Operational Technology Market

Operational technology (OT) security is used in various industries to measure, control, and provide a view of processes. These systems are extremely interconnected infrastructures and networks that control and manage the industrial processes. OT comprises systems of electronic components that can control the physical operations of the machines, which transmit sensor data to the controller for monitoring and automated operational functions. Factors such as the increase in cyber-attacks and network security threats, smart operational technologies, and convergence of IT and OT ecosystems are expected to boost the growth of the market. However, budget constraints affecting innovation and an increase in cyber threats due to the traditional OT security systems could restrain the market growth to a certain extent. The increasing investments to adopt the industrial internet of things (IIoT) solutions are expected to offer promising opportunities for the market players.

The global operational technology security market by value is estimated to register an 18.1% CAGR during the forecast period, 2022 to 2030. In 2021, the market was dominated by North America with a 41.5% share, followed by Europe and Asia-Pacific with shares of 28.9% and 19.7%, respectively.

The global operational technology security market has been segmented based on solutions, deployment type, end-use industry, and region. On the basis of solution, the OT endpoint security segment held the largest market share, with a market value of USD 4,359.4 million in 2021, and is projected to register a CAGR of 18.5% during the forecast period. Based on deployment type, the on-premises segment held the largest market share of 52.1% in 2021, with a market value of USD 8,261.7 million and is projected to witness a CAGR of 16.8% during the forecast period. By end-use industry, the power & electrical segment held the largest market share of 32.8% in 2021, with a market value of USD 4,202.9 million and is projected to witness a CAGR of 18.7% during the forecast period.

Honeywell International Inc., Schneider Electric, Palo Alto Networks, Cisco Systems Inc., Fortinet Inc. and General Electric are the prominent companies in the global market, which compete in terms of availability, quality, price, and technology. They primarily focus on the development of sophisticated operational technology security. Although the international players are dominating the market, regional and foreign players with small market shares also have a notable presence.