The operational technology market is experiencing unprecedented growth, fueled by the latest technological advancements. Innovations such as Internet of Things (IoT), Artificial Intelligence (AI), and Edge Computing are revolutionizing industries, optimizing processes, and enhancing efficiency. IoT sensors enable real-time data collection, AI algorithms analyze this data for actionable insights, and edge computing ensures rapid decision-making at the source. This synergy of technologies is reshaping operational landscapes across sectors such as manufacturing, energy, and transportation, driving remarkable advancements and propelling the operational technology market into a new era of productivity and innovation.
Data Bridge Market Research analyses that the Global Operational Technology Market size was valued at USD 21,315.90 million in 2022, is expected to reach USD 36,080.59 million by 2030, and is expected to undergo a CAGR of 6.80% during the forecast period of 2023 to 2030.
To know more about the study, visit: https://www.databridgemarketresearch.com/jp/reports/global-operational-technology-market
Below are the Top Five Operational Technology Companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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Honeywell International Inc.
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Honeywell International Inc. is a multinational conglomerate specializing in various industries including aerospace, building technologies, and performance materials. In the operational technology market, Honeywell provides advanced solutions for process automation, control systems, and industrial safety. Their offerings encompass software, hardware, and services, catering to sectors such as oil and gas, manufacturing, and utilities. With a focus on innovation and reliability, Honeywell's technologies optimize operational efficiency, enhance safety standards, and facilitate digital transformation for industrial clients globally.
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Europe, Middle East and Africa, North America, South America, and Asia Pacific
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In February 2021, Honeywell International Inc. was given a major contract for Control, Safety, and Security Systems by SEPCO Electric Power Construction Corporation (SEPCO). Honeywell International Inc., will primarily focus on cyber-secure automation control systems using operational technology (OT) that give operator’s complete visibility of processes across the site to improve efficiency. This project will boost the confidence and help solidify its presence in the security segment and gain customers' confidence.
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2.
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ABB
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ABB is a leading multinational corporation renowned for its expertise in electrification, robotics, and industrial automation. Within the operational technology realm, ABB offers a comprehensive suite of solutions spanning from power grids and electrification systems to robotics and motion control. Their portfolio encompasses advanced automation technologies, including programmable logic controllers (PLCs), industrial robots, and digital solutions for smart manufacturing. ABB's commitment to sustainability and innovation drives their efforts in delivering cutting-edge operational technology solutions that empower industries to optimize performance, increase productivity, and minimize environmental impact.
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Europe, Middle East and Africa, North America, Latin America, and Asia-Pacific
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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 designed will deal with the cybersecurity issues in systems and solutions for infrastructure and industry. Both the companies will mutually benefit, which will help these companies expand their market.
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3.
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Emerson Electric co.
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Emerson Electric Co. is a global technology and engineering company specializing in providing solutions for industrial, commercial, and consumer markets. In the operational technology sector, Emerson offers a diverse range of products and services, including process control systems, measurement instruments, and industrial automation solutions. Their innovative technologies enable seamless integration of data across various processes, facilitating real-time monitoring, analysis, and optimization. With a focus on driving efficiency, reliability, and sustainability, Emerson's operational technology solutions empower industries to streamline operations, improve asset performance, and achieve operational excellence in dynamic and challenging environments.
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Europe, Middle East and Africa, North America, Latin America, and Asia
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In July 2019, Emerson Electric Co. launched a product that is inspired by Cloud-Based technology. A key feature of this product is it's driven by Cloud-Based SCADA. This can help in cloud-based monitoring, control, and optimization of systems. This can be deployed in industries such as oil and gas which can significantly increase the production and can lower operating costs. This product launch was done to strengthen the product portfolio for the oil and gas industries.
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4.
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Schneider Electric
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Schneider Electric is a multinational corporation specializing in energy management and industrial automation. In the operational technology market, Schneider Electric delivers a comprehensive suite of solutions tailored for various sectors, including power distribution, building automation, and industrial control. Their portfolio encompasses advanced software platforms, smart devices, and integrated systems designed to optimize energy consumption, enhance operational efficiency, and improve asset performance. Schneider Electric's commitment to sustainability and digital innovation drives their efforts in providing cutting-edge operational technology solutions that enable industries to adapt to evolving challenges, embrace digital transformation, and achieve their sustainability goals.
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Europe, Middle East and Africa, North America, South America, and Asia-Pacific
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In February 2020, Schneider Electric launched a new upgraded EcoStruxure Power SCADA Operation Software. A key feature of this newly updated product is real-time vision and control for a timely response. This was being upgraded because of the growth of cybersecurity issues and graphics customization issues. This software also offers safety, reliability, and compliance, which can help the company to expand its share and market.
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5.
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Rockwell Automation, Inc.
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Rockwell Automation, Inc. is a global leader in industrial automation and digital transformation solutions. In the operational technology market, Rockwell Automation offers a comprehensive portfolio of products and services, including control systems, industrial automation software, and smart manufacturing solutions. Their technologies empower organizations to connect, monitor, and control industrial processes in real time, driving efficiency, flexibility, and agility across the manufacturing landscape. With a focus on innovation and collaboration, Rockwell Automation helps industries optimize production, improve quality, and accelerate time-to-market through advanced operational technology solutions that integrate automation, information technology, and digitalization strategies.
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Middle East and Africa, Europe, Asia-Pacific, North America, South America
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In May 2021, Rockwell Automation, Inc. entered into a partnership with Cisco. This partnership primarily focused on Expanding its Threat Detection Services. The key feature of this partnership was the improved threat detection using Cyber Vision systems for information technology (IT) and operational technology (OT). Threat Detection is important feature to tackle challenges such as siloed networks, cybersecurity threats, skills shortages among others which comes into existence when OT and IT is merged. This was a strategic move for both these companies to expand their market and customer base.
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Conclusion
The operational technology market stands poised for significant growth driven by a convergence of factors. The rising demand for industrial automation, coupled with advancements in IoT and AI technologies, creates abundant opportunities for expansion. Additionally, the increasing focus on cybersecurity in critical infrastructure bolsters the necessity for robust OT solutions. This convergence of factors not only fuels market growth but also fosters innovation and resilience within industrial sectors. As industries embrace digital transformation, the OT market is positioned to thrive, catering to evolving operational needs with efficiency and security.
