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Global Operational Technology Market – Industry Trends and Forecast to 2029

  • Semiconductors and Electronics
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60
  • Semiconductors and Electronics
  • Upcoming Report
  • Jun 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Operational Technology Market, By Component (Hardware, Software/Platform, Services), Deployment (On Premise, Hybrid, Cloud), Organization Size (Small and Medium Business, Large Enterprises), Connectivity (Wired, Wireless), Technology (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Building Management/Automation Systems (BAS)), End-user (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, Others) – Industry Trends and Forecast to 2029.

Operational Technology Market

Market Analysis and Size

Operational technology have become a crucial component of every digital product, including medical devices, wearables, and smart devices, among others. Various industries are relying heavily on OT such as the automotive and transportation, building and infrastructure, energy and utilities, food and beverage, oil and gas, among others.

Global Operational Technology Market was valued at USD 21315.90 million in 2021 and is expected to reach USD 36080.59 million by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. Oil and Gas accounts for the largest end-user segment in the respective market owing to the high use for leak detection, process safety, and process improvements. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Operational technology systems are hardware and software that detect the cause of change through direct monitoring using a physical device. Operational Technology (OT) uses various technologies such as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), and Programmable Logic Controllers (PLC) to perform its applications. It is popularly used in industrial control systems, which can be deployed anywhere including power stations paper industries, and others. In recent times, merging or convergence of operational technology with Information Technology (IT) systems has led to development of Industrial Internet of Things (IIOT).

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Component (Hardware, Software/Platform, Services), Deployment (On Premise, Hybrid, Cloud), Organization Size (Small and Medium Business, Large Enterprises), Connectivity (Wired, Wireless), Technology (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Building Management/Automation Systems (BAS)), End-user (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, Others)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Market Players Covered

Fortinet, Inc. (US), Gray Matter Systems LLC (US), Forcepoint (US), IBM Corporation (US), ABB (Sweden), General Electric (US), Schneider Electric (France), Rockwell Automation, Inc. (US), Emerson Electric Co. (US), Advantech Co., Ltd. (Taiwan), Honeywell International Inc. (US), Huawei Technologies Co., Ltd. (China), Oracle (US), Wipro Limited (India), SCADAfence (Ireland), SAP SE (Germany), Cisco Systems (US), Accenture (Ireland), Wunderlich-Malec Engineering, Inc. (US), and Yokogawa Electric Corporation (Japan), among others

Market Opportunities

  • Surge in the adoption of emerging technologies such as iiot and cloud computing

  • Increased demand for safety compliance automation solutions

  • Increase in demand for operational technology among utility companies

Operational Technology Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

  • Use in Utility Companies

The increase in demand for operational technology among utility companies acts as one of the major factors driving the growth of operational technology market. These are being deployed due to their benefits such as cost-saving, environmental protection and safety improvement.

  • Technological Advancements

The increase in the use of operational technology due to continuous technological advancements along with lower power consumption accelerate the market growth. The surge in the popularity of the technology owing to its characteristics such as added convenience, increased productivity and better reliability and quality has a positive impact on the market.

  • Industry 4.0

The rise in the emergence of industry 4.0 across both manufacturing and process industries accelerate the market growth. These services are deployed as a part of their digitalization initiatives. Several governments are incorporating operational technology (OT).

Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the operational technology market.

Opportunities

Furthermore, surge in the adoption of emerging technologies such as IIoT and cloud computing in industrial environments extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, increased demand for safety compliance automation solutions will further expand the market.

Restraints/Challenges

On the other hand, high installation and maintenance costs, and requirement of maintenance and frequent software upgrades are expected to obstruct market growth. Also, lack of standardization in industrial communication protocols and rise in instances of automated cyber-attacks are projected to challenge the operational technology market in the forecast period of 2022-2029.

This operational technology market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on operational technology market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Operational Technology Market

The COVID-19 had a negative impact on operational technology market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for operational technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the operational technology market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

Recent Developments

  • In December 2019, SCADAfence partnered with Fortinet for developing a solution for Operational Technology (OT) security. This solution set the benchmark for the future developments and helped the company gain trust and reliability among customers.

  • In October 2019, ABB entered into a partnership with Operational Technology Cyber Security Alliance (OTCSA). This partnership focused on security for operational technology in critical infrastructures and Industrial Control Systems (ICS). This solution will deal with the cybersecurity issues in systems and solutions for infrastructure and industry. Both the companies will mutually benefit, which will help them expand their market.

Global Operational Technology Market Scope and Market Size

The operational technology market is segmented on the basis of component, deployment, connectivity, technology, and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

  • Hardware

  • Software/Platform

  • Services

Deployment

  • On Premise

  • Hybrid

  • Cloud

Organization Size

  • Small and Medium Business

  • Large Enterprises

Connectivity

  • Wired

  • Wireless

Technology

  • Supervisory Control and Data Acquisition (SCADA)

  • Distributed Control Systems (DCS)

  • Process Control Domains (PCD)

  • Programmable Logic Controllers (PLC)

  • Safety Instrumented Systems (SIS)

  • Building Management/Automation Systems (BAS)

End-User

  • 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

  • Others

Operational Technology Market Regional Analysis/Insights

The operational technology market is analyzed and market size insights and trends are provided by country, component, deployment, connectivity, technology, and end-user as referred above.

The countries covered in the operational technology market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the operational technology market due to the rise in demand for automation and process safety, and new technologies offered by the companies within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of the presence of operational technology hardware manufacturing companies in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Operational Technology Market

The operational technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to operational technology market.

Some of the major players operating in the operational technology market are

  • Fortinet, Inc. (US)

  • Gray Matter Systems LLC (US)

  • Forcepoint (US)

  • IBM Corporation (US)

  • ABB (Sweden)

  • General Electric (US)

  • Schneider Electric (France)

  • Rockwell Automation, Inc. (US)

  • Emerson Electric Co. (US)

  • Advantech Co., Ltd. (Taiwan)

  • Honeywell International Inc. (US)

  • Huawei Technologies Co., Ltd. (China)

  • Oracle (US)

  • Wipro Limited (India)

  • SCADAfence (Ireland)

  • SAP SE (Germany)

  • Cisco Systems (US)

  • Accenture (Ireland)

  • Wunderlich-Malec Engineering, Inc. (US)

  • Yokogawa Electric Corporation (Japan)

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Frequently Asked Questions

Global Operational Technology Market segment By Technology such as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Building Management/Automation Systems (BAS).
Some of the major players operating in the operational technology market are Fortinet, Inc., Gray Matter Systems LLC, Forcepoint, IBM Corporation, ABB, General Electric, Schneider Electric, Rockwell Automation, Inc., Emerson Electric Co., Advantech Co., Ltd., Honeywell International Inc., Huawei Technologies Co., Ltd., Oracle, Wipro Limited, SCADAfence, SAP SE, Cisco Systems, Accenture, Wunderlich-Malec Engineering, Inc., Yokogawa Electric Corporation, and others.
The Operational Technology Market is to grow at a CAGR of 6.80% during the forecast by 2029.
The Operational Technology Market value is expected USD 36080.59 million by 2029.

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Global Operational Technology Market is Expected to grow at 6.5% CAGR in the Forecast Period of 2021 to 2028


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