Surge in Industrial Investment Elevates OT Cybersecurity Market
A recent report from ABI Research highlights the growing threat to industrial operations due to digitization and smart manufacturing trends. The report forecasts that the OT cybersecurity market will increase 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 expected to experience significant growth, followed by identity and access management and endpoint protection.
Michael Amiri, Senior Industrial Cybersecurity Analyst at ABI Research, emphasizes the importance of robust defensive measures as every industrial sector embraces digitization and Industry 4.0 concepts. There is a growing demand for OT cybersecurity solutions, especially as OT and IoT spending may surpass traditional IT spending in the future. With the increasing number of OT and IoT devices in industrial plants, the need to protect them from cyber threats is becoming more crucial.
As industries continue to digitize, network security is projected to see strong growth. Security technologies for OT networks are advancing with AI and behavioral traffic analysis capabilities to detect and respond to OT-specific threats. Segmentation technologies are also key in securing OT traffic by providing cost-effective partitioning and customization of security controls.
Despite macroeconomic pressures, the OT cybersecurity market remains resilient due to rapid digitization and escalating geopolitical tensions. Sectors like oil and gas, utilities, mining, and manufacturing are particularly prone to cyberattacks, making them key targets for OT cybersecurity providers. Overall, the market for OT cybersecurity products is expected to continue to grow, driven by the increasing need for protection in smart industries.