Operational Technology Market Will Shape the Future & Technological Advancement

Operational technology can be defined as the hardware and software used to detect or cause changes in physical processes via direct monitoring or physical devices control such as valves, pumps, etc. It is the usage of computers to monitor the physical state of a system, such as the control network for a rail system and control system for a power station.

The global operational technology market is segmented on the basis of component, networking technology, end-user and regions. Based on the components, the global operational technology market is divided into field devices, control systems, and services. By networking technology, the global operational technology market is divided into wired technology, and wireless technology. On the basis of end-user, the global operational technology market is segmented into process industry, and non-process industry.

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The global operational technology market is expected to grow in the forecast years owing to the increased communications and monitoring of machines, the evolution of IIoT, and; development in automation ecosystem with the help of organic growth strategies such as mergers and acquisitions, and collaborations; and rise in demand for industrialization in emerging countries during the forecast period.

The supervisory control and data acquisition (SCADA) systems command the maximum share in the operational technology market. The increased rate of adoption of IoT has led to the use of connected devices, and the increased automation demand will keep propelling the market for control systems. The swift demand for digital transformation has elevated the requirements for control systems.

Wired technology is anticipated to hold the maximum share of the overall operational technology market. Owing to the safety and reliability of wired networks, they are considered to be the most preferred technology in the industrial firms. The wired networking technologies that are necessary for establishment of connectivity among the OT solutions include HART, Foundation Fieldbus, Industrial Ethernet, PROFINET, Modbus, and others. These are highly used in the end-user industry such as chemical, food and beverages, oil and gas, pharmaceutical, and others.

Based on regions, the global operational technology market is segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. The North American operational technology market is estimated to grow at a swift rate during the forecast period. The presence of large number of technology providers and start-up companies are providing their products and solutions to both process and non-process industries. Various end-user industries such as food and beverages, oil and gas, and chemical present in this region have invaded the market through partnerships and collaborations. This has led to the creation of huge growth potential for the operational technology market.

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The major companies that provide operational technology solutions include Emerson, Accenture, ABB Ltd, Rockwell Automation, Schneider Electric, IBM Corporation, Oracle, SAP SE, General Electric, Siemens AG, Yokogawa Electric, Huawei Technologies, among others.

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