by Operational technology (OT) security has become increasingly important given the rising adoption of internet-connected devices for industrial control systems. OT security solutions provide asset visibility, network monitoring, identity and access management for industrial infrastructures across wAater, oil & gas, manufacturing and other industry verticals. With remote access and cloud connectivity becoming the new normal, plants and critical infrastructures are exposed to a diverse range of cyber threats, necessitating robust OT security.
The global Operational Technology Security Market is estimated to be valued at US$ 14.8 Billion in 2023 and is expected to exhibit a CAGR of 4.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends in the OT security market has been the growing adoption of AI and machine learning capabilities. Legacy security solutions lack the ability to detect sophisticated threats in real-time. AI-powered solutions can analyze vast amounts of operational data, identify anomalies and abnormalities to detect even zero-day threats. They can also establish a digital twin or digital representation of physical assets and infrastructure to continuously monitor for any deviations. With cybercriminals leveraging more advanced tactics, the implementation of AI is expected to become integral for effective OT security.
Porter’s Analysis
Threat of new entrants: The Operational Technology Security Market Growth has moderate threat from new entrants due to high R&D costs and regulations. However, emergence of new security solutions provides opportunities.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of various vendors providing similar cybersecurity solutions. However, buyers seek bundled and customized solutions as per their requirements.
Bargaining power of suppliers: Leading vendors have significant influence over prices owing to their technological expertise and economies of scale. However, emergence of newer technologies empowers buyers to consider alternatives.
Threat of new substitutes: Edge computing and Internet of Things adoption increases dependency on OT systems. However, rise in advanced process manufacturing and operational analytics diminishes substitutes threat.
Competitive rivalry: The market has high competition due to presence of numerous global and regional vendors. Vendors differentiate through product launches and partnerships.
North America holds the largest share in the operational technology security market owing to stringent government regulations and early technology adoption. Asia Pacific is expected to grow at the fastest pace during the forecast period with rising focus on securing critical infrastructure from cyber threats in developing economies like India and China.
Key players operating in the operational technology security market are Kaspersky Lab, Belden, Claroty, CyberX, Cisco, Darktrace, Honeywell, Centurylink, Icon Labs, and Indegy. Key players focus on partnerships to expand their product portfolio and geographical footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
