Operational Technology Market: Bridging the Digital Divide in Industry (2023-2029)

Operational Technology Market Set to Surge, Anticipated Growth from USD 166.55 Bn. in 2022 to USD 281.75 Bn. by 2029

In a dynamic shift, the Operational Technology (OT) market is gearing up for substantial growth, having been valued at USD 166.55 billion in 2022. Forecasts predict a robust 7.8% increase in revenue, soaring to nearly USD 281.75 billion from 2023 to 2029. This surge is attributed to the increasing digitization of OT, presenting both opportunities and challenges.

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Security Concerns Rise as OT Becomes More Connected

Operational Technology, responsible for controlling industrial equipment using hardware and software, is undergoing a digital transformation, becoming more internet-connected. This shift raises security concerns, particularly in federal facilities where security was not historically an issue. The convergence of machine learning, big data analytics, and rapid industrial growth in emerging economies further amplifies the market's momentum.

Operational Technology Market Scope:

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Analysis in the report is conducted using widely used and trusted tools such as SWOT, and PESTLE analysis, which gives an analysis of the impacts such as political, social-cultural, economic, technological, and environmental impacts, also can build strategic planning and management using this analysis.

The report is designed in such a manner that it provides the readers the appropriate and up-to-date market data in graphical and tabular forms.

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Operational Technology Market Segmentation:

by Component

1. Human-machine interface
1.1 Industrial valves
1.2 Transmitters
1.3 Industrial sensors
1.4 Actuators
2. Control Systems
2.1 SCADA
2.2 PAM
2.3 MES
2.4 WMS
2.5 DCS
2.6 HMI
2.7 Functional Safety

Considering the Components An analysis is conducted on the control systems and human-machine interface segments of the operational technology market. A significant amount of revenue was contributed by the control system segment in 2022. Human-machine interface (HMI) software provides a graphical user interface (GUI) for operating machinery in the industrial and process control domains. The two primary categories of software used in human-machine interfaces are supervisory and machine programmes.

by Networking Technology

1. Wired
2. Wireless

The wired and wireless segments of the global operational technology market are split based on networking technology. The wireless segment held the largest revenue share in 2022. It is anticipated that new development opportunities will expand the capabilities of wirelessly enabled operational technology implementations. sensors that can be installed in locations where it is not feasible to build hardwired network connections.

by Industry

1. Process Industry
1.1 Oil & Gas
1.2 Food & Beverages
1.3 Pharmaceuticals
1.4 Chemicals
1.5 Energy & Power
1.6 Metals & Mining
1.7 Pulp & Paper
1.8 Others
2. Discrete Industry
2.1 Automotive

Operational technology market segments include discrete industry, process industry, and others based on industry. The discrete industry segment held a substantial revenue share in 2022. Operational technology medical devices include network-connected non-IT devices like MRIs, CT scanners, infusion pumps, ECG sensors, temperature sensors, heart rate monitors, and breathing rate sensors. Hackers may use several of these medical devices to gain access to a hospital's network. For example, approximately 72% of OT devices are running an unsupported version of Windows.

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Operational Technology Market Major 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)

Operational Technology Market Regional Analysis:

As Operational Technology Market tends to rapid growth within the forecast period, the MMR report is structured to support that volatility with a regional analysis of the market.

Regional market analysis helps to understand the regional potential of the industry with detailed data that shows the traditional way of business, regional opportunities, trading chains, challenges and others.

This report is the ultimate guide for a new player in the industry to know the regional market competition, challenges, and advantages, to build their strategies and plans accordingly.

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Key Questions answered in the Operational Technology Market Report are:

What is Operational Technology Market?
What is the forecast period of the Operational Technology Market?
What is the competitive scenario of the Operational Technology Market?
Which region held the largest market share in the Operational Technology Market?
What are the opportunities for the Operational Technology Market?
What factors are affecting the Operational Technology Market growth?
Who are the key players of the Operational Technology Market?
Which company held the largest share in the Operational Technology Market?
What will be the CAGR of the Operational Technology Market during the forecast period?
What key trends are likely to emerge in the Operational Technology Market in the coming years?
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