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.
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