The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Technology Security Market. The growth sectors of the Technology Security Market are identified with precision for a better growth perspective.
Market Research Future (MRFR) in its new “Operational Technology (OT) Security Market” report, reveals that the worldwide market of operational technology security that was valued at USD 200.0 million in 2018 is likely to increase to USD 3,531.0 million by 2025. MRFR insights suggest that the global operational technology security market is expected to thrive at a lucrative 42.2% across the forecast span of 2018 to 2025.
The growth of the operational technology security market can be attributed to increase cases of data breach, surge in cyber threats, convergence of IT and OT ecosystems, and increase in dependence on legacy systems. The growing rate of adoption of the industrial Internet of Things (IIoT) solutions by enterprises can contribute to the expansion of the operational technology security market across the forecast period. Worklife flexibility is highly appreciated by employees. Hence, the BYOD culture is gaining popularity. But, at the same time this is likely to increase operational risks. The surge in the adoption of OT security solutions by enterprises can prompt the expansion of the market. On the contrary, mounting complexities of systems and lack of expertise can restrict the expansion of the OT security market in the years of assessment.
Segmental Analysis
The global market of OT security market is segmented by deployment mode, industry, and component.
By component, the market is segmented into services and solutions. The solution segment is expected to secure the grand share of the global market. This is due to the dependence of enterprise on legacy systems that create scope for cyber-attacks. On the other side, the services segment is expected to expand at a higher CAGR. The solution segment is sub-segmented into OT endpoint security, OT network segmentation, incident response, anomaly detection, and reporting. The services segment is sub-segmented into managed services and professional services. The professional services segment is further narrowed down to deployment, consulting services, implementation services, and other type of support services.
By industry, the market is segmented into power and electrical, manufacturing, transportation, mining, and others. The manufacturing segment is classified into process manufacturing and discrete manufacturing. As per MRFR’s analysis, the manufacturing segment is expected to make the highest profit for the global OT security market owing to the rise in the frequency of cyber-attacks. The power and electrical segment is likely to register the highest CAGR in the period of forecast.
Regional Study
By region, the market is studied for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The market in North America, followed by APAC is likely to grow rapidly. The Middle East and Africa is one of the booming spot for vendors to sale OT security solution due to the presence of large size oil and gas industry.
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