Global SCADA Market is Expected to Reach USD 41,603 Million by 2023 | Top Players Such as - Alstom, Honeywell International and ABB LTD

According to the report published by Allied Market Research, The Global SCADA Market is Expected to Reach USD 41,603 Million by 2023 | Top Players Such as - Alstom, Honeywell International and ABB LTD. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

The high adoption rate of cloud-based SCADA systems and the rise in infrastructural developments such as smart cities and transportation drive the growth of the global SCADA market. In addition, high penetration of mobile SCADA systems fuels market growth. However, the rise in case of cybercrimes and high initial cost of SCADA systems impede the growth to certain extent.

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The global SCADA market is segmented on the basis of offering, application, and region. Based on offering, the market is fragmented into hardware, software, and services. The services segment contributed to nearly half of the total market share in 2017 and is expected to maintain its dominance throughout the forecast period. However, the software segment is expected to grow at the fastest CAGR of 6.4% by 2023.

Based on application, the market is categorized into electrical power, oil & gas, water & wastewater, manufacturing, transportation, telecommunication, chemicals, food & beverages, pharmaceuticals, and others. The electric power segment dominated the global market in 2017, accounting for 16% of the global market. However, the telecommunication segment would manifest the fastest growth at a CAGR of 8.2% during the study period.

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Based on geography, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. North America dominated the market in 2017, accounting for nearly one-third of the total market share. Moreover, it is expected to maintain its dominance through 2023. However, Asia-Pacific would be the fastest-growing segment, registering a CAGR of 7.15% by 2023.

The leading market players profiled in the report include IBM Corp, Alstom, ABB LTD., Mitsubishi Electric Corporation, Rockwell Automation, Hitachi LTD. ,Honeywell International, JFE Engineering Corporation, Emerson Electric Co., and Schneider Electric.

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Key Findings of the SCADA Market:

⁕ The services segment is expected to exhibit significant growth in the global SCADA market during the forecast period.

⁕ In 2016, the electrical power segment accounted for the highest revenue among the other end user.

⁕ North America generated the highest revenue in 2016.

⁕ Asia-Pacific is projected to exhibit substantial growth during the forecast period.

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