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Operational Technologies Market Segments 2024-2033 | Size, Share And Insights
Operational Technologies Market Segments
According to The Business Research Company's, The operational technologies market size has grown strongly in recent years. It will grow from $165.67 billion in 2023 to $182.06 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the adoption of automation technologies, cybersecurity concerns, integration of IoT devices, digital transformation, and aging infrastructure.
The operational technologies market size is expected to see rapid growth in the next few years. It will grow to $268.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the growing adoption of edge computing, deployment of 5G networks, continued emphasis on remote access, increasing focus on sustainability, and supply chain resilience. Major trends in the forecast period include the development and adoption of standardized protocols, the rise of digital twins, greater utilization of predictive analytics, open source technologies, and human-centric design.
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Market Drivers and Trends:
An increase in demand for energy is expected to propel the growth of the operational technologies market going forward. Energy refers to the power or electricity needed to operate machinery, equipment, and processes, which are crucial for manufacturing, production, and operational activities. The demand for energy increased due to population growth, urbanization, industrialization, economic development, and technological advancements. Operational technologies play a vital role in modernizing the energy industry, improving efficiency, reliability, and sustainability by optimizing operations, integrating renewable energy, and enhancing grid resilience to meet the energy market's evolving demands market. For instance, in July 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the global electricity demand increased by nearly 5% in 2021 and around 4% in 2022. Therefore, an increase in demand for energy is driving the growth of the operational technologies market.
Major companies operating in the operational technologies market are developing innovative solutions, such as industrial edge solutions, to address the evolving needs of enterprises and gain a competitive edge in the market. An industrial edge refers to a computing infrastructure deployed proximate to industrial assets for real-time data processing, enhancing operational efficiency and enabling advanced control functionalities. For instance, in October 2021, Nokia, a Finland-based communications and information technology company, launched the MX Industrial Edge, an off-the-shelf, first mission-critical solution tailored for Industry 4.0 applications. It combines high-compute capacity and security with scalability to accelerate enterprises' operational technology digitalization journeys. It combines computing power, storage, wired and wireless networking, one-click industrial applications, and automated management into a single, on-premise platform for operational technology (OT) digital transformation. Enterprises using this solution can gain access to an on-premise cloud architecture that simplifies edge requirements, offering an easily deployable, universally accessible, and service-based solution.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Huawei Technologies Co., Ltd., General Electric Co, IBM Corporation, Cisco Systems, Ernst & Young Global Limited, Oracle, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd, Thales Group, Emerson Electric Co., Wipro Limited, Rockwell Automation, Inc., Fortinet, Inc., Yokogawa Electric Corporation, Advantech Co., Ltd., Audubon Companies, Forcepoint LLC, Wunderlich-Malec Engineering, Inc., Gray Matter Systems LLC, iTSM Group, SCADAfence, NTT Ltd.
Operational Technologies Market 2024 Key Insights:
• The operational technologies market size is expected to see rapid growth in the next few years. It will grow to $268.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Increase In Demand For Energy Fuels Growth In The Operational Technologies Market
• Innovations For Transforming The Operational Technologies Market
• North America was the largest region in the operational technologies market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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