IT/OT Convergence Market is projected to reach a value of $280.66 billion by 2030

According to the report published by Virtue Market Research, the Global IT/OT Convergence Market was valued at $96.34 billion in 2022 and is projected to reach a market capitalization of $280.66 billion by 2030. Over the forecast period of 2023-2030, the market is anticipated to grow at a CAGR of 14.3% owing to the increase in the usage of technology in different industries.

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The market for IT/OT convergence is being driven by a number of factors, including the rising use of Industry 4.0 technologies like IoT, big data, and AI. System convergence brought about by the union of OT and IT systems have improved decision-making, increased operational effectiveness, and reduced overall costs. IT/OT convergence business is majorly being driven by the increased popularity of cloud computing and edge computing, which enable the integration of IT and OT systems. This increases security, lowers costs, and enhances the system's scalability and data management capabilities.

The rising use of artificial intelligence (AI) and machine learning (ML) technologies is also propelling the market for IT/OT convergence. These technologies may be used to analyse data from industrial systems in order to find patterns and trends that can help with operational improvement. Cloud-based solutions are gaining popularity as organizations look for ways to save costs and boost scalability. Businesses may easily link their IT and operational systems and share data across several locations and countries due to these cloud-based solutions. This suggests that data is processed and stored on the cloud, enabling businesses to access it from any location at any time without having to invest in or maintain expensive IT infrastructure. By fusing OT and IT systems, businesses may reduce costs while improving the performance and efficiency of their operations. This may be accomplished through the real-time monitoring and management of industrial systems, predictive maintenance, and improved decision-making abilities based on real-time data processing and analysis. Additionally, the COVID-19 pandemic has had a considerable influence on the overall IT/OT convergence sector, with the demand for remote monitoring and control solutions increasing continuously. Companies have had to adjust to a remote workforce, which has boosted the need for cloud-based IT/OT convergence solutions that can be accessed from any location. Furthermore, an increased need for security channels and routes for data transfer and processing has led to market augmentation boosting the market size for the IT/OT convergence sector. However, supply chain interruptions induced by the pandemic have delayed the introduction of IT/OT convergence solutions to a few sectors, posing certain hurdles for businesses. Therefore, the impact of the pandemic had been a very mixed one for the market for IT/OT convergence.

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Segmentation Analysis:
The Global IT/OT Convergence Market segmentation includes:

By Networking Technology:
• Wired Networking
• Wireless Networking

Wired networking is a technique that connects devices and transmits data via cables and wires. This comprises Ethernet, RS-232, and RS-485 technologies. In industrial situations where high data transfer rates and minimal latency are required, wired networking is typically employed. Wireless networking transmits data between devices using radio waves rather than wires. This comprises Wi-Fi, Zigbee, and Bluetooth technologies. Wireless networking is widely employed in industrial settings where flexibility and mobility are essential, making it a popular choice among enterprises, and is anticipated to hold the majority revenue of the total market shares. Cellular networking transmits data between devices using cellular networks such as GSM, CDMA, and LTE. This technology is often utilized in industrial settings that demand a wide area network, such as remote monitoring and control applications.

By Component:
• Control System
• Field Devices
• Others

Due to the rising implementation of Industry 4.0 and the Internet of Things (IoT) in many sectors, the control system segment is likely to dominate the market. During the projection period, the field devices sector is also predicted to increase at a substantial rate. Control systems, which include programmable logic controllers (PLCs), supervisory control and data acquisition (SCADA) systems, and distributed control systems (DCS), are used to control and monitor industrial operations. Sensors, actuators, and other devices that gather and send data from industrial processes to control systems are examples of field devices. Other components used to link and integrate control systems and field equipment include gateways, software, and services.

By Industries:
• Automotive Manufacturing Industries
• Pulp & Paper
• Aerospace &Defense
• Semiconductor & Electronics
• Chemical, Oil and Gas
• Pharmaceutical & Medical Devices
• Metals & Mining
• Food & Beverages
• Others

The manufacturing industry is estimated to dominate the market due to the increasing adoption of Industry 4.0 and the Internet of Things (IoT) in the manufacturing industry. The energy and utilities industry is also anticipated to grow at a significant rate during the forecast period. The manufacturing industry is a key adopter of IT/OT convergence since it aids in the optimization and efficiency of the manufacturing process. The energy and utilities business is rapidly embracing IT/OT convergence to improve the process of power generation, transmission, and distribution. Other industries, such as agriculture, mining, and retail, are using IT/OT convergence to enhance their operations.

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Regional Analysis:
The North American market is predicted to lead the industry due to the region's increased adoption of Industry 4.0 and the Internet of Things (IoT). Europe is predicted to be the second-largest market for IT/OT convergence after the United States. Due to the increased capital investment in improving the infrastructure of Industry 4.0 and IoT in various sectors in the area, the Asia Pacific region is predicted to see the fastest growth rate throughout the projection period. The market in the Rest of the World is predicted to develop slowly due to the absence of major players in the region.

Latest Industry Developments:
• In October 2021, Schneider Electric released EcoStruxure Automation Expert Version 21.2, which manages the automation lifecycle in the water and wastewater industries.

• In October 2020, GE announced its partnership with Wise.io, an AI-driven machine learning platform to support its Predix platform for industrial IoT.

• In December 2020, Siemens announced its acquisition of American software company, PTC, with the aim of expanding its digital twin technology and internet of things capabilities.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.