ABI Research: OT cybersecurity market to reach $21.6 billion by 2028 amid increased industrial defense

The industrial world is facing increasing threats as it embraces digitization and smart manufacturing trends. Attacks on Operational Technology (OT) are common and widespread. According to a report by ABI Research, the OT cybersecurity market is expected to grow from $12.75 billion in 2023 to around $21.6 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 9.2 percent. Network security and segmentation technologies are projected to see the most growth, followed by identity and access management and end-point protection.

Michael Amiri, senior industrial cybersecurity analyst at ABI Research, notes the growing demand for robust defensive measures as every industrial sector adopts digitization and Industry 4.0 concepts. OT and Internet of Things (IoT) spending may surpass Information Technology (IT) spending in the future, as OT and IoT devices are becoming more numerous and require protection from cyber threats.

As industries continue to digitize, network security is expected to experience significant growth. Technologies that secure OT networks are using AI and behavioral traffic analysis to detect and respond to OT-specific threats, driving demand for these security products. Segmentation technologies are also crucial for securing OT traffic, providing cost-effective partitioning and allowing customization of security controls for each segment.

Despite macroeconomic pressures, the OT cybersecurity market remains strong due to rapid digitization and geopolitical tensions. Sectors like oil and gas, utilities, mining, and manufacturing are particularly prone to cyberattacks and are driving market revenues. OT cybersecurity providers are encouraged to focus their efforts on these sectors.