The operational technology security market is on the brink of reaching a substantial valuation, projected to reach USD 22.1 billion by 2024. The growth is primarily driven by the burgeoning interest and insights surrounding the operational technology security market. The trend is anticipated to open doors to new opportunities within the market, with a projected CAGR of 18.4% from 2024 to 2034. By 2034, the market is poised to soar to an estimated total valuation of around USD 119.6 billion.
The operational technology (OT) security market is experiencing significant growth, driven by several key factors shaping the cybersecurity landscape. A notable driver is the increasing adoption of cloud-based OT security solutions. Organizations recognize the advantages of cloud deployment, which offers a cost-effective approach to enhancing cybersecurity across various industries.
Cloud-based solutions prove advantageous over on-premises alternatives, as they eliminate the need for expensive hardware equipment, reducing storage, power, and cooling costs. This shift towards cloud solutions streamlines operational expenses and contributes to market expansion.
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Integrating government initiatives into security standards is another influential factor fueling market growth. As governments globally prioritize cybersecurity, the collaboration between the public and private sectors contributes to establishing robust security standards. This integration bolsters the overall resilience of OT security systems, instilling confidence in organizations regarding the protection of critical infrastructure.
The rising demand for cyber threat modeling solutions propels the OT security market forward. Organizations are increasingly recognizing the need for advanced threat modeling capabilities to safeguard against evolving cyber threats. This surge in demand underscores a proactive approach to cybersecurity, driven by the ever-evolving nature of cyber threats in the contemporary digital landscape.
However, challenges persist, acting as constraints on the market growth. The shortage of trained security staff proficient in analyzing OT security systems poses a notable hurdle. Additionally, the high installation costs associated with OT security solutions limit their widespread adoption. Organizations face budgetary constraints and resource shortages, hindering their ability to invest in comprehensive security measures.
Key Takeaways from the Market Study
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The market for operational technology security in 2023 totaled US$ 19 billion.
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Based on enterprise size, large enterprises are expected to dominate at a market share of 72% in 2024.
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Japan is estimated to register at a CAGR of 19.6% by 2034.
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Australia experiences significant growth, projected at a CAGR of 21.9% by 2034.
“Rising adoption of cloud-based OT security solutions and the surge in the integration of government initiatives in security standards are driving the market growth is considered a major driver of the operational technology security market” – Says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
The operational technology security industry boasts a substantial array of market participants. Research and development play a pivotal role among these players, primarily focusing on introducing eco-friendly product lines as a core aspect of their manufacturing endeavors. Furthermore, they employ various expansion strategies, including collaborations, mergers and acquisitions, and diligent exploration of regulatory approvals to bolster their market presence.
Some of the key developments are
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In June 2023, Thales proposed acquiring Tesserent, a leading cybersecurity firm in Australia and New Zealand.
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In April 2023, Cisco Systems, renowned for its longstanding support of the free and open-source programming community, unveiled a collection of new open-source tools for developers involved in application modernization at the KubeCon+CloudNativeCon event in Amsterdam.
Key Players:
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Broadcom
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Cisco Systems
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CyberArk Software Ltd
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Darktrace Holdings Limited
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Fortinet, Inc
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Forcepoint
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Nozomi Networks Inc
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Qualys, Inc
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Sophos Ltd
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Z-scaler Inc.
Key Market Segmentation
By Component:
- Solution
- Services
By Deployment Mode:
- On-Premise
- Cloud
By Organization Size:
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By End-user:
- Manufacturing
- Energy and Power
- Oil and Gas
- BFSI
- Transportation and Logistics
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
Contact Us:
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Website: https://www.futuremarketinsights.com
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