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The global operational technology (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 market growth can be attributed to the convergence of IT and OT ecosystems, rising risks of cyber threats on critical infrastructure, and dependence on legacy systems which eventually makes the enterprise more prone to cyberattacks. Moreover, increasing investments to adopt the industrial Internet of Things (IIoT) solutions is likely to pave the way for the growth of operational technology security market during the forecast period. However, lack of expertise and the complexity of systems is likely to hinder the growth of the OT security market during the assessment period.
Source: MRFR Analysis
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. However, the enterprises that possess critical assets are likely to adopt hybrid-based (on-premise and cloud) model to secure their OT ecosystem and their number is likely to increase to 25% of total number of enterprises worldwide. This growth can be attributed to the rising expenditure of companies in OT security solutions. Additionally, there is an increase in demand for OT security products and services with the surge in data breaches due to the integration of IT and OT systems which is expected to drive the demand for OT security market during the assessment period.
In May 2019, Forescout Technologies, Inc., one of the leading OT security providers, launched SilentDefense 4.0 that allows industries to enhance their productivity, with reduced risk profiles and mitigate threats at a faster rate. In this regard, the company follows organic growth through an increasing focuses on product innovation that eventually signifies the rising investment in the overall OT and IoT cybersecurity market.
In January 2019, BayShore Networks launched a turnkey inline protection tool named SCADAFuse, developed for critical assets on industrial networks. The newly launched product works as a network connection device deployed between protected assets that include PLCs and SCADA/DCS endpoint devices, workstations, and other controllers.
In Feb 2019, Cyberbit Ltd, launched SCADAShield Mobile, a portable unit for monitoring and auditing Industrial Control System (ICS) networks. The newly launched product is developed for critical infrastructure network managers, first responders, auditors, and service providers, to passively monitor ICS network traffic.
The global operational technology security market has been segmented based on component, deployment mode, industry, and region.
By component, the global operational technology security market has been bifurcated into solution and service. Furthermore, by solution, the OT security market has been subdivided into OT endpoint security, OT network segmentation, and anomaly detection, incident response, and reporting. 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.
By deployment mode, the market has been segmented into cloud, on-premise, and hybrid.
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.
Geographically, the global OT security market has been categorized on the basis of geography into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
North America accounted for the largest market share in 2018 and expected to dominate the global OT security market during the forecast period. The market growth can be attributed to the early adoption of OT security solution and increased number of industrial attacks.
The Middle East and Africa has become the brightest spot for the vendors to provide OT security in oil and gas vertica and is expected to be the fastest-growing geography in the OT security market during the assessment period. The market growth can be attributed to the rising awareness regarding the industrial security solution.
The vendors operating in the operational technology security market are mainly from the US and European countries. The market players primarily follow organic and inorganic growth approaches to offer high-end security solutions. Furthermore, the cloud-based OT security solution are at the initial stage, therefore, the vendors are emphasized on training on their personnel to provide highly skilled professional services to industry verticals. The market is also witnessing an increase in the number of startups to provide OT security across industry verticals.
MRFR identifies some of the key players that attain 60–65% of the total market share in the global OT security market include Cisco Systems, Inc (US), Honeywell International Inc (US), Carbon Black, Inc (US), Kaspersky Lab (Russia), PAS Global, LLC (US), Symantec Corporation (US), Cyberbit Ltd (Israel), Verve Industrial Protection (US), Palo Alto Networks, Inc.(US), General Electric (Wurldtech) (US), Forescout Technologies Inc (US), MAVERICK Technologies, LLC (US), Rockwell Automation, Inc.(US), Schneider Electric (France), Siemens (Germany).
Apart from these, some other vendors that offer various solutions and services and contribute to the market growth are SCADAfence, Fox-IT, Owl Cyber Defense, AlertEnterprise, Armis, Inc., Biznet Bilisim, Red Tiger Security, LLC, Claroty, CyberX, Inc. DRAGOS, INC, Indegy , NOZOMI NETWORKS INC , Yokogawa Electric Corporation, PHOENIX, IOActive Inc, Tenable®, Inc , Darktrace Industrial, Deloitte Touche Tohmatsu Limited , Deep Secure, DFLabs, SCADAhacker, Bayshore Networks, Lofty Perch Inc., FireMon, LLC (Lumeta), DNV GL, Endian SRL, EY, FireEye, Inc, Radiflow. LTD, Capgemini (Leidos), CENTRI, Check Point Software Technologies, Sentryo SAS, Accenture, Belden, and Veracity Industrial Networks.
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