by The operational technology security market comprises security solutions that help secure industrial control systems, distributed control systems, supervisory control and data acquisition systems, and other industrial IoT devices from cyber threats and vulnerabilities. Operational technology security solutions provide identity and access management, antivirus/malware, DDoS mitigation, encryption, data loss prevention, and security information and event management for operational networks. With increasing digital transformation of industrial infrastructure and expanding attack surface, the demand for operational technology security is growing substantially. The growing importance of securing critical infrastructure from cyber threats is a key driver boosting spend on operational technology security globally.
The Global Operational Technology Security Market Size is estimated to be valued at US$ 21303.71 Mn in 2024 and is expected to exhibit a CAGR of 4.3% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the operational technology security market are Panasonic Corporation, Energizer Holdings, Maxwell Technologies Inc., Seiko Instruments Inc., Berkshire Hathaway Inc., Sony Corporation, Toshiba Corporation, Renata SA, Camelion Battery, and Varta AG.
The increasing cases of cyberattacks targeting critical infrastructure and industrial control systems are creating a pressing need for advanced operational technology security solutions. This poses significant growth opportunities for organizations offering products tailored for operational environments.
With the rising digital transformation of utilities, manufacturing, oil and gas, and other industries, operational technology security spend is expected to grow substantially across major regions globally over the coming years. Key players are expanding their geographic footprint to tap emerging opportunities in developing economies.
Market drivers
Rising threats of cybercrimes from nation-state actors and hackers groups have heightened the risks of disruptive cyberattacks on industrial control systems. The Stuxnet attack on Iranian nuclear facilities highlighted dangers posed by sophisticated malware targeting operational technology environments. This has significantly boosted spending on operational technology security solutions to secure industrial infrastructure from cyber risks. Moreover, evolving cyberthreat landscape and expansion of attack surfaces pose ongoing challenges requiring continued investment in the market.
PEST Analysis
Political: Cyber security regulations are tightening globally to mitigate risks from OT devices connectivity. Governments are focusing on critical infrastructure protection.
Economic: Manufacturing sector is adopting industrial automation at large scale driving demand for OT security solutions to ensure network availability. Supply chain disruptions are a concern due to geo-political issues.
Social: Work from home culture accelerated digitization across sectors increasing surface for attacks. Awareness about risks of unprotected systems is growing in society pushing organizations to boost security.
Technological: IIoT, cloud, edge and digital transformation projects are expanding network perimeters necessitating new generation of solutions like behavioral analytics, anomaly detection etc. for visibility and response.
Geographical regions of concentration
North America accounted for highest revenue share in the operational technology security market due to strong presence of automation vendors and strict regulatory compliances. Large scale industrial digitalization projects across automotive, healthcare, energy sectors support regional growth.
Fastest growing region
Asia Pacific operational technology security market is poised to witness strongest gains through 2031. Rapid industrialization and infrastructure development especially in China, India is leading to widespread deployment of connected systems. Governments priorities on smart initiatives along with growing cyber attacks concern organizations to boost security budgets in the region.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
