Pune, April 21, 2023 (GLOBE NEWSWIRE) -- SNS Insider reported that the Operational Technology Market had a worth of USD 158.1 billion in 2022 and is anticipated to attain USD 257.74 billion by 2030, with a projected compound annual growth rate (CAGR) of 6.3% from 2023 to 2030.
Market Report Scope
Operational Technology (OT) refers to the hardware and software systems used to monitor and control industrial processes, including manufacturing, transportation, and energy production. These systems are often referred to as Industrial Control Systems (ICS) and Supervisory Control and Data Acquisition (SCADA) systems. OT is essential for ensuring the safe and efficient operation of industrial processes. It allows operators to monitor the performance of machines and processes in real-time, identify potential issues, and take corrective action to prevent failures or accidents.
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Market Analysis
The operational technology market is experiencing significant growth due to a range of factors, including government initiatives and rapid industrialization in developing countries. Governments around the world are increasingly recognizing the importance of advanced technology solutions in driving economic growth and improving efficiency in industries. As a result, there has been a push towards the adoption of OT solutions in a range of sectors, including manufacturing, oil and gas, and transportation. These solutions offer real-time monitoring, predictive maintenance, and remote control capabilities, leading to increased productivity and profitability.
Impact of Russia-Ukraine Conflict
The ongoing conflict between Russia and Ukraine has the potential to impact the OT market in various ways, including disruptions in the supply chain, increased investments in cybersecurity solutions, and geopolitical risks associated with investing in the region. However, the extent of these impacts will depend on the duration and severity of the conflict and the measures taken by businesses and governments to mitigate their effects.
Key Regional Development
According to recent research, the operational technology market in the Asia Pacific region is expected to experience significant growth over the forecast period. This growth is driven by the increasing adoption of automation in a variety of end-use industries, including food and beverages, energy and power, manufacturing, and automotive. Furthermore, the rising industrialization in countries such as India, China, Malaysia, and Indonesia has also contributed significantly to the growth of the OT market in the Asia Pacific region.
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Key Takeaway from Operational Technology Market Study
- The industrial valves segment is poised to dominate the market. This comes as no surprise, as industrial valves are critical components in a variety of applications, including oil and gas, water treatment, and manufacturing.
- The market is expected to witness significant growth in the oil and gas segment, as per recent market research. This comes as no surprise, as the oil and gas industry is one of the most critical and complex sectors, and demands the highest levels of efficiency, accuracy, and safety in its operations.
Recent Developments Related to Operational Technology Market
- Rockwell Automation, a leading provider of industrial automation and digital transformation solutions, has partnered with Fortinet, a global cybersecurity solutions provider, to enhance the security of operational technology (OT) environments. The partnership aims to provide customers with comprehensive cybersecurity solutions that can protect critical infrastructure and manufacturing processes from cyber threats.
- Optiv, a leading cybersecurity solutions provider, has launched a full suite of Operational Technology (OT) services, aimed at helping industrial organizations secure their OT environments. The suite includes a range of services, such as risk assessments, compliance management, threat detection and response, and security awareness training.
Operational Technology Market Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 158.1 Billion |
| Market Size by 2030 | US$ 257.41 Billion |
| CAGR | CAGR of 6.3% From 2023 to 2030 |
| Key Segments | • By Components (Industrial Valves, Industrial Sensors, Transmitters, Actuators, Functional Safety, SCADA, MES, DCS, PAM, WMS, HMI) • By Technology (Wired, Wireless) • By Industry (Oil & Gas, Pharmaceuticals, Energy & Power, Pulp & Paper, Food & Beverages, Chemicals, Metals & Mining, Automotive, Semiconductor & Electronics, Machine Manufacturing, Aerospace & Defense, Medical Devices, Others) |
| Company Profiles | ABB, Schneider Electric, Honeywell International Inc, IBM, Siemens, Rockwell Automation, Emerson Electric Co, General Electric and Others. |
| Market Drivers | • Governments are taking strategic steps to encourage the adoption of Operational Technologies. • With smart automation, there is a growing demand for smart industrial automation all over the world. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Operational Technology Market Segmentation, by Components
9. Global Operational Technology Market Segmentation, by Technology
10. Global Operational Technology Market Segmentation, By Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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