Global Operational Technology Market Size By Component (Human-machine interface, Control Systems), By Networking Technology (Wired, Wireless), By End-Use Industry (Process Industry, Discrete Industry), By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

View Details Buy Now 2890 Download Sample Ask for Discount Request Customization

Operational Technology Market Size And Forecast

Operational Technology Market size was valued at USD 142.02 Billion in 2022 and is projected to reach USD 259.86 Billion by 2030, growing at a CAGR of 7.23% from 2023 to 2030.

The increasing initiatives from the government for the adoption of advanced technologies in the industries is one of the significant factors driving the growth of the market. In addition, rapid industrialization in developing countries such as Brazil, India, and India further boosted the market’s growth. The Global Operational Technology Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Operational Technology Market Definition

Think of operational technology as the brains and nerves that keep industries humming. It's a mix of communication and computing systems designed to manage, monitor, and control all the nitty-gritty industrial operations, especially the physical machines and processes involved. We're talking about the tech that keeps your manufacturing equipment and other important industrial assets in check. This includes all the and keeping factories, power plants, and even just everyday facility equipment up and running. You'll often hear about things like distributed control systems (DCSs), industrial control systems (ICSs), and supervisory control and data acquisition (SCADA) systems—they're all part of the OT family. And these systems are vital in industries ranging from oil and gas to manufacturing, electrical grids, aviation, rail, maritime, and the everyday utilities we all rely on.

Imagine operation technology, or OT, as the very heart of a company - it's what really makes things tick. It's usually all about the core business, you know? Think of a factoryOT oversees and controls the entire manufacturing process. Now, OT used to be its own thing, separate from regular IT. But things are blurring! Thanks to the Industrial Internet of Things (IIoT), we can remotely manage devices, making everything more efficient and productive. But there's a catchCybersecurity? It suddenly becomes a much bigger concern. Connecting all these devices and systems to the internet opens up new vulnerabilities that hackers can exploit.

Global Operational Technology Market Overview

Increasing demand for the operational technologies from the end-use industries is one of the key factors which is expected to drive the market’s growth over the forecast period. Rising various governments’ support for IT innovation in many countries is anticipated to offer immense potential opportunities for the key players in the market over the forecast period. Governments across the globe are taking initiatives and providing funding to many industries to explore and integrate operational technologies.

Companies from developed countries are shifting their manufacturing and production plants to developing economies such as China, India, and Brazil. This is mainly due to the low cost of manufacturing and easy availability of labor. These developments have created more demand for the technologies such as operational technologies to monitor, manage, and control the processes and assets in developing countries. However, the high cost of operational technology-related software and hardware is one of the key factors which could hinder the market’s growth over the forecast period.

In addition to this, training the employees also significantly contributed to the total cost, which is not feasible for small and medium-scale companies. Furthermore, increasing cyber-attacks on operational technologies such as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and human-machine interfaces (HMI) is also one of the key challenges for the end users. Though the security of these systems become more advanced in recent years, cyberattacks still hampering the growth of the Global Operational Technology Market.

Global Operational Technology MarketSegmentation Analysis

The Global Operational Technology Market is segmented on the basis of Component, Networking Technology, End-Use Industry, And Geography.

Operational Technology Market, By Component

• Human-machine interface• Control Systems

Based on Component, The market is segmented into Human-machine interface and Control Systems. The Control Systems segment accounted for the highest market share in the year 2021 in the global market. The Control Systems include various technologies such as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), human-machine interfaces (HMI), Privileged Access Management (PAM), functional safety, and others. The rising integration of these systems across the various end-use industries is contributing to the growth of this particular segment.

Operational Technology Market, By Networking Technology

• Wired• Wireless

Based on Networking Technology, The market is segmented into Wired and Wireless. Wireless networking technology is anticipated to grow at the highest CAGR in the Global Operational Technology Market over the forecast period. Wireless networking technology is considered expected to be the driver of the data-driven factory of the future as they provide the solution to the important networking challenges Industry 4.0 faces. The wireless technology provides the high bandwidth and low latency needed to automate and optimize the diverse operations and Industry 4.0 use cases that will occur within future shop floors.

Operational Technology Market, By End-Use Industry

• Process Industry• Discrete Industry

Based on End-Use Industry, The market is segmented into Process Industry and Discrete Industry. The Process Industry accounted for the major market share in the Global Operational Technology Market. Process Industry further sub-segmented into oil & gas, food & beverages, pharmaceuticals, chemicals, energy & power, metals & mining, pulp & paper, and others. The rising adoption of operational technology in these process industries is driving the growth of the segment.

Operational Technology Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Regional Analysis, The Global Operational Technology Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region is expected to grow at the highest CAGR over the forecast period of 2023-2030. This is mainly due to rising automation in the various end-use industries such as food and beverages, energy and power, manufacturing, and automotive. In addition to this, rising industrialization in the countries such as India, China, Malaysia, Indonesia, etc. further significantly contributes to the growth of the market in the Asia Pacific region.

Key Players

The “Global Operational Technology Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Siemens, ABB, Schneider Electric, Honeywell International Inc., IBM, Rockwell Automation, Emerson Electric Co., General Electric, Advantech Co., Ltd., SCADAfence.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In January 2022, ABB and Red Hat announced the partnership to deliver ABB automation and industrial software solutions at the intersection of operational technology (OT) and information technology (IT), equipping the industrial ecosystem with extended deployment capabilities and greater agility.

• In July 2022, Rockwell Automation Inc. announced the partnership with Dragos to improve operational technology incident response readiness to help industrial organizations prepare for, respond to, and recover from cyber incidents in operational technology (OT) environments.

• In November 2019, Siemens AG signed a partnership with the cybersecurity firm Fortinet to address the security challenges associated with the convergence of IT networks and operational technology.

• In October 2020, IBM and ABB announced a collaboration focused on connecting cybersecurity and operational technology (OT). The aim, of the collaboration, is to combine ABB’s process control system domain expertise with IBM’s security event monitoring portfolio to help improve security for industrial operators.

Report Scope

Report AttributesDetails
Study Period

2019-2030

Base Year

2022

Forecast Period

2023-2030

Historical Period

2019-2021

Unit

Value (USD Billion)

Key Companies Profiled

Siemens, ABB, Schneider Electric, Honeywell International Inc., IBM, Rockwell Automation, Emerson Electric Co., General Electric.

Segments Covered

By Component, By Networking Technology, By End-Use Industry, And By Geography.

Customization scope

Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope

Top Trending Reports

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

Okay, so we're digging deep into this market, looking at way more than just the financials! Expect market values for every single piece, and we're talking big numbers – in USD Billion! We'll tell you which region and segment we believe will be the fastest growing and the largest overall. You'll see exactly where this product or service is being used with a geographical breakdown, plus what's driving the market in each area. We'll also size up the competition, ranking the key companies and detailing all the recent action, from new product releases to partnerships, expansions, and acquisitions from the past five years. We're including detailed company profiles too, loaded with overviews, insights, product comparisons, and even SWOT analyses of the major players. We'll also share our expert opinion on the current state of the market and where it's going, considering recent developments, opportunities, growth factors, and the challenges in both emerging and mature markets. And yes, we're analyzing the market through Porter's five forces and giving you a sense of the Value Chain. Expect a full look at market dynamics and future growth potential. Oh, and you get 6 months of analyst support after you purchase!

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.

Table of Content

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

List Tables Figures

To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )

FAQ'S

For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:

sales@marketinsightsresearch.com

Within 24 to 48 hrs.

You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email

You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.