SWOT Analysis

Strength: Operational technology security solutions help in increasing productivity and efficiency of industrial control systems by three levels of protection- network, endpoint and analytics security. It also helps in risk mitigation and compliance. Real-time visibility helps in detecting and responding to cyber threats quickly.
Weakness: Lack of skilled security professionals remain a challenge for effective implementation of solutions. Also operational technology environments are more complex than IT systems making vulnerabilities harder to identify.
Opportunity: Increasing investments from industries like oil and gas, manufacturing in digitalization and automation opens more scope for adoption of OT security solutions. Growing awareness about importance of securing industrial environments from cyber attacks also presents business opportunities.
Threats: Integration of OT systems with IT and use of internet exposes them to various cyber threats like malware, ransomware making them more prone to attacks. Lack of standardized security measures across industries also poses threats.

Key Takeaways

The Global Operational Technology Security Market Growth is expected to witness high, exhibiting CAGR of 7.7% over the forecast period, due to increasing investments in industry 4.0 and IIoT technologies. Adoption of technologies like AI, machine learning is also driving demand for stronger security of industrial infrastructure.

Regional analysis
North America dominates the operational technology security market currently accounting for over 35% share due rising cyber attacks on critical infrastructure in the US. Europe is the second largest market owing to stringent regulations and compliance standards for process manufacturing industries in the region. Asia Pacific region is expected to witness fastest growth in adoption of OT security solutions with double digit CAGR due to increasing government emphasis on smart manufacturing in developing economies like China and India.

Key players
Key players operating in the operational technology security market are 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, TÃœV SÃœD, Wurldtech Security Technologies Inc., Honeywell International Inc. (NextNine Ltd.), Nozomi Networks Inc., and NCC Group. The leading players are focusing on partnerships, mergers and acquisitions to expand their geographical presence and customer base in the operational technology security industry.

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