Real Estate

Rise in cyber-attacks on smart buildings propels global IT/OT security market: Report

Our Bureau New Delhi | Updated on August 12, 2019 Published on August 12, 2019

The widespread digitization of building operations and rising incidences of cyber-attacks on operational environments are driving the adoption of information technology (IT)/operational technology (OT) security services in smart buildings, according to a recent report by Frost & Sullivan’s, a business consulting firm.

The report titled, ‘IT/OT Security Convergence for Building Technologies’ the market is estimated to reach $ 897 million by 2022, increasing at a record compound annual growth rate of 37 per cent, the statement added.

“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 cyber-attacks,” said Frost & Sullivan analyst.

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, the analyst added.

The report focuses on 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.

Published on August 12, 2019

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