Pune, India, November 2020, MRFR Press Release/- Market Research Future has published a Cooked Research Report on the Global Operational Technology Security Market.
Global Operational Technology Security Market generated a revenue of USD 13,740.3 Billion in 2019 and is expected to reach a market value of USD 24,092.7 Billion by 2026, growing at an 8.2% CAGR.
The convergence of IT and OT ecosystems and rising risks of cyber threats on critical infrastructure are some major factors driving the growth of the operational technology security market. However, lack of expertise and the complexity of systems is the major restraining factor for the market. On the other hand, the increasing investments in adopting industrial internet of things (IIOT) solutions are creating lucrative opportunities for the players operating in the global market.
The global operational technology security market has been segmented based on component, deployment, end-use industry, and region.
By component, the operational technology security market has been divided into solution and services. The solution segment is further segmented into OT endpoint security, OT network segmentation, anomaly detection, incident response, and reporting, and others. The services segment is also sub-segmented into managed and professional services. The solution segment accounted for the largest market share in 2019, it is expected to register a CAGR of 8.3% during the forecast period, and OT endpoint security accounted for USD 3,646.4 million in 2019 and expected to reach USD 6,772.9 million by 2026.
Based on deployment, the operational technology security market is segmented into on-premise, hybrid, and cloud. The on-premise segment accounted for the largest market share in 2019; it is expected to register a CAGR of 7.4% during the forecast period, while the hybrid segment is expected to register the highest CAGR of 9.7%. The cloud segment reported USD 2,238.2 million in 2019 and is projected to reach USD 3,630.0 million by 2026 growing at a CAGR of 6.94%.
By end-use industry, the operational technology security market is divided into power & electrical, manufacturing, transportation, mining, and others. The manufacturing segment is further divided into discrete manufacturing and process manufacturing. The power & electrical segment accounted for the largest market share of 32.7% in 2019, with a market value of USD 4,449.8 million; it is expected to register a CAGR of 8.82% during the forecast period. The manufacturing segment was the second-largest market in 2019, valued at USD 3,088.4 million; it is projected to register the highest CAGR of 9.96%.
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The key players operating in the global operational technology security market include VMware, Inc (US), Honeywell International Inc (US), Schneider Electric (France), Cisco Systems, Inc. (US), Broadcom (US), Kaspersky Lab (Russia), General Electric (US), Rockwell Automation, Inc. (US), PAS Global LLC. (US), Fortinet, Inc. (US), Palo Alto Networks (US), Darktrace (UK), and Forescout Technologies Inc. (US).
The geographic analysis of the operational technology security market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is the largest regional market in terms of share in the operational technology security market. The US is the biggest market for operational technology security, mainly due to heavy investments in research & development and the presence of a vast IT and communication sector in the country. The US market is expected to continue its leading position during the forecast period, driven by constant technological changes, a dynamic regulatory framework, increased customer expectations, and cutthroat competition. Enterprises operating in their respective industry verticals require resilience from cyber-attacks and, hence, cybersecurity services.
For analysis, Europe is the second-largest market for operational technology security. The region comprises many developed and developing countries, including the UK, Germany, France, Italy, and Spain. Driving factors include a surge in data traffic, the deployment of 5G services, the growing number of cloud-based data centers, employee mobility, and the increasing adoption of IoT technologies are encouraging enterprises and service providers to incorporate operational technology security solutions into their networks.
For analysis, Asia-Pacific is the third-largest regional market and comprises China, Japan, India, Australia, South Korea, Singapore, and the rest of Asia-Pacific. Of these, China, Japan, and India contribute to the major portion of the market share, of which India is expected to grow with the largest CAGR of 13.40%. The factors driving the growth of the regional market include the increasing need to consolidate the threat detection and prevention operations at one place and the rising focus of enterprises on reducing the vulnerability of their systems.