OPERATIONAL TECHNOLOGY MARKET: OVERVIEW
The Global Operational Technology Market Size was valued at USD 130.25 Billion in 2021, the market is projected to grow USD 225.10 Billion in 2029, at a CAGR of 6.11%.
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Operational technology combines software and hardware to manage and keep an eye on physical processes, equipment, and infrastructure. Operational technology is used to perform a number of duties in a variety of asset-intensive businesses, from managing robots in a manufacturing plant to monitoring crucial infrastructure. Operational technology solutions are being used by several different industries, including manufacturing, transportation and logistics, mining, and power production and electricity. The need for operational technology should increase over the anticipated time frame. The majority of the increases is attributed to an increase in cyberattacks against OT systems. To control and manage industrial processes, these networks and infrastructures are interconnected. OT comprises of electrical component systems that might control how the machines function mechanically. To automate and monitor operations, these electronic component systems provide sensor data to the controller. The increase in cyberattacks and network security issues is expected to propel market growth during the forecast period.
COVID-19 has had a significant impact on the global operational technology market and economy. The significant decline in product demand has hurt economies all throughout the world. Production across all industries has been slowed down as a result of the pandemic-related shortage of raw materials. The loss in exports and supply chain disruptions are the key reasons for the output decrease. At this period, when the major objective of the businesses was to maintain operations despite having a limited staff and resource pool, operational technology was essential to a company's capacity to operate effectively.
OPERATIONAL TECHNOLOGY MARKET: TREND
Rising Adoption of Operational Technology in Developing Countries Boost Market Growth
Multinational firms are deciding to set up production facilities in developing countries like Japan, Africa, India, Brazil, Indonesia, and Mexico due to the rapid industrialization in these regions, which has resulted in significant infrastructure investment. FDI is generally used by multinational firms to construct new factories in developing countries. The key factors influencing the development of emerging countries into significant industrial hubs are low manufacturing prices and accessible manpower. Additionally, sophisticated storage facilities are required to integrate and manage supply networks. Due to the surge in expenditures made to enhance supply chains in emerging countries, operational technologies now have more room to grow. Emerging market industries have adopted a number of systems, including WMS and MES.
Global Operational Technology Market Report Coverage
|Market Size in 2021:||USD 130.25 Billion|
|Forecast Period:||2021 - 2030|
|Forecast Period 2021 - 2030 CAGR:||6.11%.|
|2030 Value Projection:||USD 225.10 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||210|
|Tables, Charts & Figures:||117|
|Segments covered:||By Component, By Networking Technology, By End-user, By Region, COVID-19 Impact Analysis Report|
|Companies Covered:||ABB, Siemens, Schneider Electric, Rockwell Automation, Honeywell International Inc., Emerson Electric Co., IBM Corporation, General Electric, Accenture, Advantech Co., Ltd., Cognizant, Others|
|Growth Drivers:||1) Rising Adoption of Operational Technology in Developing Countries Boost Market Growth. 2) Governments are Increasingly Supporting Cutting-Edge Technology Drive Market Growth.|
|Pitfalls & Challenges:||1) High Installation and Maintenance Cost Limit Market Growth|
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OPERATIONAL TECHNOLOGY MARKET: DRIVERS
Governments are Increasingly Supporting Cutting-Edge Technology Drive Market Growth
Governments all over the world are increasingly supporting educational institutions, research and technology firms, and research institutes to further explore the potential of operational technologies. Governments all around the world are supporting and funding R&D for innovations like the IIoT and industrial 3D printing as they start to grasp the huge potential of operational technology. For instance, by building 10 industrial zones and smart factories by the year 2022, the South Korean government has announced steps to promote the nation's small and medium-sized manufacturing enterprises and to improve the country's manufacturing industry.
OPERATIONAL TECHNOLOGY MARKET: RESTRAIN
High Installation and Maintenance Cost Limit Market Growth
For the construction of new automated industrial facilities, cutting-edge automation technologies including SCADA, PAM, DCS, and HMI must be installed. By using SCADA to collect data, manufacturing facilities can increase production while improving product quality and reducing calculation errors. These manufacturing facilities must be established up with significant financial investments in hardware, software, and training. It can be difficult for newcomers who are opening their first factory to invest such a significant cash.
OPERATIONAL TECHNOLOGY MARKET: SEGMENTATION
The Global Operational Technology Market is segmented by Component, Networking Technology, End-user, and Region. Based on the Component, the market is categorized into Hardware, Software, and Services. Based on Networking Technology, the market is categorized into Wired and Wireless. Based on End-user, the market is categorized into Food and Beverage, Automotive and Transportation, Energy and Utilities, Building and Infrastructure, Life Sciences, Marine and Ports, Metals and Mining, Pulp and Paper, Oil & Gas, Chemicals, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
SEGMENTATION: BY REGION
Based on the Region, the Global Operational Technology Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
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North America is expected to dominate the operational technology market share owing to the innovative automation technology adoption and a substantial presence of major market players in operational technology. Furthermore, the competition in the North American market places a high priority on modernizing their facilities with cutting-edge technology, which is further fostering the industry's growth. The increase in operational activity in both the non-process and process industries, which are both experiencing an increase in demand, is the cause of the expansion. However, the Asia Pacific is expected to witness the highest growth rate during the forecast period of the operational technology market due to industrial automation is increasing. Industry 4.0, smart factories, IoT, and the rising need to boost productivity and save maintenance and operating costs are driving market expansion in the region.
OPERATIONAL TECHNOLOGY MARKET: KEY PLAYERS
- Schneider Electric
- Rockwell Automation
- Honeywell International Inc.
- Emerson Electric Co
- IBM Corporation
- General Electric
- Advantech Co., Ltd.
OPERATIONAL TECHNOLOGY MARKET: RECENT DEVELOPMENT
- October 2021- EcoStruxure Automation Expert Version 21.2, which manages the automation lifecycle for the water and wastewater sector, was introduced by Schneider Electric.
OPERATIONAL TECHNOLOGY MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Operational Technology Market. The Global Operational Technology Market is segmented by Component, Networking Technology, End-user, and Region. It discloses the state of the market and the outlook. The study also discusses the important information that is displayed in tables and graphs. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Operational Technology Market.
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