Operational Technology Market

Market Overview
The Global Operational Technology Market size is growing at a high CAGR during the forecast period (2022-2029).

Operational Technology (OT) is technology and software that detects or induces changes in industrial equipment, assets, processes, and events through direct monitoring and control. Operational technology refers to systems that process operational data (including electronic, telecommunications, computer systems, and technical components). OT systems may be required to control valves, engines, conveyors, and other machinery to regulate and monitor various process parameters such as pressure, temperature and flow.

OT systems employ various technologies unfamiliar to IT for hardware design and communications protocols. Supporting outdated systems and devices, as well as multiple vendor architectures and standards, are common issues. Operational technology systems must be available since they monitor crucial industrial processes.

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Market Dynamics
High costs involved in installation and maintenance

Establishing modern automated manufacturing plants requires deploying the latest automation technologies such as SCADA, DCS, PAM and HMI. Data collection and analysis with these technologies help reduce errors in operations which improves the quality of products and the efficiency of manufacturing plants. Setting up a modern manufacturing plant requires large capital investments for software, equipment and labor training. It is difficult for new entrants who set up their first plant to invest a large sum. Before implementing industrial automation systems and solutions, new companies must analyze their investment returns.

Moreover, it is not feasible for companies to replace their existing legacy systems due to the high costs of new systems and the lack of interoperability with legacy systems. Legacy systems rely on proprietary protocols for communication, making it difficult to integrate them into systems based on new technologies. Companies also incur high costs in upgrading their existing systems. The automation software used in industries requires continuous maintenance and upgrades. Therefore, installing and maintaining operational technologies costs relegate them to major conglomerates and prevent wider adoption. It is a key challenge for the growth of the global operational technology market.

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Market Segmentation:
By Component
• Human Machine Interface
• Control System
By Network Technology
• Wired
• Wireless
By End-User
• Oil & Gas
• Food & Beverages
• Pharmaceuticals
• Chemicals
• Energy & Power
• Metals & Mining
• Pulp & Paper
• Automotive
• Aerospace & Defense
• Semiconductor & Electronics
• Medical Devices
• Machine Manufacturing

Competitive Landscape
The global operational technology market is competitive due to various operational technologies and solutions that cater to different types of industrial and commercial requirements. Some of the major players contributing to the growth in the segment are Siemens, ABB, Honeywell International Inc., General Electric, Schneider Electric, Rockwell Automation, Inc., Emerson Electric Co., Fuji Electric Co., Ltd., Yokogawa Electric Corporation and Mitsubishi Electric Corporation. The major players in the operational technology market adopt several growth strategies such as joint ventures, the launch of new products, and collaborations, along with mergers and acquisitions, thereby contributing to global growth in the industry.

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