Operational Technology (OT) Security Market worth $84.2 billion by 2032 | Forcepoint, Forescout,…>
EIN News –
The Operational Technology (OT) Security Market is projected to grow from $15.20 billion in 2022 to $84.2 billion by 2032, at a CAGR of 19% from 2023 to 2032, as reported by Allied Market Research.
The market growth is driven by increased investment in OT security due to growing threats, particularly in the BFSI sector.
Key market players like Forcepoint, Forescout, and Broadcom Inc. are providing solutions to meet this demand.
The rise in cyber-attacks, government initiatives for security standards, and the adoption of cloud-based OT security solutions are significant growth drivers.
However, the market faces challenges such as a shortage of trained security staff and high installation costs.
Opportunities for market expansion include the rise in IIoT connectivity and increased remote work activities requiring secure broadband connections.
Regionally, North America led the market in 2021, with Asia-Pacific expected to see significant growth.
Key players are adopting strategies like mergers, acquisitions, and product launches to strengthen their market positions.
For example, Forcepoint launched Forcepoint One in February 2022, a cloud platform to simplify security for workforces.
The report suggests the OT Security Market is competitive, with major players engaging in strategic initiatives to enhance their market share and address the evolving security needs of the industry.
Link: https://www.einnews.com/pr_news/666813188/operational-technology-ot-security-market-worth-84-2-billion-by-2032-forcepoint-forescout-broadcom-inc