Press release
Operational Technology Market is expected to grow by 7.8 % from 2023 to 2029, reaching nearly USD 281.75 Bn.
Operational Technology Market
Report Scope:
The report provides an in-depth analysis of the operational technology market, including insights into market values, growth potential, key drivers, challenges, and regional trends. It covers various segments based on components, networking technology, and industry, offering a comprehensive view of the market landscape.
Research Methodology:
The research is conducted using a robust methodology, combining both qualitative and quantitative data analysis. Extensive primary and secondary research sources have been utilized to gather accurate and reliable information, ensuring a holistic understanding of the operational technology market.
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What are Operational Technology Market Dynamics?
Market Drivers:
Government Initiatives for the Adoption of Operational Technologies: Governments worldwide are recognizing the potential of operational technologies and are investing in research and development, particularly in areas such as IoT and industrial 3D printing. This support has significantly boosted the operational technology market, with APAC countries actively pursuing digitalization projects.
Cybersecurity Challenges in OT Environments: As operational technology becomes more connected, cybersecurity has emerged as a critical concern. The convergence of IT and OT requires robust security measures to protect technology systems from external threats, driving the need for advanced risk management and system protection.
Market Restraints:
Rapid Industrialization in Emerging Economies: While rapid industrialization in emerging economies offers growth opportunities, it also comes with challenges related to manual labor, potential errors, and the need for advanced supply chain management. These factors can hinder the seamless adoption of operational technology solutions.
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Operational Technology Market Segmentation?
Using the components, The operational technology market's control systems and human-machine interaction divisions are examined. The control system segment provided a significant share of revenue in 2022. Human-machine interface (HMI) software provides a graphical user interface for manipulating machines in the industrial and process control sectors. The two primary categories of software for human-machine interfaces are supervisory and machine programmes.
The SCADA monitoring level is a process control programme that collects data from sensors on the factory floor and sends it to a centralised computer for analysis. It is intended for usage in a control room environment. Machine-level electronics are integrated into the machines themselves in the production. The opposite is also conceivable, albeit supervisory or machine-level HMI applications are the norm.
The wired and wireless divisions of the global operational technology market are separated based on networking technology. The wireless industry has the biggest revenue share in 2022. It is anticipated that new development prospects would increase the deployments of operational technologies made possible by wireless networking. sensors that can be installed in locations where it is prohibitive to build hardwired network connections.
This reality has been utilised by businesses and industries to control and monitor a variety of systems. Wireless capability facilitates the application of operational technologies in unique and creative ways when paired with smaller components. IoT device integration into intelligent networks also enables cities to better manage traffic flow and continuously tune solar energy collectors. The majority of automation projects use OT in some way.
Who are Operational Technology Market Key Players?
1. ABB (Switzerland)
2. Siemens (Germany)
3. Schneider Electric (France)
4. Rockwell Automation (US)
5. Honeywell International Inc. (US)
6. Emerson Electric Co. (US)
7. IBM (US)
8. General Electric (US)
9. Oracle (US)
10. Yokogawa Electric Corporation (Japan)
11. Fuji Electric Co., LTD (Japan)
12. Mitsubishi Electric Corporation (Japan)
13. Omron Corporation (Japan)
14. Hitachi Ltd (Japan)
15. Hollysys (China)
16. Krohne Messtechnik gmbh (India)
17. Graymatter (India)
18. Wunderlich-Malec Engineering, Inc (US)
19. Scadafence (Israel)
20. SAP SE (Germany)
21. Tesco Controls (California)
22. Advantech CO.Ltd (Taiwan)
23. Nec Corporation (Japan)
24. Azbil Corporation (Japan)
25. Endress + Hauser Group Services AG (India)
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Regional Insights:
Asia Pacific: The Asia Pacific region holds the largest revenue share of 45% in 2022. Governments and businesses are recognizing the potential of Industry 4.0, leading to increased investments in digital infrastructure and connectivity. Ongoing investments in 4G and 5G networks are expected to further boost the operational technology market.
North America: With a 28% revenue share in 2022, North America is embracing smart manufacturing, which is driving the adoption of operational technology solutions. The presence of key market players, government initiatives, and rising R&D funding contribute to the region's growth.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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