SCADA Market Projected to reach Approximately $26.6 Billion by 2032

The main purpose of a SCADA system is to monitor and control a plant or equipment in industries such as telecommunications, water, and waste control, energy, oil and gas refining, and transportation. SCADA is basically a computer system for gathering and analyzing real-time data. Certain important functions of SCADA include data acquisition, networked data communication, data presentation, and control.

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According to the report published by Allied Market Research, the global SCADA market garnered $29.3 billion in 2017 and is projected to reach $41.6 billion by 2023, registering a CAGR of 6.0% through 2023. The report offers deep insights into the market landscape, key investment pockets, market classification, dynamic factors such as drivers, restraints, and opportunities, and business performances of key players.

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. On the contrary, increased R&D activities in wireless sensor networks in SCADA coupled with growth in the big data sector are expected to create worthwhile opportunities for the market players.

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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.

Depending on offering, the hardware segment holds the largest supervisory control and data acquisition (SCADA) market size as it helps to maintain efficiency, process data for smarter decisions, and communicate system issues to mitigate machine downtime. However, the software segment is expected to grow at the highest rate during the forecast period, owing to increasing investments by key players in the latest technologies for communication, growing demand for high data speed, and growing need for enhanced broadband capacity.

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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., IBM Corp, Alstom, ABB LTD., Honeywell International, JFE Engineering Corporation, Emerson Electric Co., and Schneider Electric.

Industries and other businesses are continuing to focus on improving data management, process & analyze data, and increasing the efficiency of business processes. Moreover, the integration of artificial intelligence (AI) and the Internet of Things (IoT) helps manufacturing firms to perform their tasks faster and accurately, resulting in high adoption and growth of the SCADA industry market over the forecast period.

In addition, companies have incorporated solutions for manufacturing execution, quality control, supply chain management, and analytics to connect with customers, enabling them to lead with precision, efficiency, and agility. These factors are expected to create numerous opportunities for high SCADA industry market growth in the forecast year.

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