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The global operational technology security market was valued at US$ 14,803.2 Million in 2020 and is expected to surpass US$  26,518.7 Million by 2028, registering a CAGR of 7.7% during the forecast period (2021-2028), according to the Global Operational Technology Security Market Report, By Component (solution (OT Endpoint Security, OT Network Segmentation, Anomaly Detection, Incident Response and Reporting, and Others) and services (Professional Services (Consulting Services, Deployment and Implementation Services, and Other Support Service) and Managed Services)), By industry (Power Generation & Electrical, Manufacturing, Transportation & Logistics, Mining, Oil & Gas, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.

The number of cyber attacks on the critical infrastructures such as power grid, public transportation system, public network is increasing which affects the country’s economy, critical infrastructure, and security. For instance, in 2016, US ICS- CERT, a U.S. government agency, reported around 290 cyber attacks against control systems networks. Furthermore, in 2018, cyber attack in the U.S. cost the government around US$ 13.7 billion. Thus, considering the increasing cyber treats on the critical infrastructure, the U.S. government took various initiatives. For instance, on April 20, 2021, the U.S. Department of Energy (DOE), a U.S.-based government agency, launched 100 days plan to enhance the U.S. electricity grid cyber security. The plan mainly focuses on industrial control systems (ICS) and secure the energy sector supply chain.

Smart grids are dependent on sensors in order to accurately extract the information. The unprotected smart meters can be easily manipulated or tampered resulting in loss of sensitive data such as customer information or even cause physical damage to the main grid. Thus, key players in the market are offering operational technology solution for smart grids. For instance, Thales Group, a France-based engineering solution company, offers Thales metering security solution, an advanced security solution for grid management. The product is equipped with cryptographic hardware products, authentication, and encryption technology, and others. Governments across the globe are focusing on various initiatives in order to increase implementation of smart grids which will create lucrative opportunity for the global operational technology security market key players. For instance, in March 2015, government of India launched National Smart Grid Mission. Under this mission, government of India initiated 14 smart grid pilot projects across India.

Global Operational Technology Security Market - Impact of Coronavirus (Covid-19) Pandemic

Moreover, during the COVID-19 pandemic, organizations quickly transitioned to remote work in order to protect their employees. This remote trend has significantly increased the risk of cyber threat for the company. For instance, a study conducted by the Claroty Ltd., a U.S.-based cyber security service providing company, around 51% U.S.-based organisations said that the chances of cyber attacks increased after COVID-19 pandemic. Whereas, 67% agreed that

Attackers are using advanced tactics to target the organizations. Thus, considering the increasing number of threats, many organisations are planning to implement OT security solutions in the future. Thus, post-COVID era will offer good growth opportunity for global OT security players.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/operational-technology-security-market-4457

Browse 150 market data tables* and 90 figures* on “Global Operational Technology Security Market- Global forecast to 2028”

Key Trends and Analysis of the Global Operational Technology Security Market:

  • Asia Pacific accounted for a significant market share in the global operational technology security market. As per CMI’s analysis, China exhibits potential in the global operational technology security market. This is attributed to relatively high economic growth coupled with rising technological adoption in the country. According to Mediator, in 2019, over 11 million cyber-attacks were launched against Singapore from servers operating inside the country. Also, personal data of over 2,400 personnel of Ministry of Defense and Singapore Armed forces (SAF) was compromised due to a series of email phishing scams. Hence, according to Global Resilience Federation, in 2019, Singapore set up dedicated OT cyber security information sharing and analysis centre (OT-ISAC) as well as sector-specific security operations centres (SOCs) to respond to critical infrastructure cyber threats. The increasing cyber threats in the region is expected to drive the demand for operational technology security market.
  • Among Industry, the Transportation & Logistics segment is fastest going segment in the global operational technology security market. Automation and digital transformation of the transport & logistics sector is expected to aid in the sector’s growth as every level of supply chain is rapidly focusing on adopting advanced technologies. Therefore, the industry is exposed more to cyber security risk. This has increased need for operational technology security in the sector. The OT security mainly aids in the protection of conventional operation and assets from cyber incidents.
  • 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, Hitachi Systems Security Inc., Fortinet, Inc., OTORIO Ltd., IBM Corporation, Dragos, Inc., 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
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