Operational Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Human Machine Interface (Industrial Valves, Transmitters, Industrial Sensors, Actuators), Control Systems (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domain (PCD), Programmable Logic Controllers (PLC), Safety In
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationOperational Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Human Machine Interface (Industrial Valves, Transmitters, Industrial Sensors, Actuators), Control Systems (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domain (PCD), Programmable Logic Controllers (PLC), Safety In
Global operational technology market is predicted to proliferate during the forecast period due to the growing adoption of internet of things (IoT) in supply chains by enterprises to meet the need for growing business. Globally vendors are making significant product innovations by integrating technologies such as artificial intelligence (AI), Internet of Things (IoT), machine learning (ML) to cater to customer needs and market requirements. It gives businesses the opportunity to track assets and secure data while enhancing performance, dependability, and scalability. Operational technology enables controlling, monitoring equipment and maintenance of assets, machines, and systems for organizations across various industries. Additionally, to maintain high business continuity and maximize connectivity, enterprises are increasingly considering more reliable and secure solutions. The systematic integration of digital technologies in industrial systems with cloud computing, enhanced internet connectivity and rise in Information, Communication, and Technology (ICT) expenditure by governments in several developed and developing regions, including North America, Europe, and Asia-Pacific are expected to enhance the features of operational technology. This, in turn, is expected to drive market growth during the forecast period.
Operational technology is expected to become more essential, as more businesses explore giving their employees either a fully virtual working environment or hybrid that blends virtual and in-office working environments. Operational technology enables organizations with real-time update that helps make an important decision. Moreover, several other benefits such as asset theft, increasing asset efficiency, reducing maintenance cost, increasing lifespan asset, and minimizing sudden failure are enabling enterprises to adopt the operational technology.
Increasing use of Predictive Maintenance
The current surge of digital innovation, remote work, and cloud usage has increased the demand for operational technology with security, which has caused businesses to re-evaluate their network architecture. Operational technology is becoming increasingly popular among organizations that are eager to embrace digital transformation. Manufacturers worldwide are looking for solutions and measures to optimize their operations and improve efficiency.
By utilizing predictive maintenance, manufacturers are lowering the maintenance expenses and decreasing production time. Predictive maintenance application equips the organization with the capabilities to predict asset failure or any quality related issues in the equipment. Predictive maintenance can optimize asset management and reduce costs from unexpected downtime. This has provided the edge for applications performance and offers high-quality user experience which has contributed to the growth in business productivity, agility and control the IT costs.
Moreover, predictive maintenance and asset management applications assist companies to deal with unexpected downtime, improving the overall efficiency of the operations and following the regulations and compliance. All these factors have resulted in the high adoption of predictive maintenance and operational technology systems such as (SCADA) Supervisory Control and Data Acquisition and many more in the industrial setting. Furthermore, operational technology helps with physical access protection, secure management of key material, enhance the overall equipment effectiveness (OEE) by improving the production quality, performance, and availability of manufacturing operations making it possible to immediately identify a security assault. Therefore
The Growing Adoption of Internet of Things in Supply Chains Proliferating Growth
The supply chain and trade has become an essential component in today’s business reciprocation. The gradual but steady adoption of different technologies including Internet of Things (IoT) in Industry 4.0 (I4.0) is now a prominent area to identify ways for industries to operate their functions. The collaboration between suppliers, manufacturers and customers is very important to enable transparency throughout the order processing stages and product lifecycle. The adoption of Internet of Things (IoT) in supply chain is rapidly growing as many enterprises are heavily relying on industry 4.0 and technological advancement. Most industrial organizations are increasingly deploying IoT technology for improving their supply chain management.
Operational Technology software allows logistics and supply chain enterprises to manage risk, reduce warehouse costs, remotely track assets, keep accurate records, etc. Lack of visibility has always been a roadblock for asset intensive enterprises in manufacturing, retail, oil and gas, construction, manufacturing, and transportation. Moreover,
The Increasing number of cloud-based solutions to Propel Growth of Market
With the growing benefits of integrating cloud services, the enterprises are rapidly adopting cloud-based solutions into their infrastructure. Technology is helping in delivering an effective cloud connection to the network. Cloud-based asset management solutions provide several benefits for businesses of all sizes and in all industries. Operational technology enables businesses to track their assets and inventory in real-time and take advantage of cloud service deployment without having to host and manage on-premises machines. In addition, due to the increasing number of cloud-based solutions, the requirements are changing with the widespread adoption of cloud services that are connected over the internet.
As cloud services connected through the internet become more and more popular, the need for effective cloud based operational technology solutions is evolving
Recent Advancements
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Market Segmentation
Company Profiles
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| Attribute | Details |
| Base Year | 2022 |
| Historical Years | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2024 – 2028 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | By Component By Connectivity By Industry By Region |
| Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
| Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Qatar, Saudi Arabia, UAE, Brazil, Argentina, Colombia |
| Key Companies Profiled | Siemens Corporation, ABB Ltd., General Electric Company, Honeywell International Inc., Schneider Electric SE, Emerson Electric Co., IBM Corporation, Oracle Corporation, Rockwell Automation, Inc., Yokogawa Electric Corporation |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
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