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.

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Key Findings of the Study: Operational Technology (OT) Security market

Global Operational Technology (OT) Security Market Driver:

Rising Cybersecurity Threats Amplifying the Demand for OT Security Solutions – Over the past few years, several industries have transitioned towards digital platforms and started providing online services. As per the statistics by the GoDaddy Data Observatory, in 2023, more than 55% of the smaller businesses and around 71% of the larger enterprises have started using online platforms to provide services to consumers. These companies store the information related to the finances & the customers in their cloud servers. However, with the evolution of technology, the number of cyberattack incidents has also increased. Based on the statistics by IBM, a tech-based company, data breaches across the globe rose by 72% during 2021-2023, compromising the critical information of the organizations as well as customers. Therefore, to ensure the safety of the data, enterprises are increasingly adopting these security solutions, amplifying the market growth.

Also, the official governing bodies across the globe are recognizing the importance of data security & privacy. Therefore, the authorities are laying regulations that are mandating organizations to integrate security solutions within their digital ecosystems. Thus, compliance with these safety standards will continue to boost the requirement for OT security solutions in the coming years.

Global Operational Technology (OT) Security Market Challenge:

Higher Costs & Lack of Trained Professionals – OT Security solutions generally comprise the software, which is deployed within the critical infrastructure of the different industry verticals. However, since these solutions are usually purpose-built for the industries, they are relatively of higher cost. Hence, small-scale organizations tend to opt for low-cost security solutions such as in-built firewalls.  Additionally, operational technology is often isolated from the IT network and works in its own Local Area Network (LAN). Therefore, the end-users cannot use it remotely and one operator must always be present to monitor the activities.  This acts as an overhead cost for the customers since they are required to pay the amount for the software as well as the security analysts. Thus, companies with limited financial resources refrain from opting for these solutions, hindering market growth.

Further, the lack of training programs and limited awareness about OT security in underdeveloped & developing nations is causing a shortage of knowledgeable professionals. In 2024, more than 40% of companies worldwide are facing a shortfall of qualified cybersecurity professionals, stated Kaspersky. Therefore, some of the organizations are using alternative solutions, adversely impacting market growth.

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Scope of the Report and Operational Technology (OT) Security Market Segmentation:

By Offering

• Solutions - Market Size & Forecast 2019-2030, USD Million
  • Security Information & Event Management (SIEM)- Market Size & Forecast 2019-2030, USD Million
  • Asset Management - Market Size & Forecast 2019-2030, USD Million
  • Network Segmentation & Isolation - Market Size & Forecast 2019-2030, USD Million
  • Access Control & Identity Management- Market Size & Forecast 2019-2030, USD Million
  • Vulnerability Management- Market Size & Forecast 2019-2030, USD Million
  • Incident Response & Management- Market Size & Forecast 2019-2030, USD Million
  • Data Protection & Encryption- Market Size & Forecast 2019-2030, USD Million
  • Others- Market Size & Forecast 2019-2030, USD Million
• Services - Market Size & Forecast 2019-2030, USD Million
  • Managed Security Services- Market Size & Forecast 2019-2030, USD Million
  • Consulting & Advisory Services- Market Size & Forecast 2019-2030, USD Million
  • Training & Education- Market Size & Forecast 2019-2030, USD Million
  • Consulting Services- Market Size & Forecast 2019-2030, USD Million
  • Integration Services- Market Size & Forecast 2019-2030, USD Million
  • Support & Maintenance- Market Size & Forecast 2019-2030, USD Million

By Deployment

• Cloud - Market Size & Forecast 2019-2030, USD Million
• On-Premise- Market Size & Forecast 2019-2030, USD Million

By Enterprise Size

• Large Enterprises - Market Size & Forecast 2019-2030, USD Million
• Small & Medium Enterprises- Market Size & Forecast 2019-2030, USD Million

By End Users

• Energy & Utilities - Market Size & Forecast 2019-2030, USD Million
• Oil & Gas - Market Size & Forecast 2019-2030, USD Million
• Manufacturing- Market Size & Forecast 2019-2030, USD Million
• Transportation and Logistics - Market Size & Forecast 2019-2030, USD Million
• Mining- Market Size & Forecast 2019-2030, USD Million
• Healthcare - Market Size & Forecast 2019-2030, USD Million
• Others (Building & Construction, Military, etc.)- Market Size & Forecast 2019-2030, USD Million

Asset Management Solutions have gained a noticeable market share in the Global Operational Technology (OT) Security market over the past few years.

Operational Technology (OT) Security Market Competitive Landscape

• 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.

Operational Technology (OT) Security Market 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.
• 2023: Fortinet Inc. announced the launch of new & integrated operation technology security solutions, which would provide integrated protection and risk management which would be specific to different industrial environments.

Geographical Analysis:

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific
• Rest of the World

The Energy & Utilities sector captured a major market share and is projected to grow further in the upcoming years as well.

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