Vertical: ICTBase Year: 2021
Market Size (2021)
—
Projected (2030)
—
CAGR (2018–2030)
N/A
Key Players
16+
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.
Operational Technology Market is a key focus area for market intelligence and strategic research.
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View Subscription PlansOperational technology (OT) systems are defined as solutions that can detect or cause a change in asset-centric enterprises by direct monitoring and control of physical devices, processes, and events. The security services related to these systems help companies assess, design, and manage security strategies and activities for the protection of OT systems. Therefore, operational technology (OT) security can be defined as the integration of security solutions, services, and technologies used to protect people, assets, and information involved in the monitoring and control of physical devices, processes, and events.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2021
Historical Period
2018 – 2020
Forecast Period
2022 – 2030
Primary Interviews
150+
Historical data (2018–2021) and forecast period (2021–2030)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
The Global Operational Technology (OT) Security Market is witnessed significant growth over the forecast period due to convergence of IT & OT ecosystems and rising risks of cyber threats on critical infrastructure. There are several domestic, regional, and global players operating in the OT security market who continuously strive to gain a significant share of the overall market. During the study, Wantstats has analyzed some of the major players in the global operational technology (OT) security market who have contributed to the market growth. These include HCL, Vmware Inc., Honeywell International Inc., Schneider Electric, Cisco Systems Inc., Broadcom, Kaspersky Lab, General Electric, Rockwell Automation Inc., PAS Global Inc. (Hexagon AB), Fortinet Inc., Palo Alto Networks, Darktrace, Forescout Technologies Inc., Nozomi Networks and SCADAfence.
Among these, Honeywell International Inc., Schneider Electric, Palo Alto Networks, Cisco Systems Inc., Fortinet Inc and General Electric are among the top 6 players in the global Operational Technology (OT) Security market. These players focus on expanding and enhancing their product portfolio and services to remain competitive and increase their customer base. Additionally, these players are focusing on partnerships & collaborations to expand their business and customer base to enhance their market position.
Threat of New Entrants
There are several established players from the US and countries in Asia and Europe that operate in the global operational technology security market. The costs required for developing these solutions primarily constitute hardware, technology experts, and software developers. These initial costs incurred in the development of OT security software have a medium degree of impact on the new entrants in the market. However, stringent government regulations for ensuring safety and compliance with IT and security laws have restricted the entry of these players in the market. Thus, the impact of the threat of new entrants on the global operational technology security market is expected to be moderate during the study period.
Bargaining Power of Suppliers
The suppliers in the global operational technology security market are the solution providers and vendors that provide OT security solutions to enterprises. These suppliers focus on providing solutions that ensure compliance, threat and anomaly detection, and endpoint security to enterprises. Thus, there is minimal differentiation in OT security solutions. Most of these suppliers have operations across the Americas, Europe, and Asia-Pacific, which reduces their bargaining power to a certain extent. Considering the above factors, the bargaining power of suppliers is expected to have a moderate degree of impact on the global operational technology security market during the forecast period.
Threat of Substitutes
Currently, there exists no alternative to OT security solutions. Cyber-attacks have increased in recent years, which poses a significant risk to the operational reliability of enterprises across various industries, including utilities, manufacturing, and oil & gas. This has created a need for OT convergence of operating systems such as SCADA, MES, and controllers. Thus, the threat of substitutes the global operational technology security market is expected to be low during the forecast period.
Bargaining Power of Buyers
The buyers in the operational technology security market are enterprises across several industry verticals, including manufacturing, BFSI, oil & gas, telecommunication & networking, energy & utilities, healthcare, and military & defense. Since the OT security solutions possess similar characteristics, the cost of switching between solutions is relatively less. This reduces the impact of switching from one solution provider to another. Therefore, considering the aforementioned factors, the bargaining power of the buyers is expected to have a moderate impact on the global operational technology security market during the forecast period.
Intensity of Rivalry
The players operating in the global operational technology security market are expected to witness a high competition during the forecast period. This is because the solutions offered by the providers have moderate differentiation, which results in high brand loyalty among the buyers. Moreover, the R&D investments by these players to develop highly reliable solutions are expected to increase in the coming years. Thus, the intensity of rivalry in the global operational technology security market is expected to be high during the forecast period.
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Analytical insights on Operational Technology Market covering market dynamics, competitive landscape, and strategic outlook.
Operational Technology Market represents a significant market opportunity with multiple growth drivers across regions and segments.
Operation technology (OT) includes the devices, sensors, and software required to control and monitor plants and equipment. On the other hand, information technology (IT) combines all the necessary technologies for information processing. During the last couple of decades, most industries have developed and managed OT and IT as two different domains, maintaining separate technology stacks, protocols, standards, governance models, and organizational units. However, over the last few years, OT has started to increasingly adopt technologies that are similar to IT. For example, Internet Protocol (IP) is gaining acceptance as an all-purpose networking protocol and is more frequently used in a wide range of devices. The convergence of IT and OT is likely to offer clear benefits to companies, including cost and risk reductions, enhanced performance, and gains in flexibility. In the coming years, sensors and connected systems such as wireless sensors and actuator networks (WSANs) are likely to be integrated into the management of industrial environments, including water treatment, electric power, and factories. Although traditional OT devices can collect data, they are not capable of transmitting the data over a large network or perform any in-depth analysis on that data.
The integration of automation, communications, and networking in industrial environments is an integral part of the boosting adoption of the Internet of things (IoT). The IoT, when paired with edge computing, enables the IT portion of IT/OT convergence. Thus, the convergence of IT and OT ecosystems is expected to fuel the growth of the global operational technology security market during the forecast period.
Technological advancement is a continuous process. There is an increasing trend of using artificial intelligence, cloud technology, edge computing, and machine learning, along with IoT technology. The IoT is completely dependent on the network connectivity of the devices. The advent of 5G technology, in combination with IoT technology, is also expected to create lucrative opportunities across various industry verticals. Further developments in 5G would result in a faster internet connection and an unmatched degree of connectivity among connected devices in an IoT environment, which is not possible with the current connectivity technologies. Industrial Internet of things (IIoT) is a collection of connected devices that are used for expediting the production process in industrial sectors. IIoT can be used in maximizing efficiency and minimizing wastage of resources. Various industry leaders are implementing IIoT in their processes to expand their current businesses. Government policies such as Make in India, Industrial Value Chain Initiative Forum, and Industry 4.0 can create awareness in industries and positively influence its adoption rates. Investments by industry leaders in IoT can galvanize market growth in the coming years. The rapid pace of industrialization and integration of automation to alleviate the burden on production assemblies has also created several opportunities in the operational technology security market. Thus, the increasing investments in adopting IIOT solutions are expected to offer lucrative opportunities for the players operating in the global operational technology security market during the forecast period.
Lack of skilled professionals is one of the major concerns faced by organizations for managing operational technology (OT) security risks. In a traditional networking setup, the IT team involves experts and technicians who are aware of network infrastructures, storage, servers, and virtualization. However, these experts lack knowledge in deploying and implementing OT security systems and identifying what risks could potentially impact their business. The desired skill set includes knowledge about application development, software management, and troubleshooting so that they can take advantage of network programmability. However, professionals with such capabilities are scarce, and training someone with such requirements is challenging.
Moreover, the transition in network infrastructure from traditional hardware-based architecture to software-oriented, programmable, automated, and converged architecture is divisive. In order to smoothen the transformation process, enterprises need to spread awareness among their employees and provide training to manage hybrid and converged solutions. Arrangements for securing OT security systems are a huge challenge for organizations, especially when it comes to training personnel. Thus, the lack of expertise and the complexity of the systems are expected to restrict the growth of the global operational technology security market during the forecast period.
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Profiles of 108 companies operating in the Operational Technology Market market, including revenue, employee count, and market positioning where available.
Showing 108 of 108 companies
Company Headquarters: US Founded: 1993 Workforce: ~1,000 Company Working: PAS Global LLC (PAS Global) is a wholly owned subsidiary of Hexagon AB and is engaged in providing software and solutions for OT environments and serves decision-makers, engineers, analysts, and operators working in an industrial setup. Its software is designed to work in more than 120 industrial control systems, which can be deployed on-premises or on a cloud basis. The company has a regional presence in Australia, Bahrain, Canada, Qatar, Singapore, South Africa, and the UK. PAS Global caters to more than 500 customers across the globe, which includes many refineries and chemical, paper, and mining companies.
Company Headquarters: California, US Founded: 1984 Workforce: ~74,200 Company Working: Cisco Systems, Inc. (Cisco) designs, manufactures, and markets IP-based networking products and services for information and communication technology (ICT) industry. The company offers various products in the following categories: networking, mobility & wireless, security, data center, and cloud. Cisco’s product portfolio includes switches, routers, wireless, network management interfaces & modules, optical networking, access points, outdoor & industrial access points, next-generation firewalls, advanced malware protection, VPN security clients, email, and web security. The company serves various industry verticals such as education, energy, financial services, healthcare, manufacturing, retail, and hospitality, as well as the government sector. The company’s technology offerings comprise analytics and automation, cloud, collaboration, data center, digital transformation, enterprise networks, innovation, mobility, security, services, and service providers. The company has more than 400 offices worldwide.
Company Headquarters: US Founded: 2014 Workforce: ~200 Company Working: SCADAfence is the technology provider in OT & IoT cybersecurity. The company offers a full suite of industrial cybersecurity products that provides full coverage of large-scale networks, offering network monitoring, asset discovery, governance, remote access, OT and IoT device security. SCADAfence delivers proactive security and visibility to some of the complex OT networks, including the largest manufacturing facility in Europe. The company is specialized in OT Security, ICS Security, IoT Security, Cyber Security, BMS Security, Critical Infrastructure Security, Threat Detection, Cyber Risk Management, and Critical Infrastructure Cyber Security. The company serves various industries such as Governance & Compliance, Manufacturing, Infrastructure, and Others.
Company Headquarters: US Founded: 2013 Workforce: ~500 Company Working: Nozomi Networks Inc. (Nozomi) is the leader in OT & IoT security and visibility. The company accelerates digital transformation by unifying cybersecurity visibility for the large critical infrastructure, energy, manufacturing, mining, transportation, building automation and other OT sites around the world. Nozomi’s innovation and research make it possible to tackle escalating cyber risks through exceptional network visibility, threat detection and operational insight. The company serves across industry verticals such as Chemicals, Manufacturing, Food, Logistics, Transportation, Smart cities, and Others. The company has more than 5000 customers worldwide.
Company Headquarters: UK Founded: 2013 Workforce: ~2,000 Company Working: Darktrace is a cybersecurity company with a presence across Europe, Asia, and North America. The company provides solutions for tackling cyber-attacks for enterprises across the financial services, manufacturing, government & defence, education, retail & e-commerce, healthcare, pharmaceuticals, telecom, transportation, and media & entertainment, among others. It specializes in proving technological solutions covering cloud and SaaS security, threat visualization, OT, IoT and e-mail security. The company has more than 7400 customers serving more than 110 countries.
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Historical performance and future projections (2020–2030, USD Billion)
