Operational Technology (OT) Security Market Size, Share with Focus on Emerging Technologies, Top Countries Data, Top Key Players Update, and Forecast 2028

"Broadcom (US), Cisco (US), Fortinet (US), Forcepoint (US), Forescout (US), Trellix (US), Zscaler (US), Darktrace (UK), CyberArk (US), BeyondTrust (US), Microsoft (US), Kaspersky (Russia), Nozomi Networks (US), Rapid7 (US), Checkpoint (Israel), Okta (US), Palo Alto Networks (US), Qualys (US), Radiflow (US), SentinelOne (US), and Sectrio (US)."

The global Operational Technology (OT) Security Market is anticipated to witness substantial growth in the coming years, according to a forecast by MarketsandMarkets. The market size is projected to expand from an estimated value of USD 17.9 billion in 2023 to approximately USD 38.2 billion by 2028, reflecting a Compound Annual Growth Rate (CAGR) of 16.3% from 2023 to 2028. Several factors contribute to this growth such as Increasing Cyber Attacks Targeting OT Systems, the growing utilization of digital technologies in industrial systems, such as the Industrial Internet of Things (IIoT) and cloud computing, Organizations across various sectors are recognizing the potential consequences of OT breaches and are proactively investing in OT security solutions.

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By deployment mode, the On-Premises segment is projected to hold the largest market share during the forecast period.

The operational technology (OT) security market can be classified based on deployment into two main segments: cloud and on-premises, per business requirements. These deployment options offer distinct advantages and considerations for organizations seeking to secure their critical infrastructure from cyber threats. The cloud deployment mode of OT security solutions provides enterprises with cloud-based solutions that offer speed, scalability, and enhanced OT security. As more applications are deployed in the cloud, there is an increase in the need for cloud-based OT security solutions among SMEs and large enterprises. The on-premises deployment mode enables organizations to control all OT security solutions, such as NGFWs, threat investigation, antivirus/antimalware protection, and next-generation intrusion prevention systems.

By verticals, the manufacturing segment holds a larger market size during the forecast period.

OT security solutions are being implemented across various verticals, such as manufacturing, energy & power (generation), oil & gas (distribution), transportation, and logistics. Among the verticals, the manufacturing vertical dominates the OT security solutions market size. The increasing attacks on the manufacturing vertical imply a crucial need for companies with OT infrastructure responsibility to secure the endpoints of their OT systems and networks. The drivers for market size growth of OT security solutions include the requirement of OT security solutions and services to help organizations overcome operational challenges and overcome the challenges associated with the cost of supplies and increased cost of inventory management, resulting in the increment of OT security solutions demand in the market.

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What is OT Security?

According to Check Point, OT security is designed to meet the unique security needs of OT environments. This includes protecting system availability, understanding OT-specific protocols, and blocking attacks targeting the legacy systems commonly used in OT environments.

Competitive Overview:

Some of the well-established players that dominate the OT security market globally include Cisco (US), Fortinet (US), Forcepoint (US), Broadcom (US), Palo Alto Networks (US) and Checkpoint (Israel). These players have implemented diverse growth strategies to enhance their market presence, including forming partnerships, entering agreements, fostering collaborations, engaging in acquisitions, and advancing product developments.

Cisco is a prominent player in the OT security market, offering comprehensive solutions to address the evolving cybersecurity challenges faced by operational technology (OT) networks. Cisco has gained a strong reputation as a trusted global provider of OT security solutions due to its robust business presence. Cisco's business strategy focuses on delivering end-to-end security solutions encompassing IT and OT environments. The company leverages its extensive expertise in networking and cybersecurity to provide robust and scalable solutions for securing industrial systems. Cisco offers a wide range of products and services tailored specifically for OT security. These include network security solutions, threat detection and prevention systems, secure remote access solutions and security analytics tools. The company serves various industries, including cities and communities, education, financial services, government, healthcare, manufacturing, mining, oil and gas, retail, sports and entertainment, transportation, and utilities. Cisco operates globally and has a strong presence in various regions around the world, such as North America, EMEA, and Asia Pacific.

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Fortinet is one of the leading players in the OT security market, providing comprehensive cybersecurity solutions for operational technology networks. With a strong business presence, the company is recognized globally for its trusted OT security offerings. The company offers a wide range of tailored products and services for OT security, including firewalls, intrusion prevention systems, secure access solutions, and threat intelligence platforms. These solutions are geared toward protecting critical infrastructure, manufacturing processes, and OT assets from cyber threats. Fortinet prioritizes research and development (R&D) to drive innovation in the OT security space. The company enhances threat detection and response capabilities in OT networks by advancing technologies such as artificial intelligence (AI), machine learning (ML), and behavioral analytics. Fortinet operates across various regions globally, serving customers and establishing its presence in key markets such as North America, EMEA, APAC and Latin America.

Palo Alto Networks is a prominent player in the OT security market, specializing in providing comprehensive cybersecurity solutions for operational technology networks. The company has established a strong presence and is well-regarded for its expertise in securing critical infrastructure and industrial systems. Palo Alto Networks' business strategy revolves around delivering advanced security solutions that address the unique challenges faced by OT environments. The company leverages its cutting-edge technologies, including next-generation firewalls, threat intelligence platforms, and cloud-based security services, to offer robust and scalable OT security solutions. Palo Alto Networks places great emphasis on strategic partnerships and collaborations. By collaborating with OT system integrators, industrial automation vendors, and other key stakeholders, the company develops comprehensive security solutions that address the specific needs of OT environments. Palo Alto Networks operates globally in places such as North America, EMEA, APAC, and Latin America.

In addition to major vendors, the OT security market is witnessing the emergence and growth of small and medium-sized enterprises (SMEs) and start-ups like Armis (US), Dragos (US), SCADAfence (US), Cydome (Israel), Mission Secure (US), order (US), runZero (US), and SIGA (Israel). These companies are actively evolving and establishing their presence in the OT security market.

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