Market is estimated to reach $897 million by 2022 with major growth opportunities arising from EMEA and APAC regions, finds Frost & Sullivan
Widespread digitization of building operations and rising incidences of cyberattacks on operational environments are driving the adoption of information technology (IT)/operational technology (OT) security services in smart buildings. The market is estimated to reach $897 million by 2022, increasing at a record compound annual growth rate of 37%.
"Today, smart devices control building management activities, including temperature control, access and lighting control, communication, and safety systems in many enterprises. Such converged IT/OT environment has made enterprises more vulnerable to cyberattacks," said Swetha R Krishnamoorthi, Industry Analyst at Frost & Sullivan. "With diverse protocols, hardware, and software systems, the OT devices controlling building operations provide a heterogeneous environment. Coupled with IT devices and a common network connection, the attack surface expands, providing a thriving ground for cyber adversaries to play on."
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Frost & Sullivan's recent analysis, IT/OT Security Convergence for Building Technologies, delves into the key trends in the IT/OT security market, identifies the drivers and restraints, and sheds light on the competitive landscape and evolving market share of major participants. Based on a thorough analysis, it seeks to generate a forecast for the global market, identifying future opportunities for IT/OT systems across industry verticals.
In 2018, the Americas accounted for 43.6% of the total revenue share, followed closely by the Europe, Middle East and Africa (EMEA) region at 40.7%; Asia-Pacific (APAC) was a distant third at 15.7%. However, with a majority of opportunities for IT/OT security solution vendors predicted to arise from the EMEA and APAC regions, this is set to turn around.
"A positive economic outlook in the Western European countries and increasing demand from Australia, China, and India will drive higher revenues in the EMEA and APAC regions," noted R Krishnamoorthi. "Most of the requirement will arise from the healthcare, finance, and hospitality sectors."
Vendors in the IT/OT security space can capitalize on this development by:
IT/OT Security Convergence for Building Technologies is part of Frost & Sullivan's Information and Communications Technology research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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