Operational Technology (OT) Security Market

Cisco (US) and Bayshore Networks (OPSWAT) are leading players in Operational Technology (OT) Security Market

MarketsandMarkets forecasts the global OT security market size is expected to grow from an estimated value of USD 15.5 billion in 2022 to 32.4 billion USD by 2027, at a Compound Annual Growth Rate (CAGR) of 15.8% from 2022 to 2027. The increased use of digital technologies in industrial systems, stringent government regulations related to CIP to boost the adoption of OT security solutions, and convergence of IT and OT systems to fuel OT security growth are some of the factors that are driving the market growth.

What is OT Security?

MarketsandMarkets defines, OT as the full stack of hardware and software used to monitor, detect and control physical devices, processes, and events in enterprises. OT security includes a broad array of security solutions, such as NGFWs, IAM, and SIEM used to protect people, physical assets, processes, and information.

To know about the assumptions considered for the study download the pdf brochure

Competitive overview:

The OT security market is led by some of the globally established players such as Cisco, Tenable, Microsoft, Forcepoint, Palo Alto Networks and others. These players have adopted various growth strategies such as partnerships, agreements, collaboration, acquisitions, and product developments to increase their market presence.

Cisco is one of the leading providers of OT solutions, that provides a wide range of service offerings, including technical support and advanced services. The company offers its products to small businesses, medium-sized businesses, and service providers. The company’s OT solution offering is named Cyber Vision which has been specifically designed for OT and IT teams to work together to ensure production continuity, resilience, and safety. The solution is built for industrial network equipment so that organizations can easily deploy OT security at scale. The company offers its services to various industries including cities and communities, education, financial services, government, healthcare, manufacturing, mining, oil and gas, retail, sports and entertainment, transportation, and utilities and is operating in 115+ countries and has a global reach in the Americas, EMEA, and the Asia Pacific.

Apart from large vendors, some SMEs, and start-ups such as Claroty, Dragos, SCADAfence, Armis, Cydome, Mission Secure, Ordr, Rumble Inc, and SIGA (OT solutions) are also evolving in the OT security market.

Bayshore Networks (OPSWAT) offers control and protection for industrial Operational Technology (OT) and transforms OT data for IT applications. Incorporating open, standard, and industrial proprietary protocols at a deep level, Bayshore inspects OT protocol content and context, validating every command and parameter against logic-rich policies, addressing zero-day, internal, and rapidly evolving threats, Bayshore can actively protect industrial endpoints and process control automation systems. The solution provided by the company for OT solution is the Meta Defender USB Firewall which provides an option for safely and securely leveraging the productivity advantages, flexibility, and convenience of portable media in IT or OT SCADA environments.

According to MnM’s market evaluation framework, most companies opt for inorganic growth strategies to maintain their position in the market. The number of deals increased by around 50-60% relatively in the period 2020-2021. These deals collectively include partnerships, acquisitions, collaborations, and alliances. Due to the COVID-19 outbreak, there was a sudden decline in product launches and business expansion activities. However, from 2021 onwards, companies are expected to follow organic growth strategies to provide OT solutions and services to end users, which, on the other hand, would help companies in increasing their market revenue.

Related Reports:

Operational Technology (OT) Security Market by Offering (Solutions and Services), Deployment Mode, Organization Size (SMEs and Large Enterprises), Verticals (BFSI, Manufacturing, Energy & Power, Oil & Gas) and Region - Global Forecast to 2027

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
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Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Operational Technology (OT) Security Market Size,  Share & Growth Report
Report Code
TC 8139
RI Published ON
7/28/2022
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