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|The operational technology security market size is approximately worth USD 198.0 million in 2020 and is estimated to reach USD 3,554 by 2026 at a CAGR of 44% during the forecast period.
Operational Technology is a combination of both the hardware and software that discovers and factors the change via the direct monitoring and/or control of physical devices, processes, and events in the enterprise. OT security is comprised of computer designs innovated to be used for crucial infrastructure like power, water, etc. It is designed to address the common requirements of the operational technology environments.
Operational Technology develops and assembles with network Information Technology and the desire for OT security increases ascendingly. OT is used for controlling and monitoring devices, infrastructure, physical processes. The operational technology is found in various asset-intensive sectors, implementing a wide range of tasks from operating robots on the manufacturing site to monitoring important infrastructure.
SARS-CoV-2 is the cause for the sudden eruption of novel coronavirus. The virus has originated from Wuhan, China in December 2019. The virus has spread quickly to every corner of the world and still affecting millions of people. Also, small and medium enterprises and organizations were affected. The WHO has declared an emergency public health issue and has also declared lockdowns to curb the virus spread.
Pre-COVID, the operational technology security market has experienced generous growth. But, once the virus has spread increasingly, the pandemic has disrupted the growing inclination of the market. Moreover, maintaining social distancing and following lockdown, the continuous executing period for operational technology security has risen.
MARKET DRIVERS
The market is driven by factors like the Industry 4.0 adoption is quickly rising and the number of cyber-attacks is fostering over the operational technology market. The demand for operational technology security is likely to surge over the period.
MARKET RESTRAINTS
However, factors like shortage of knowledge related to the software being used in the operational technology and the cost-factor linked with the operational technology obstruct the market growth globally.
Segmentation Analysis
The global operational technology security segment has been segmented and sub-segmented as follows:
By industry, the power and electrical segment are accounted to hold the largest share in the operational technology security market. The segment retains its dominance throughout the period. The operational technology advantages meeting its infrastructure with IT network and leads in developed operational efficiency.
Manufacturing and mining are the largest sectors with a strong growth track across the timeframe period.
Manufacturing is one of the important segments in the operational technology security market. Growing trade protection and issues about the labor cost are imploring enterprises to review the reallocation of manufacturing sites throughout the period.
Regional Analysis
Regional-wise, North America is proposed to represent the highest share in operational technology security worldwide. Several governments have adopted regulatory agreements to safeguard data from cyber risks with the growing adoption of operational technology (OT) security solutions.
The governments of the countries across the region have formed regulations and associations like the U.S Department of Homeland Security, Department of Defense Information Assurance Certification and Accreditation Process (DIACAP), and The National Strategy and Action Plan issued by public Safety Canada to ensure and enforce reliability standards and national security over the countries crucial infrastructures.
The operational technology security in Europe is promised to stand as the second-largest throughout the foreseeable period. Technologies like IoT are adopted increasingly with growing employee mobility. An increase in data traffic and utilization of 5G services are the factors fostering the operational technology security market across the countries like the UK, Spain, Italy, Germany, and France.
However, Asia-Pacific is slated to have strong growth in the operational technology security market. The organizations are constantly focusing on the extortion revelations and liability of their systems and the rising need to unite prevention operations and identify the risks. These factors drive the market to grow further. China, India, and Japan have the farthest share in the market.
Latin America and the Middle East and African regions are anticipated to have a steady growth in the operational technology security market.
Top key players in the Operational Technology (OT) Security Market
Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., Indegy, IOActive Inc., Kaspersky Lab, Leidos, Thales Group, TÜV SÜD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group are some major players taking part in the operational technology security market.
Notable Happenings in the global Operational Technology (OT) Security Market
Operational Technology Security Market – Forecast (2021-2026)
Chapter 1. Operational Technology Security Market – Scope & Methodology
1.1. Market Segmentation
1.2. Assumptions
1.3. Research Methodology
1.4. Primary Sources
1.5. Secondary Sources
Chapter 2. Operational Technology Security Market - Executive Summary
2.1. Market Size & Forecast – (2021 – 2026) ($M/$B)
2.2. Key Trends & Insights
2.3. COVID-19 Impact Analysis
2.3.1. Impact during 2021 – 2026
2.3.2. Impact on Supply – Demand
2.3.3. Impact on Production Cost
2.3.4. Impact on Supply Chain
Chapter 3. Operational Technology Security Market – Competition Scenario
3.1. Market Share Analysis
3.2. Product Benchmarking
3.3. Competitive Strategy & Development Scenario
3.4. Competitive Pricing Analysis
3.5. Supplier – Distributor Analysis
Chapter 4. Operational Technology Security Market Entry Scenario
4.1. Case Studies – Start-up/Thriving Companies
4.2. Regulatory Scenario - By Region
4.3. Customer Analysis
4.4. Porters Five Force Model
4.4.1. Bargaining Power of Suppliers
4.4.2. Bargaining Powers of Customers
4.4.3. Threat of New Entrants
4.4.4. Rivalry among Existing Players
4.4.5. Threat of Substitutes
Chapter 5. Operational Technology Security Market Landscape
5.1. Value Chain Analysis – Key Stakeholders Impact Analysis
5.2. Market Drivers
5.3. Market Restraints/Challenges
5.4. Market Opportunities
Chapter 6. Operational Technology Security Market, By Component
6.1. Solutions
6.2. Services
Chapter 7. Operational Technology Security Market, By Deployment Mode
7.1. On-Premise
7.2. Cloud
7.3. Hybrid
Chapter 8. Operational Technology Security Market, By Industry
8.1. Power and Electrical
8.2. Mining
8.3. Transportation
8.4. Manufacturing
8.5. Others
Chapter 9. Operational Technology Security Market, By Geography - Market Size, Forecast, Trends & Insights
9.1. North America
9.1.1. U.S.A
9.1.2. Canada
9.1.3. Mexico
9.2. Europe
9.2.1. Italy
9.2.2. Spain
9.2.3. Russia
9.2.4. Germany
9.2.5. UK
9.2.6. France
9.2.7. Rest of Europe
9.3. Asia Pacific
9.3.1. Japan
9.3.2. South Korea
9.3.3. China
9.3.4. India
9.3.5. Australia & New Zealand
9.3.6. Rest of Asia-Pacific
9.4. Rest of the World
9.4.1. South America
9.4.2. Middle East
9.4.3. Africa
Chapter 10. Operational Technology Security Market - Company Profiles – (Overview, Product Portfolio, Financials, Developments)
10.1. Company 1
10.2. Company 2
10.3. Company 3
10.4. Company 4
10.5. Company 5
10.6. Company 6
10.7. Company 7
10.8. Company 8
10.9. Company 9
10.10. Company 10
Primary & Secondary Sources to Collect & Validate Data
Utilization of Both Top Down & Bottom Up Approach
Holistic Research Methodology
Scope & Introductory Research
In the initial stage of research, the scope for market is defined. In order to better understanding of the market, secondary focus is on different segmentations of the market. Preliminary research involves identifying key data points related to the market under consideration to estimate the market sizes to the best extent.
Data Collection
Based on the scope of the market and the key data points, a number of secondary sources are considered. This data collection stage consists of a team of analysts who gather data from various secondary resources, accessing proprietary databases and primary research by reaching out to key market participants and opinion leaders.
Data Fusion
At this stage, collected data using several sources is arranged in structured format. The sources include industry participants, in-house models, key opinion leaders in the market ecosystem and databases. Historical data trends are established at this point, and compared to the current scenario. Based on the macro- and micro-factor prevailing in various geographies, proprietary data models are used to analyze key market countries. Key players in this market are listed based on their capabilities in revenue, sales, and development. The study also involves the identification of companies in the category of 'new entrants' and their potential effects on the market.
Data Analysis
At this stage, the analyst team moves on to understand how the market has changed over the years. The total size of the market is gathered after an study of different business segments and end-users is done. An impact research is also done to see what factors will/may influence the market in the years ahead. The effect of various variables on the industry is often taken into account when forecasting market sizes.
Verification
Data verification is conducted at all research levels, however this stage is dedicated to more rigorous checking of the data points. At this stage, the estimated data is triangulated with company revenues and checked with industry experts including several senior executives and key opinion leaders in the market. The data is then summarized, and the findings are derived from the same for the report.
Quality Assurance & Report Preparation
Holistic research methodology is followed with combination of Top Down and Bottom Up approach to undertake the estimation and forecasting task in order to ensure quality of data. At this stage of the research process, a dedicated QA team checks the data and approves after several predefined checks. Each section is checked and questioned to make the report accurate and reliable. In case of discrepancy, a team of analysts reviews the issue, and the whole process is repeated again. That significantly improves the report's quality. After approval, all the parts of the report are brought together and is formatted by highly trained team thus making it ready to dispatch.
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