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."
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%...