NEWARK, Del, Jan. 04, 2024 (GLOBE NEWSWIRE) -- In 2023, it was estimated that the operational technology market was worth US$ 19 billion. It is anticipated that the sector would be valued at US$ 22.1 billion by the end of 2024. The operational technology market is predicted to expand at a rate of 18.40% CAGR over the course of the forecast period, reaching a valuation of US$ 119.6 billion by 2034.
Operational technology makes it easier for traditionally separate industries to collaborate more, which leads to innovative solutions. Operational technology, for instance, is utilized in conjunction with the industrial and healthcare industries to improve output and services.
Growing standards and regulations in a variety of industries have an impact on the adoption of operational technology. Businesses engage in these technologies to ensure compliance with legal requirements and to ensure that their operating practices meet industry and regulatory requirements. This kind of technology aids businesses in successfully meeting their regulatory obligations.
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Key Takeaways from the Market Analysis
- The market expanded at a 16% CAGR throughout the historical period.
- Over the course of the forecast period, the operational technology market in the United States is projected to expand at a rate of 16.20% CAGR.
- From 2024 to 2034, the operational technology market in Japan is expected to rise at a 17.80% compound annual growth rate.
- Over the course of the projected period, the operational technology market in Germany is projected to garner a 19.60% CAGR.
- From 2024 to 2034, the operational technology market in China is anticipated to rise at a CAGR of 18.90%.
- Over the course of the projected period, the Australia operational technology market is projected to expand at a 21.90% CAGR.
- By type of industry, oil and gas activities are projected to gain a 21 % market share by 2024.
“Growth in the operational technology market is driven by the increasing acceptance of Industry 4.0, which emphasizes smart manufacturing, and the growing need for IoT integration, which makes real time data usage possible. These forces improve productivity, stimulate innovation, and optimize procedures in industrial operations,” opines Sudip Saha, managing director at Future Market Insights (FMI) analyst.
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Competitive Landscape
Companies in the global operational technology market are putting greater emphasis on creating comprehensive service packages that include maintenance, assistance, and instruction. Companies that provide end to end solutions improve their relationships with customers, guarantee system dependability, and create recurring income streams, all of which support long term success.
Companies are also making calculated investments in research and development to provide innovative operational technology solutions. By being at the forefront of technical innovation, they get a competitive edge that drives profitability by helping them stand out in the market and draw in customers looking for the newest and most cutting edge solutions.
Key Developments
- In order to increase the spectrum of managed services provided, Hitachi Systems, Ltd., a fully owned subsidiary of Hitachi, Ltd., announced in July 2022 that they had signed a strategic partnership agreement with Amazon Web Services Inc. ("AWS").
- Hitachi Systems will be able to add the security, scalability, and agility of AWS cloud services to its managed services owing to this new, three year strategic partnership arrangement. Customers will be able to accomplish Digital Transformation (DX) goals more quickly because of this.
Key companies profiled
- ABB
- Emerson Electric Co.
- General Electric
- Hitachi Ltd.
- Honeywell International Inc.
- IBM Corporation
- OMRON Corporation
- Rockwell Automation
- Siemens
- Schneider
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Segmentation Analysis of the Operational Technology Market
By Component:
- Supervisory Control and Data Acquisition (SCADA)
- Programmable Logic Controller (PLC)
- Remote Terminal Value
- Human Machine Interface (HMI)
- Others
- Distributed Control System (DCS)
- Manufacturing Execution System Market
- Functional Safety
- Building Management System
- Plant Asset Management (PAM)
- Variable Frequency Drives (VFD)
- Computer Numerical Control (CNC)
- Others
By Connectivity:
- Wired
- Wireless
By Deployment:
- Cloud
- On premises
By Enterprise Size:
- SMEs
- Large Enterprises
By Industry:
- Process Industry
- Oil & Gas
- Chemicals
- Pulp & Paper
- Pharmaceuticals
- Mining & Metals
- Energy & Power
- Others
- Discrete Industry
- Automotive
- Semiconductor & Electronics
- Aerospace & Defense
- Heavy Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East & Africa
Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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