In 2023, Palo Alto Networks introduced AI-powered OT Security Solutions for its more than 60,000 network security customers.
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.
In recent years, the technology has consistently evolved and the end-user industries have actively integrated security solutions based on emerging technologies, such as Artificial Intelligence (AI), Machine Learning (ML), etc., within their infrastructure. Moreover, the market players are introducing the next-generation solutions to easily detect attacks.
These tech-based solutions provide advanced threat detection and real-time monitoring by analyzing data for unusual patterns and behaviors. Along with this, these solutions provide comprehensive insights into the previous attacks & the current scope of threats, which enables the company to detect attacks timely. These solutions also provide better security than the conventional solutions. Therefore, the end-user industries which are more volatile to ransomware & phishing attacks are actively choosing these solutions, enhancing the market growth.
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Key Findings in Operational Technology (OT) Security Market:
| Historical Years | 2019-2022 |
| Base Years | 2023 |
| Forecast Years | 2024-2030 |
| Key Report Highlights | · Market Dimensions & Projections· Pricing Evaluation,· Recent Strategic Moves by Companies,· Primary Stakeholders,· Analysis of Import and Export Trends,· Competitive Landscape Assessment,· Emerging Opportunities,· Market Trends and Indicators |
| Reports Delivery Format | Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 24 hours of the payment being successfully received, the report will be sent to your email address. |
Operational Technology (OT) Security Market Key Players:
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.
Market Segmentation Overview:
By Offering
-Solutions
–Security Information & Event Management (SIEM)
–Asset Management
–Network Segmentation & Isolation
–Access Control & Identity Management
–Vulnerability Management
–Incident Response & Management
–Data Protection & Encryption
–Others
-Services
–Managed Security Services
–Consulting & Advisory Services
–Training & Education
–Consulting Services
–Integration Services
–Support & Maintenance
By Deployment
-Cloud
-On-Premise
By Enterprise Size
-Large Enterprises
-Small & Medium Enterprises
By End Users
-Energy & Utilities
-Oil & Gas
-Manufacturing
-Transportation and Logistics
-Mining
-Healthcare
-Others (Building & Construction, Military, etc.)
The Energy & Utilities sector captured a major market share and is projected to grow further in the upcoming years as well. In the past few years, several renewable energy projects have been announced across the globe, specifically in European and Asia-Pacific regions. These projects have been in line with the efforts of governments across the globe toward net-zero carbon emissions. These upcoming renewable energy power plants would be based on hydropower, wind energy, etc.
Furthermore, in recent years, the energy sector has been actively adopting several operational technology solutions like asset management, access control, and incident response solutions. This is primarily to manage the operational efficiency of their facilities. Hence, with the upcoming renewable energy power plants, the adoption of these solutions would grow further, which would necessitate the need for operational technology security solutions in the coming years. Thus, a shift toward sustainability would act as a substantial market driver in this segment in the forecast years.
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By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Operational Technology (OT) Security Industry 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.
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