global OT security market are Forescout Technologies Inc (US), MAVERICK Technologies, LLC (US), Rockwell Automation, Inc. (US), Schneider Electric (France), Symantec Corporation (US), Cyberbit Ltd (Israel), Palo Alto Networks, Inc. (US), Cisco Systems, Inc (US), Honeywell International Inc (US), General Electric (Wurldtech) (US), Siemens (Germany). Carbon Black, Inc (US), Kaspersky Lab (Russia), Verve Industrial Protection (US), and PAS Global, LLC (US).
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