Global Operational Technology Security Market Research Report— Forecast till 2026

Global Operational Technology Security Market Research Report— Forecast till 2026

Market Dynamics
Global Operational Technology Security Market is evaluated to surpass a market value of USD 24,092.7 Million registering a constant CAGR of 8.2% during the review period. Operational Technology is hardware and software that monitors and controls the performance of the devices which is used across various sectors. OT involves frameworks of electronic parts that can handle the actual activities of the machines, which send sensor information to the regulator for checking and computerized operational capacities. The growing demand for WAN solutions for centralized management, improved automation, and growing network reliability and security among enterprises are some of the market drivers during the review period.
The global operational technology security market is expected to witness healthy growth during the forecast period owing to the highest revenue of USD 13,740.3 Million in 2019. The growth of global OT security is attributed to the rise in cyber-attacks and network security threats, smart operational technologies, and convergence of IT and OT ecosystems during recent years. However, expenditure imperatives influencing the development and an increment in digital dangers because of the conventional OT security frameworks could control the market development during the study.
Market Segmentation
Global Operational Technology Security Market has been categorized into Component, Deployment, End-Use Industry, and Region.
Based on component type, the market has been segregated into solutions and services. The solution segment has been further categorized into OT endpoint security, OT network segmentation, anomaly detection, incident response, and reporting, and others. In terms of deployment type, the operational technology security market has been categorized into on-premises, hybrid, and cloud.
Regional Analysis
The region-specific analysis of the global operational technology security market has been classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is likely to drive the largest market in the global operational technology security market during the review period. The US is the major market player for operational technology owing to the heavy investments in research and development activities and a rapidly growing IT and communication sector in the country. The region is expected to command the market because of constant technological advancements, a dynamic regulatory framework, growing customer expectations, and cutthroat competition.
Europe exhibits the second-largest market for operational technology. The regional market growth is attributed to the upsurge in data traffic, the deployment of 5G services, the increasing number of cloud-based data centers, employee mobility, and the rapidly increasing adoption of IoT technologies.
Asia-Pacific contributes the third-largest regional market owing to the increasing need to consolidate the threat detection and prevention operations in one place and the increasing focus of enterprises on the vulnerability and threat exposures of their systems.
Major Players
The prominent 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. (the US), PAS Global LLC. (US), Fortinet, Inc. (US), Palo Alto Networks (US), Darktrace (UK), and Forescout Technologies Inc. (US).
COVID 19 Impacts
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