Saudi Arabia Operational Technology Security Market to be Dominated by BFSI Segment through 2028
With the several trends and
developments in the field of cybersecurity and industrial automation, the Saudi
Arabia operational technology security market is expected to grow.
According to TechSci Research
report, “Saudi Arabia Operational Technology Security Market- By Region,
Competition, Opportunity and Forecast. 2018–2028,” the Saudi Arabia operational
technology security market is anticipated to register a robust growth during
the forecast period, 2024-2028. Operational Technology (OT) is a
term used to describe hardware and software that directly monitors and/or
controls physical objects, activities, and events within an organization. OT is
frequent in Industrial Control Systems (ICS), like a SCADA System. OT can be
used to control power plants or public transport in the world of critical
infrastructure. The demand for OT security increases exponentially as this
technology develops and converges with networked technology. Industrial robots,
programmable logic controllers (PLCs), remote processing units (RPUs), and
other modern technologies that make up the Industrial Internet of Things (IIoT)
are examples of Operational Technology systems. Sensors, monitors, actuators,
generators, and other devices are also examples. As the associated cyber risk
grows, ensuring the security of OT devices is critical to ensuring human
safety.
The rising digital
transformation in industrial automation and machine-to-machine (M2M)
communication is expected to have a significant impact on the operational
technology (OT) security market. Industrial automation and M2M communication
involve the use of sensors, machines, and other devices that are interconnected
and can communicate with each other. This creates a network of devices that can
work together to automate industrial processes and improve efficiency. However,
as more devices become interconnected, the risk of cyber-attacks increases.
Cyber criminals can exploit vulnerabilities in the network to gain access to
sensitive data or even take control of critical infrastructure systems, leading
to operational downtime, physical damage, and even loss of life. To address
these risks, there is a growing need for OT security solutions that can protect
against cyber threats. OT security solutions such as firewalls, intrusion
detection systems, and network segmentation are becoming more widely adopted by
organizations to protect their industrial automation and M2M communication
systems from cyber-attacks. In addition, the increasing adoption of digital
technologies in industrial automation and M2M communication is leading to the
development of new security technologies and standards. For example, the
Industrial Internet Consortium (IIC) has developed the Industrial Internet
Security Framework (IISF), which provides guidelines and best practices for
securing industrial systems and M2M communication. The rising digital
transformation in industrial automation and M2M communication is also leading
to the development of new security technologies such as blockchain and
artificial intelligence (AI). These technologies can enhance the security of
industrial systems by providing secure and decentralized data storage and
analysis, as well as real-time threat detection and response. Overall, the
rising digital transformation in industrial automation and M2M communication is
expected to drive the growth of the OT security market, as organizations seek
to protect their critical infrastructure systems from cyber threats and comply
with regulatory requirements.
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The Saudi Arabia operational
technology security market is segmented into offering, organization size,
deployment mode, end user, and region. Based on offering, the market is
segmented into solution and services. Based on organization size, the market is
segmented into small and medium organization and large organization. Based on
deployment mode, the market is segmented into on-premises and cloud. Based on
end user, the market is further split into manufacturing, BFSI, energy &
power, logistics & supply chain, mining, oil & gas, and others. The
market analysis also studies the regional segmentation to devise regional
market segmentation, divided among Northern & Central Region, Eastern
Region, Southern Region, and Western Region.
Saudi Arabia, as a part of its
Vision 2030 plan, has been making significant investments towards Industry 4.0,
also known as the Fourth Industrial Revolution. Industry 4.0 refers to the
integration of advanced technologies, such as artificial intelligence (AI),
Internet of Things (IoT), big data analytics, and automation, into industrial
processes to drive efficiency, productivity, and innovation. The Saudi
government recognizes the potential of Industry 4.0 in transforming its economy
and has been actively promoting its adoption across various sectors.
Another area of investment is in
digital transformation and innovation. The Saudi government has been actively
promoting the adoption of digital technologies across various sectors,
including healthcare, education, transportation, and finance, to enhance
service delivery, streamline processes, and improve the overall quality of
life. This includes initiatives such as the National Transformation Program
(NTP) and the establishment of the Saudi Data and Artificial Intelligence
Authority (SDAIA), which are aimed at developing digital infrastructure,
fostering innovation, and supporting startups and entrepreneurs in the field of
Industry 4.0 technologies driving the market of the operational technology
security in India.
Key market players in the Saudi
Arabia operational technology security market:
- Honeywell International Inc.
- Cisco Systems, Inc.
- CyberArk software Ltd.
- Kaspersky Lab
- Fortinet, Inc.
- Microsoft Corporation
- Forcepoint LLC
- Palo Alto Networks
- Nozomi Networks
- TÜV SÜD AG
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“Growing automation across
industries and adoption of industry 4.0 solutions is expected to increase the
demand for operational technology security across Saudi Arabia. Additionally,
Saudi Arabia is emerging out as the major manufacturing hub across the Middle
East region thereby increasing demand for various industrial automation
solutions such as operational technology” said, Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi Arabia Operational
Technology Security Market, Segmented By Offering (Solution, Services), By
Organization Size (Small and Medium Organization, and Large Organization), By
Deployment Mode (On-Premises and Cloud), By End User (Manufacturing, BFSI,
Energy & Power, Logistics & Supply Chain, Mining, Oil & Gas, and
Others), By Region, Competition, Forecast and Opportunities, 2028” has
evaluated the future growth potential of Saudi Arabia operational technology
security market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the operational technology
security market.
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