Operational technology systems (OT) and information technology systems (IT) are independent systems that were never built and neither designed to work with each other. As per Gartner study, 80% of security issues faced by OT are almost identical to IT systems, while 20% are unique, which is critical functioning of these systems. Due to advancements in technology and the growing popularity of Industrial Internet of Things (IIoT) industries across the globe are trying to converge these two technologies.
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Global Operational Technology Market was valued at USD 21,315.90 million in 2021 and is expected to reach USD 36,080.59 million by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. The possible growth of the market has been highly boosted due to growing demands for smart, automated solutions and enhanced monitoring and control of the system. The operational technology market has security risk over data platforms, which is a major restraint factor for the global operational technology market.
The increasing popularity of controlling and monitoring equipment is expected to drive the market's growth rate
Operational and information technologies also play an important role in ensuring the system's security and productive functioning. Considering all these benefits it is safe to say that the capabilities of the industrial internet of things (IIOT) have significantly improved using smart sensors, operational technologies and information technology. This helps industrial internet of things (IIOT) control and monitor the system constantly so that it can perform efficiently and secure the system's functioning. This can be the driving factor for the growth of operational technology market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Component (Hardware, Software/Platform, Services), Deployment (On Premise, Hybrid, Cloud), Organization Size (Small & 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 & Gas, Chemicals, Pulp and Paper, Others)
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Countries Covered
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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
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Market Players Covered
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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 (Israel), SAP SE (Germany), Cisco Systems (U.S.), Accenture (Ireland), Wunderlich-Malec Engineering, Inc. (U.S.), Yokogawa Electric Corporation (Japan) among others
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Data Points Covered in the Report
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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
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Segment Analysis:
The global operational technology market is segmented into six notable segments based on the component, deployment, organization size, connectivity, technology, and end-user.
- On the basis of component, the operational technology market is segmented into hardware, software and services. In 2021, the hardware segment dominated the market with a market share of 45.51% due to the increase in popularity of controlling and monitoring equipment across various industries such as buildings and infrastructure, energy and utilities, food and beverage, among others.
- On the basis of deployment, the global operational technology market has been segmented into on premise, hybrid, and cloud. In 2021, cloud dominated the market with a market share of 44.67% due to a rise in demand for strengthening security, increased production efficiency, and reduced resolution times, among others in various industries such as manufacturing, life science, pulp & paper.
- On the basis of organization size, the global operational technology market is segmented into small & medium size business, large enterprise. In 2021, large enterprise dominated the market with a market share of 55.76% due to rapid industrialization in emerging economies adopting advanced technologies to increase productivity.
- On the basis of connectivity, the global operational technology market is segmented into wired and wireless. In 2021, wireless segment dominated the market with a market share of 52.64% due to the rise in demands for remote monitoring and control of smart, automated devices, proving to be highly efficient.
The wireless segment will dominate the connectivity segment of the operational technology market
The wireless segment will emerge as the dominating segment under connectivity. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the semiconductors and electronics industry all around the globe will further bolster the growth of this segment.
- On the basis of technology, the global operational technology market is segmented as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS) and Building Management/ Automation Systems (BAS). In 2021, Supervisory Control and Data Acquisition (SCADA) dominated the market with a market share of 26.34% due to the rise in demands for smart, automated solutions and the increase in need for merging operational technology (OT) & information technology (IT) for enhanced efficiency.
- On the basis of end-user, the global operational technology market is segmented into automotive and transportation, buildings and infrastructure, energy and utilities, food and beverage, life sciences, marine and ports, metals and mining, oil & gas, chemicals, pulp and paper and others. In 2021, oil & gas segment dominated the market with a market share of 20.01% because of the high adoption of enhanced automation for increased productivity and process and human security at the workplace.
The oil & gas segment will dominate the end user segment of the cleaning robot market
The oil & gas segment will emerge as the dominating segment under end user segment. This is because of the growing number of technological advancements in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the following companies as the market players in market are IBM Corporation (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), Cisco Systems (U.S.), Accenture (Ireland), and Yokogawa Electric Corporation (Japan).
Market Development
- In February 2019, General Electric launched a high-performing iFIX 6.0 software solution. iFIX was an upgraded software that is a part of HMI/SCADA series. The key feature of this software was its efficient Productivity and strong Security. It was observed that this software had faster insights time and significantly improved the system's efficiency.
- In January 2020, Oracle launched a solution with SCADA technology. The key feature of this solution was its control, flexibility, and faster response times in monitoring. This solution can be deployed in industries, building among others.
- SCADAfence collaborated with Fortinet in December 2019 to develop an Operational Technology (OT) security solution. This solution set the standard for future developments and assisted the company in gaining customer trust and reliability.
- ABB joined forces with the Operational Technology Cyber Security Alliance in October 2019. (OTCSA). This collaboration focused on operational technology security in critical infrastructures and Industrial Control Systems (ICS). This solution will address cybersecurity issues in infrastructure and industrial systems. Both companies will benefit from each other, allowing them to expand their market.
Regional Analysis
Geographically, the countries covered in the operational technology market report 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.
As per Data Bridge Market Research analysis:
North America is the dominant region in operational technology market during the forecast period 2022 - 2029
North America dominates the operational technology market due to the rise in demand for automation and process safety, and new technologies offered by the companies within the region.
Asia-Pacific is estimated to be the fastest-growing region in operational technology market the forecast period 2022 - 2029
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 because of operational technology hardware manufacturing companies in the region.
COVID-19 Impact Analysis
The COVID-19 virus had a negative impact on the operational technology market due to strict lockdowns and social distancing to contain the virus's spread. Economic uncertainty, a partial business shutdown, and low consumer confidence all impacted demand for operational technology. During the pandemic, the supply chain was hampered, as were logistics activities. However, due to the relaxation of restrictions, the operational technology market is expected to pick up speed in the post-pandemic scenario.
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