Data Bridge Market Research added a new research study on Global Operational Technology Market in its repository, aims to offers a detailed overview of the factors influencing the worldwide business orientation and overall outlook. Study highlights recent market insights with disrupted trends and breakdown of Operational Technology Market products and offering along with impact due to macro-economic headwinds and matured western countries slowdown. Quantitative statistics with qualitative reasoning are evaluated on Operational Technology Market size, share, growth and trending influencing factors with Pre and Post 2021 Impact on Global Market leaders and emerging players.
Operational technology market is expected to gain significant growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.5% in the forecast period and expected to reach USD 33,738.33 million by 2028.
Major factors driving the growth of the operational technology market are increasing adoption of automation, safety instrumented services and technical advancements in hardware and software. Rising adoption of automated solutions and enhanced monitoring and control system is boosting the growth of the market. On the other hand, failure of critical functioning of OT systems is a major challenge for the growth of the market.
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Global Operational Technology Market Scope and Market Size
Operational technology market is segmented on the basis of component, deployment, connectivity, technology, and end-user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of component, the global operational technology market is segmented into hardware, software/platform, and services. In 2021, the hardware segment is expected to hold the largest share in the market as the operational technology is dependent on hardware, such as sensors, switches, controllers, and others, which are essential components for the operational technology market.
- On the basis of deployment, the global operational technology market is segmented into cloud, hybrid, and on premise. In 2021, the cloud segment is expected to hold the largest share in the market as cloud provides greater scalability.
- On the basis of organization size, the market is segmented into large enterprise and small and medium size business. In 2021, the large enterprise segment is expected to hold the largest share of the market as large enterprises are equipped with safety instruments with high precision and quality.
- On the basis of connectivity, the global operational technology market is segmented into wireless and wired. In 2021, the wireless connectivity segment is expected to hold largest share of the market as wireless connectivity helps in increasing efficiency, saving cost, and requires maintenance.
- On the basis of technology, the global operational technology market is segmented into Supervisory Control and Data Acquisition (SCADA), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Distributed Control Systems (DCS), Building Management/Automation Systems (BAS), and Process Control Domains (PCD). In 2021, the SCADA segment is expected to hold largest share in the market as it provides several advantages such as increased reliability, reduced costs, improved worker safety, greater customer satisfaction, and improved utilization.
- On the basis of end-user, the global operational technology market is segmented into oil & gas, chemicals, marine and ports, energy & utilities, metals and mining, automotive and transportation, pulp and paper, food & beverage, life sciences, buildings and infrastructure, and others. In 2021, the oil & gas segment is expected to hold largest share of the market as the OT technology is majorly used for leak detection, process safety, and process improvements, which is dominated by oil & gas industry.
Countries covered in the global operational technology market report are the U.S., Canada, Mexico in North America; the UK, Germany, France, Spain, Italy, Netherlands, Switzerland, Russia, Belgium, Turkey, Rest of Europe in Europe; China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific (APAC); South Africa, Saudi Arabia, U.A.E., Egypt, Israel, Rest of Middle East and Africa (MEA); Brazil, Argentina, and Rest of South America. North America is expected to dominate the market as the number of companies present and the various product offerings provided by key players for process safety and process improvements by are highest in the region. Asia-Pacific, on the other hand, is expected to grow at highest CAGR.
Leading Key Players Operating in the Operational Technology Market Includes:
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.
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Trends Impacting the Market
Now the question is which other region Honeywell International Inc., ABB and Emerson Electric Co. are targeting? Data Bridge Market Research has forecast a large growth in North America operational technology market and the market leaders targeting the U.S. and Canada to be their next pocket revenue for 2021.
Operational technology is becoming more competitive every year with companies including Honeywell International Inc., ABB and Emerson Electric Co. as they are the market leaders for operational technology. New reports from Data Bridge Market Research highlight major growth factors and opportunities in the operational technology market.
Operational Technology Market Development:
- In February 2021, Honeywell International Inc. was given a major contract for control, safety, and security systems by SEPCO Electric Power Construction Corporation. The company will primarily focus on cyber-secure automation control systems using operational technology that gives operators complete visibility of processes across the site to improve efficiency. This project will boost the confidence of the company as well as help solidify its presence in security segment.
- In May 2021, Rockwell Automation, Inc. entered into a partnership with Cisco. This partnership is primarily focused on expanding the company’s threat detection services. Key features of this partnership is improved threat detection using Cyber Vision systems for information technology (IT) and operational technology (OT). This was a strategical move from both these companies to expand their market share and customer base.
- 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.
How will this Market Intelligence Report Benefit You?
- The report offers statistical data in terms of value (US$) as well as Volume (units) till 2028.
- Exclusive insight into the key trends affecting the Operational Technology Market industry, although key threats, opportunities and disruptive technologies that could shape the Global Operational Technology Market supply and demand.
- The report tracks the leading market players that will shape and impact the Global Operational Technology Market
- The data analysis present in the Operational Technology Market report is based on the combination of both primary and secondary resources.
- The report helps you to understand the real effects of key market drivers or retainers on Operational Technology Market
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