GITNUX MARKETDATA REPORT 2024

Ot Security Industry Statistics

The global OT security market is projected to reach $3.94 billion by 2021, with a compound annual growth rate of 41.7% from 2017 to 2023.

Highlights: Ot Security Industry Statistics

  • The global Operational Technology (OT) security market is expected to reach USD 28.2 billion by 2026.
  • 85% of organizations globally believe OT attacks will become more severe.
  • In 2019, the oil & gas industry held the largest share in the operational technology security market.
  • In 2021, one of the biggest OT security threats reported was ransomware, affecting 61% of organizations.
  • About 90% of OT Cybersecurity professionals believe their job function became more complex over the last year.
  • Solution/services for monitoring & detection accounted for 60% of the OT security market in 2020.
  • It is predicted that 40% of OT devices will be connected by 2025.
  • 70% of OT environments have been in operation for over a decade, making them vulnerable.
  • By 2026, the software segment is likely to grow by a higher CAGR of 42.3% in the OT Security market.
  • Financial services accounted for 25.6% of all cyberattacks in the OT security sector in 2020.
  • The energy and utilities segment accounted for over 35% of the global OT security market share in 2020.
  • Nearly 40% of cyberattacks on critical infrastructure in 2019 targeted the energy sector, the largest share among all industries.
  • Cyber espionage accounted for 23% of all OT-related breaches in 2020.
  • An estimated 57% of organizations in the OT industry have experienced cyber-attacks causing plant downtime.
  • The annual industrial cybersecurity spending in North America was estimated to reach $1.93 billion in 2019.
  • The global OT cybersecurity market is forecast to grow at a CAGR of 10% from 2021-2026.

Table of Contents

The Latest Ot Security Industry Statistics Explained

The global Operational Technology (OT) security market is expected to reach USD 28.2 billion by 2026.

The statistic indicates that the global Operational Technology (OT) security market is forecasted to grow significantly and reach a value of USD 28.2 billion by the year 2026. This suggests a substantial increase in the demand for OT security solutions, which are designed to protect the infrastructure and assets of industrial and critical infrastructure sectors from cyber threats. The growth in this market is likely driven by the increasing adoption of connected devices and automation in industries, which has exposed them to cybersecurity risks. Organizations are recognizing the importance of investing in OT security measures to safeguard their operations and maintain the resilience of their infrastructure against potential cyber attacks.

85% of organizations globally believe OT attacks will become more severe.

The statistic that 85% of organizations globally believe OT (Operational Technology) attacks will become more severe suggests a strong consensus among a majority of organizations on the anticipated severity of such attacks. This indicates a heightened level of concern and awareness within the business community regarding the increasing threats and risks posed to operational technology systems. The statistic underscores the perception that OT attacks are expected to intensify in terms of frequency, sophistication, and impact, prompting organizations to prioritize cybersecurity measures to safeguard their critical infrastructure and assets from potentially destructive cyber threats in the future.

In 2019, the oil & gas industry held the largest share in the operational technology security market.

The statistic suggests that in 2019, the oil & gas industry had the highest market segment proportion in the operational technology security market. This indicates that the oil & gas sector invested significantly in security measures for their operational technology systems compared to other industries during that period. The industry’s prominent position in this market could be due to the critical nature of their operations, the high value of their assets, and the potential consequences of security breaches. It highlights the industry’s emphasis on safeguarding their operational technology infrastructure from cyber threats and signifies the importance of cybersecurity in the oil & gas sector.

In 2021, one of the biggest OT security threats reported was ransomware, affecting 61% of organizations.

In 2021, ransomware emerged as a significant cybersecurity threat for operational technology (OT) environments, impacting a substantial 61% of organizations. Ransomware is a form of malicious software that encrypts a victim’s data and demands payment for its release, posing severe risks to OT systems that control critical infrastructure and industrial processes. The high prevalence of ransomware attacks highlights the vulnerability of OT networks to cyber threats and underscores the urgent need for robust security measures and proactive defense strategies in safeguarding industrial assets from cyber attacks. This statistic serves as a stark reminder of the escalating threat landscape faced by organizations operating in OT environments and emphasizes the importance of prioritizing cybersecurity efforts to mitigate the potential impact of ransomware incidents on operational continuity and data integrity.

About 90% of OT Cybersecurity professionals believe their job function became more complex over the last year.

The statistic that about 90% of OT (Operational Technology) Cybersecurity professionals believe their job function became more complex over the last year indicates a significant trend within the industry. This high percentage suggests a widespread perception among professionals that the challenges they face in securing operational technology systems have intensified over the past year. Factors driving this increased complexity may include the rapid evolution of cyber threats, the integration of OT systems with IT networks, and the expanding digitalization of industrial processes. This statistic highlights the critical importance of staying ahead of the evolving cybersecurity landscape and the need for continuous upskilling and adaptation within the OT cybersecurity field to effectively safeguard critical infrastructure and industrial systems.

Solution/services for monitoring & detection accounted for 60% of the OT security market in 2020.

The statistic indicates that in 2020, the solution and services related to monitoring and detection constituted the majority share, accounting for 60% of the market for operational technology (OT) security. This suggests that a significant portion of investment and focus within the industry was directed towards implementing and enhancing technologies and services that enable monitoring of OT systems for potential threats and detecting any anomalies or malicious activities. Given the increasing importance of securing critical infrastructure and industrial systems against cyber threats, the strong representation of monitoring and detection solutions highlights a strategic emphasis on proactive threat identification and mitigation in the OT security landscape.

It is predicted that 40% of OT devices will be connected by 2025.

The statistic states that it is anticipated that by the year 2025, 40% of operational technology (OT) devices will be connected to the internet or other networks. This prediction implies a significant increase in the integration of OT devices with digital technologies, signaling a trend towards a more interconnected and automated industrial landscape. As OT devices play a crucial role in various sectors such as manufacturing, energy, and transportation, this statistic suggests a growing reliance on connectivity and digitization to improve operational efficiency, decision-making processes, and overall productivity in industries. The shift towards a more connected environment also highlights the importance of addressing cybersecurity concerns to safeguard sensitive data and systems within the OT infrastructure.

70% of OT environments have been in operation for over a decade, making them vulnerable.

The statistic that 70% of Operational Technology (OT) environments have been in operation for over a decade indicates that a significant majority of these critical infrastructure systems have been in use for a long period of time, potentially making them vulnerable to cybersecurity threats and technological obsolescence. Older OT systems may lack the necessary security features and updates to defend against modern cyber attacks, leaving them exposed to potential breaches and disruptions. Furthermore, older systems may not be compatible with newer technologies and advancements, posing challenges for organizations looking to upgrade and secure their OT environments. This statistic highlights the urgent need for organizations to prioritize the modernization and protection of their OT infrastructure to mitigate risks and ensure the reliability and resilience of their operations.

By 2026, the software segment is likely to grow by a higher CAGR of 42.3% in the OT Security market.

The statistic indicates that the software segment in the Operational Technology (OT) Security market is projected to experience a Compound Annual Growth Rate (CAGR) of 42.3% by the year 2026. This implies that the demand for security software solutions within the OT sector, which encompasses industrial control systems and critical infrastructures, is expected to significantly increase over the forecast period. The high CAGR suggests a strong growth trajectory for the software segment compared to other areas within the OT Security market, indicating growing awareness and investment in software-based security solutions to protect industrial systems from cyber threats and vulnerabilities.

Financial services accounted for 25.6% of all cyberattacks in the OT security sector in 2020.

The statistic “Financial services accounted for 25.6% of all cyberattacks in the OT security sector in 2020” indicates that nearly a quarter of cyberattacks targeting operational technology (OT) systems in 2020 specifically targeted the financial services industry. These attacks aimed at disrupting the critical infrastructure and processes within financial institutions, showcasing a significant vulnerability within the sector. This statistic underscores the importance for financial organizations to prioritize cybersecurity measures and invest in robust protection mechanisms to safeguard their OT systems and data from potential cyber threats.

The energy and utilities segment accounted for over 35% of the global OT security market share in 2020.

The statistic indicates that the energy and utilities sector held a significant share of the global Operational Technology (OT) security market in 2020, amounting to over 35%. This signifies that a large portion of investments in OT security solutions, such as those aimed at protecting industrial control systems and critical infrastructure, came from the energy and utilities industry. This could be attributed to the sector’s growing awareness of cybersecurity threats and the increasing adoption of digital technologies, necessitating robust security measures to safeguard operations. The high market share also underscores the sector’s recognition of the importance of securing their OT environments to ensure reliable and uninterrupted service delivery in the face of evolving cyber risks.

Nearly 40% of cyberattacks on critical infrastructure in 2019 targeted the energy sector, the largest share among all industries.

In 2019, the energy sector experienced a disproportionate number of cyberattacks on critical infrastructure, with nearly 40% of all such attacks being directed towards this industry. This statistic highlights the vulnerability of the energy sector to cyber threats and underscores the importance of enhancing cybersecurity measures within this industry. Cyberattacks targeting critical infrastructure, particularly in the energy sector, can have devastating consequences, including widespread power outages, disruption of essential services, and potential threats to national security. Therefore, it is imperative for organizations within the energy sector to prioritize cybersecurity efforts and invest in robust defense mechanisms to mitigate the risks posed by cyber threats.

Cyber espionage accounted for 23% of all OT-related breaches in 2020.

This statistic indicates that cyber espionage was responsible for 23% of all operational technology (OT)-related breaches in the year 2020. Cyber espionage refers to unauthorized access and theft of sensitive information for strategic, political, or economic gains. Operational technology includes the hardware and software used to monitor and control physical devices, processes, and infrastructure. The fact that nearly a quarter of OT-related breaches were attributed to cyber espionage highlights the growing threat that malicious actors pose to critical infrastructure and industrial systems. Organizations must prioritize cybersecurity measures and strengthen their defenses to mitigate the risks associated with cyber espionage attacks in the OT environment.

An estimated 57% of organizations in the OT industry have experienced cyber-attacks causing plant downtime.

The statistic states that approximately 57% of organizations operating in the Operational Technology (OT) industry have encountered cyber-attacks that have resulted in disruptions to plant operations. This suggests that a majority of OT organizations are vulnerable to cyber threats, which can lead to significant downtime and potentially impact production processes and overall business operations. Such cyber-attacks can have serious consequences on critical infrastructure, highlighting the importance of implementing robust cybersecurity measures to safeguard OT systems and prevent potential disruptions caused by malicious actors.

The annual industrial cybersecurity spending in North America was estimated to reach $1.93 billion in 2019.

The statistic stating that the annual industrial cybersecurity spending in North America was estimated to reach $1.93 billion in 2019 signifies the significant financial investment made by industries to protect their systems and data from cyber threats and attacks. This substantial spending underscores the growing awareness and importance of cybersecurity in the industrial sector, as businesses are increasingly vulnerable to cyber risks. The allocation of such a substantial budget towards cybersecurity initiatives highlights the focus on safeguarding critical infrastructure and sensitive information, aiming to mitigate potential financial losses and reputational damage that can result from security breaches. Overall, this statistic emphasizes the emphasis on enhancing cybersecurity measures to ensure the continuity and resilience of industrial operations in North America.

The global OT cybersecurity market is forecast to grow at a CAGR of 10% from 2021-2026.

The statistic suggests that the global operational technology (OT) cybersecurity market is projected to experience a steady growth rate of 10% annually from 2021 to 2026. This Compound Annual Growth Rate (CAGR) indicates a consistent and gradual expansion in the market size over the forecasted period. The increasing digitization and interconnectedness of industrial systems, combined with the growing threats to critical infrastructure from cyberattacks, are expected to drive the demand for OT cybersecurity solutions. This forecast highlights the importance of investing in robust cybersecurity measures to protect industrial control systems and safeguard critical infrastructure from cyber threats in the coming years.

References

0. – https://www.www.marketstudyreport.com

1. – https://www.www.marketdataforecast.com

2. – https://www.www.statista.com

3. – https://www.solutionsreviews.com

4. – https://www.www.bigmarketresearch.com

5. – https://www.www.cisa.gov

6. – https://www.www.verizon.com

7. – https://www.www.mordorintelligence.com

8. – https://www.www.scmagazine.com

9. – https://www.www.ibm.com

10. – https://www.www.prnewswire.com

11. – https://www.www.globenewswire.com

12. – https://www.www.fortunebusinessinsights.com

13. – https://www.www.fortherecordmag.com

14. – https://www.www.accenture.com

15. – https://www.securityboulevard.com

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

Table of Contents

... Before You Leave, Catch This! 🔥

Your next business insight is just a subscription away. Our newsletter The Week in Data delivers the freshest statistics and trends directly to you. Stay informed, stay ahead—subscribe now.

Sign up for our newsletter and become the navigator of tomorrow's trends. Equip your strategy with unparalleled insights!