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Global Operational Technology Market – Industry Trends and Forecast to 2030

  • Semiconductors and Electronics
  • Upcoming Report
  • Oct 2023
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Operational Technology Market – Industry Trends and Forecast to 2030

Market Size in USD Billion

CAGR - % Diagram

Diagram Forecast Period 2022–2030
Diagram Market Size (Base Year) USD 21315.90 Million
Diagram Market Size (Forecast Year) USD 36080.59 Million
Diagram CAGR %

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 2030.

Operational Technology 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.

Data Bridge Market Research analyses that the operational technology market which was USD 21,315.90 million in 2022, would rocket up to USD 36,080.59 million by 2030, and is expected to undergo a CAGR of 6.80% during the forecast period. “Hardware” dominates the component segment of the operational technology market owing to the high demand of this type of component in the market. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Operational Technology Market Scope and Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015-2020)

Quantitative Units

Revenue in USD Million, 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., South Africa, Egypt, Israel, 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. (U.S.), Gray Matter Systems LLC (U.S.), Forcepoint (U.S.), IBM Corporation (U.S.), ABB (Sweden), General Electric (U.S.), Schneider Electric (France), Rockwell Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Advantech Co., Ltd. (Taiwan), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Oracle (U.S.), Wipro Limited (India), SCADAfence (Ireland), SAP SE (Germany), Cisco Systems (U.S.), Accenture (Ireland), Wunderlich-Malec Engineering, Inc. (U.S.), 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

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).

Global Operational Technology Market Dynamics

Drivers

  • The 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.

  • Rise in 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.

  • Growing Industrial Expansion

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

Opportunities

  • Aging Infrastructure and Asset Management

Many industries, particularly in sectors such as manufacturing, energy, and utilities, have aging infrastructure and assets. The need to monitor, maintain, and optimize these assets drives the adoption of OT solutions for asset management, predictive maintenance, and condition monitoring. OT technologies help industries extend the lifespan of critical infrastructure, reduce downtime, and enhance overall operational efficiency.

  • Advancements in IoT and Connectivity Technologies

The advancements in Internet of Things (IoT) and connectivity technologies are driving the operational technology market. The proliferation of high-speed internet, wireless networks, and affordable sensors enables seamless data collection, transmission, and analysis in real-time. These technological advancements make it easier to deploy and manage telematics systems, leading to increased adoption across various industries.

Restraints/Challenges

  • Rising Competition

The operational technology market is highly competitive, with numerous companies offering a wide range of products. This can make it challenging for new entrants or smaller companies to gain market share and establish a strong presence.

  • High Cost Associated with Implementation

The cost of operational technology systems is very high in the market. Automotive systems and payers face cost pressures, and there is a growing demand for cost-effective solutions. Manufacturers need to balance the development of innovative implants with affordability to meet market demands.

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 the 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.

Recent Development

  • 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 companies will mutually benefit, which will help them expand their market.

Global Operational Technology Market Scope

The operational technology market is segmented on the basis of component, deployment, organization size, connectivity, technology, and end-user. The growth amongst these segments will help you analyze meagre 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

Global Operational Technology Market Regional Analysis/Insights

The operational technology market is analysed and market size insights and trends are provided by component, deployment, organization size, connectivity, technology, and end-user as referenced 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., South Africa, Egypt, Israel, 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 because of the strong base of automotive facilities, strong presence of major players in the market.

Asia-Pacific is expected to witness significant growth during the forecast period of 2023 to 2030 due to the increase in government initiatives to promote awareness, rise in automotive facilities, growing research activities in the region, availability of massive untapped markets, large population pool.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and up-stream 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 Share Analysis

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 company’s focus related to operational technology market.

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

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


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The operational technology market size will be worth USD 36,080.59 million by 2030.
The growth rate of the operational technology market is 6.80% in the forecast period by 2030.
The increase in demand for operational technology among utility companies & increase in the use of operational technology due to continuous technological advancements are the growth drivers of the operational technology market.
Component, deployment, organization size, connectivity, technology, and end-user are the factors on which the operational technology market research is based.
Major companies in the operational technology market are Fortinet, Inc. (U.S.), Gray Matter Systems LLC (U.S.), Forcepoint (U.S.), IBM Corporation (U.S.), ABB (Sweden), General Electric (U.S.), Schneider Electric (France), Rockwell Automation, Inc. (U.S.), Emerson Electric Co. (U.S.), Advantech Co., Ltd. (Taiwan), Honeywell International Inc. (U.S.), Huawei Technologies Co., Ltd. (China), Oracle (U.S.), Wipro Limited (India), SCADAfence (Ireland), SAP SE (Germany), Cisco Systems (U.S.), Accenture (Ireland), Wunderlich-Malec Engineering, Inc. (U.S.), and Yokogawa Electric Corporation (Japan), among others
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