Global Operational Technology Security Market is estimated to account for US$ 26,518.7 Mn by end of 2027, Says Coherent Market Insights (CMI)
SEATTLE, July 01, 2021 (GLOBE NEWSWIRE) — Operational Technology Security (OTS) describes management’s efforts to detect, report, and prevent unauthorized access to computer systems. Changes in technology have made it increasingly difficult to protect networks. Network security management is a rapidly evolving field of research and practice. Because it has grown in sophistication over the past decade, organizations have been implementing more advanced strategies for securing their networks.
Operational Technology Security (OTS) involves the use of technological policies and procedures to protect networks from unauthorized access by individuals or groups. Components Location Effective monitoring and control of devices require a high degree of expertise. Functional components are typically simple and local, requiring relatively little technical effort to gain unauthorized access into them. Remote, central, and desktop monitoring and control devices are also effective and have become standard on many networks. Control points, or proxy servers, that act as gateways to unauthorized networks are also common.
The global operational technology security market is estimated to account for 26,518.7 Mn by the end of 2027
Market Drivers:
Increasing number of cyber-attacks is expected to propel growth of the global operational technology security market over the forecast period. For instance, SonicWall, an internet security company, recorded a 275% year-on-year increase in encrypted threats and a 229% rise in ransomware attacks in 2018.
Moreover, launch of product updates is also expected to aid in growth of the market. For instance, in February 2020, Beyond Security, a provider of automated security testing and compliance solutions, announced update for its flagship product, beSECURE, with additional features for operational technology (OT) networks.
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Market Opportunities:
Lack of skills for managing operational technology risks is expected to offer lucrative growth opportunities for players in the global operational technology security market. For instance, in June 2019, an online poll conducted by NTT Security reported that a lack of skills is considered to be one of the biggest challenges facing organizations managing operational technology risks. The poll also reveals that when it comes to who is responsible within the business for securing OT, most people feel it falls to the engineering function rather than the security or IT department.
Moreover, increasing adoption of OTS in the energy sector is also expected to aid in growth of the market. For instance, in January 2019, Echoenergia, a company that implements and operates projects for electricity generation from renewable sources, chose the Fortinet Security Fabric to optimize infrastructure, safety, reliability, and security for its growing customer base.
Market Trends:
Major players operating in the global operational technology security market are focused on adopting M&A strategies to enhance their market share. For instance, in December 2019, Tenable, Inc., the Cyber Exposure company, acquired Indegy Ltd., an industrial cybersecurity company, which provides visibility, security and control across operational technology (OT) environments.
Major players operating in the global operational technology security market are also focused on adopting partnership strategies to enhance their market share. For instance, in December 2019, Beyond Security partnered with COONTEC Co. Ltd., a convergence security company that provides security solutions and services for areas such as embedded, IoT, and industrial control systems, with a special focus on distribution of beSECURE OT in the Korean market.
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Competitive Landscape:
Major players operating in the global operational technology security market include, Accenture plc, Belden Inc., Cisco Systems, Inc., Claroty Ltd., CyberX, Cyberbit, Darktrace, Deloitte Touche Tohmatsu Limited, Bayshore Networks, Tenable, Inc., Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., Beyond Security, Indegy, IOActive Inc., Kaspersky Lab, Leidos, Thales Group, TÜV SÜD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group
Market Segmentation:
On the basis of component, the operational technology security market is segmented into:
- Solution
- OT Endpoint Security
- OT Network Segmentation
- Anomaly Detection
- Incident Response and Reporting
- Others
- Services
- Professional Services
- Consulting Services
- Deployment and Implementation Services
- Other Support Service
- Managed Services
- Professional Services
On the basis of industry, the operational technology security market is segmented into:
- Power Generation & Electrical
- Manufacturing
- Transportation & Logistics
- Mining
- Oil & Gas
- Others
On the basis region, the operational technology security market is segmented into:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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