Operational technology (OT) plays a crucial role in industrial settings by facilitating process automation, which minimizes the reliance on manual intervention. Industries can achieve heightened efficiency and accuracy in their operations by leveraging OT. Automation streamlines processes and significantly reduces the risk of human error, enhancing reliability. OT systems provide precise control over various industrial processes, allowing for optimized performance and better resource utilization. This integration of OT in automation is vital for ensuring seamless and error-free industrial operations, ultimately contributing to increased productivity and operational excellence.
According to Data Bridge Market Research analyses, the Global Operational Technology Market that was USD 21,315.90 million in 2022, is expected to reach USD 36,080.59 million by 2030, and is expected to undergo a CAGR of 6.80% during the forecast period 2023-2030.
"Rise in industrial expansion boosts the market growth"
The growing industrial expansion serves as a key driver for the global operational technology (OT) market. As industries worldwide experience robust growth, there is an increased demand for advanced OT solutions to optimize and streamline operational processes. The integration of innovative technologies, such as Industrial Internet of Things (IoT), automation, and smart manufacturing, within industrial ecosystems further propels the expansion. This surge in industrial activities necessitates enhanced OT capabilities, driving the market as businesses seek efficient and interconnected solutions to meet the challenges of modern industrialization.
What restraints the growth of global operational technology market?
“High cost associated with the market hinders its growth”
The high cost associated with implementation stands out as a significant restraint in the global operational technology (OT) market. Implementing advanced OT solutions often involves substantial upfront expenses related to technology acquisition, infrastructure upgrades, and skilled personnel training. This financial barrier can impede the widespread adoption of OT across industries, particularly for small and medium-sized enterprises with limited budgets. Ongoing maintenance and support costs contribute to the financial burden, dissuading some organizations from embracing cutting-edge OT technologies.
Segmentation: Global Operational Technology Market
The global operational technology market is segmented on the basis of component, deployment, organization size, connectivity, technology, and end-user.
- On the basis of component, the global operational technology market is segmented into hardware, software/platform, and services
- On the basis of deployment, the global operational technology market is segmented into on premise, hybrid, and cloud
- On the basis of organization size, the global operational technology market is segmented into small and medium business, and large enterprises
- On the basis of connectivity, the global operational technology market is segmented into wired, and wireless
- On the basis of technology, the global operational technology market is segmented into supervisory control and data acquisition (SCADA), distributed control systems (DCS), process control domains (PCD), programmable logic controllers (PLC), safety instrumented systems (SIS), and building management/automation systems (BAS)
- On the basis of end-user, the global operational technology market is segmented into automotive and transportation, building and infrastructure, energy and utilities, food and beverage, life sciences, marine and ports, metals and mining, oil and gas, chemicals, pulp and paper, and others
Regional Insights: North America dominates the Global Operational Technology Market
North America dominates the operational technology market thrives due to its robust automotive infrastructure and the significant presence of key industry players. The region's well-established automotive facilities create a strong demand for operational technology solutions, driving market growth. The concentrated presence of major players fosters technological advancements and innovation, further solidifying North America's dominance in the operational technology sector.
The Asia-Pacific region is expected to experience substantial growth from 2023 to 2030, driven by increased government initiatives promoting awareness, a surge in automotive facilities, and growing research activities. The region benefits from extensive untapped markets and a large population pool, fostering a favorable environment for economic expansion and development.
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Recent Developments in Global Operational Technology Market
- In December 2019, SCADAfence forged a strategic alliance with Fortinet to pioneer an innovative Operational Technology (OT) security solution. This collaboration set new benchmarks for future developments and significantly enhanced the company's reputation for trust and reliability among its customer base
- In October 2019, ABB solidified a partnership with the Operational Technology Cyber Security Alliance (OTCSA), emphasizing a joint commitment to fortify security measures for operational technology within critical infrastructures and Industrial Control Systems (ICS). This collaborative solution addresses cybersecurity challenges in infrastructure and industry systems, fostering mutual benefits for both companies and paving the way for market expansion
The Prominent Key Players Operating in the Global Operational Technology Market
- Fortinet, Inc. (U.S.)
- Gray Matter Systems LLC (U.S.)
- Forcepoint (U.S.)
- IBM Corporation (U.S.)
- ABB (Sweden)
- General Electric (U.S.)
- Schneider Electric (France)
- Rockwell Automation, Inc. (U.S.)
- Emerson Electric Co. (U.S.)
- Advantech Co., Ltd. (Taiwan)
- Honeywell International Inc. (U.S.)
- Huawei Technologies Co., Ltd. (China)
- Oracle (U.S.)
- Wipro Limited (India)
- SCADAfence (Ireland)
- SAP SE (Germany)
- Cisco Systems (U.S.)
- Accenture (Ireland)
- Wunderlich-Malec Engineering, Inc. (U.S.)
- Yokogawa Electric Corporation (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of global operational technology market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Operational Technology Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
