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Operational Technology Market Is Growing at a CAGR of 6.3% : Will Reach USD 228.1 Billion by 2028

Operational Technology Market Competitive Insights 2022 - 2028 | Major Market Players are ABB, Schneider Electric, Honeywell International Inc, IBM, Siemens, Rockwell Automation

 

Pune, Maharashtra -- (SBWIRE) -- 08/13/2022 -- Industrial equipment and processes are monitored, controlled, and managed by operational technology, which combines hardware and software. The operation of items like factories, power plants, facility equipment, machines, and others is maintained by OT. The conventional operational technology that was only used in industrial control systems is now being replaced by operational technology as a result of technological advancements in communication and networking, which has given rise to the trend for smart operational technologies.
As per the market research report by SNS Insider, the operational technology market is projected to cross USD 228.1 billion by 2028, with a CAGR of 6.3% during the forecast period of 2022–2028.

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Drivers, Restraints, Opportunities, and Challenges
One of the key factors driving operational technology market is rapid industrialization coupled with significant expenditures across industries, particularly in emerging economies. The need for smart automation, which is expected to be a key growth driver of this market, is increasing as a result of technological advancements in order to increase productivity, efficiency, security, process speed, and others, across the process and non-process sectors. Organizations are introducing new goods or collaborating with other businesses to address the rising need for smart automation. The market for operational technology is expanding as a result of the growing need for safety automation systems, remote diagnostics, building automation systems, M2M connectivity, and other cutting-edge technologies.
These production units must be set up, which necessitates significant capital expenditures on software, hardware, and training. Such a big investment is challenging for new market participants opening their first factory. As a result, before installing industrial automation systems and solutions, these businesses must perform a thorough analysis of their return on investment.

Impact of the COVID-19 Pandemic
Nearly every business and sector of the global economy has suffered as a result of COVID-19. Governments have implemented lockdowns to halt the virus's spread. The widespread lockdown that numerous nations experienced during the early stages of the pandemic severely impacted people's businesses and standards of living. As a result, supply chains all over the world have stopped. The main objective of enterprises at this time was to stay afloat, and operational technology played a crucial role in helping businesses run effectively with limited resources and staff.

Market Segmentation
BY COMPONENTS
1.Industrial valves
2.Industrial sensors
3.Transmitters
4.Actuators
5.Functional Safety
6.SCADA
7.MES
8.DCS
9.PAM
10.WMS
11.HMI

BY TECHNOLOGY
1.Wired
2.Wireless

BY INDUSTRY
1.Oil & Gas
2.Pharmaceuticals
3.Energy & Power
4.Pulp & Paper
5.Food & Beverages
6.Chemicals
7.Metals & Mining
8.Automotive
9.Semiconductor & Electronics
10.Machine Manufacturing
11.Aerospace & Defense
12.Medical Devices
13.Others

The wired segment in the market for operational technology acquired the biggest revenue share based on networking technology. Wired technology refers to actuators, sensors, and other gadgets that transmit data across wires. Wired technology is used in control systems and process-control applications where a physical connection between units is necessary for remote operation.
In terms of industry, the operational technology market's machine manufacturing segment held the biggest revenue share. Manufacturers must adhere to safety and regulatory standards while contending with growing economic pressures and a desire for a more diverse product line.
According to component, the operational technology market saw a significant revenue share for the field devices sector. Actuators, switches, valves, and transmitters are a few examples of operational technology field equipment. The industry and the types of industrial processes determine the kinds of tools and systems employed in operational technology, as well as the use of operational technology as a whole.

Regional Analysis
The rising demand for smart tools as a result of increased industry automation, growing adoption of technologies like Industry 4.0, smart factories, IoT, and IIoT, and growing pressure to increase productivity and lower operating and maintenance costs are the main factors propelling the growth of the operational technology market in APAC. One of the key elements that will increase the need for operational technology in the upcoming years is government backing in a number of APAC nations to promote industrialization. The governments in the area have taken a number of actions.

Competitive Landscape Outlook
Some of the key participants involved in the operational technology market are Rockwell Automation, Emerson Electric Co, Schneider Electric, General Electric ABB, IBM, Siemens, and Honeywell International Inc.

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Table Of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
 
2. Research Methodology
 
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
 
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact Of Ukraine-Russia War
 
5. Value Chain Analysis
 
6. Porter's 5 Forces Model
 
7.  PEST Analysis
 
8. Global Operational Technology Market Segmentation, By Components
8.1Introduction
8.2 Industrial Valves
8.3 Industrial Sensors
8.4 Transmitters
8.5 Actuators
8.6 Functional Safety
8.7 SCADA
8.8 MES
8.9 DCS
8.10 PAM
8.11 WMS
8.12 HMI
8.13 Other
 
9. Global Operational Technology Market Segmentation, By Technology
9.1 Introduction
9.2 Wired
9.3 Wireless
9.4 Other
 
10. Global Operational Technology Market Segmentation, By Industry
10.1 Introduction
10.2 Oil & Gas
10.3 Pharmaceuticals
10.4 Energy & Power
10.5 Pulp & Paper
10.6 Food & Beverages
10.7 Chemicals
10.8 Metals & Mining
10.9 Automotive
10.10 Semiconductor & Electronics
10.11 Machine Manufacturing
10.12 Aerospace & Defense
10.13 Medical Devices
10.14 Others
 
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2    Canada
11.2.3    Mexico
11.3        Europe
11.3.1    Germany
11.3.2    UK
11.3.3    France
11.3.4    Italy
11.3.5    Spain
11.3.6    The Netherlands
11.3.7    Rest Of Europe
11.4        Asia-Pacific
11.4.1    Japan
11.4.2    South Korea
11.4.3    China
11.4.4    India
11.4.5    Australia
11.4.6    Rest Of Asia-Pacific
11.5        The Middle East & Africa
11.5.1    Israel
11.5.2    UAE
11.5.3    South Africa
11.5.4    Rest
11.6        Latin America
11.6.1    Brazil
11.6.2    Argentina
11.6.3    Rest Of Latin America
 
12. Company Profiles
12.1 IBM
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS View
12.2 ABB
12.3 Schneider Electric
12.4 Honeywell International Inc
12.6 Siemens
12.7 Rockwell Automation
12.8 Emerson Electric Co
12.9 General Electric
12.10 Other
 
13. Competitive Landscape
13.1 Competitive Benchmark
13.2 Market Share Analysis
13.3 Recent Developments
 
14. Conclusion