Operational Technology Market by Component (Field Devices, Control System, and Services), Networking Technology (Wired Technology and Wireless Technology), End-User (Food and Beverages, Energy and Power, Oil and Gas, Automotive, Healthcare, and Others): Global Market Size Estimates and Forecast (2022-2030)
The operational technology market is expected to cross US$ 130.92 billion in 2022 and is expected to hit US$ 230.51 billion by 2030, recording a CAGR of 7.65% during the forecast period.
Operational technology market has been significantly growing with the high adoption of the industrial sensor
The increased adoption of Industry 4.0 and the expansion of the wireless sensors market are driving the growth of industrial sensors. In the next years, predictive maintenance is likely to provide attractive prospects to participants in the industrial sensors industry. Predictive maintenance is achieved by three significant solution advancements over traditional maintenance: sensor data capture, data communication facilitation, and prediction. Since sensors are an essential component of predictive maintenance solutions, demand for industrial sensors is likely to skyrocket in the coming years.
Within the report, the operational technology market is segmented into components, networking technology, end user and geography. By component, the operational technology market is further segmented into field devices, control systems, and services. On the basis of networking technology, the operational technology market is categorized into wired technology and wireless technology. Based on end user, the operational technology market is divided into food and beverages, energy and power, oil and gas, automotive, healthcare, and others Geographically, the operational technology market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Operational technology market is highly popular and frequently used in the industrial sectors due to the abundance of plants and increasing activities
Operational technology is a subset of communication and computing systems used to manage, monitor, and control industrial activities, with an emphasis on the physical devices and processes they employ. This technology aids in the management of manufacturing/industrial equipment as well as industrial process assets. It includes the gear and software that maintains industries, power plants, and facility equipment operational. Distributed control systems (DCSs), industrial control systems (ICSs), and supervisory control and data acquisition (SCADA) systems are all examples of operation technology. Many industries employ operation technology, including oil and gas, manufacturing, electrical production and distribution, aviation, rail, maritime, and utilities.
Rising adoption in various industries is one of the major factors accelerating operational technology market growth
One of the key factors likely to fuel market expansion over the forecast period is increased demand for operational technology from end-use industries. Rising government funding for IT innovation in several countries is expected to provide enormous potential prospects for market main players over the forecast period. Governments around the world are taking measures and sponsoring several businesses to investigate and integrate operational technologies.
Recent strategic developments in the operational technology market
The operational technology market has undergone several significant developments, and a few of these have been mentioned below:
- In September 2021, Yokogawa Electric Corporation has announced a significant improvement to its Exaquantum Safety Function Monitoring (SFM) software, an OpreX Asset Operations and Optimization solution that assists in determining if actual operating performance fulfils safety design requirements.
- In July 2022, Rockwell Automation Inc. announced a collaboration with Dragos to increase operational technology incident response readiness in order to assist industrial enterprises in preparing for, responding to, and recovering from cyber incidents in operational technology (OT) settings.
- In January 2022, ABB and Red Hat announced a collaboration to supply ABB automation and industrial software solutions at the crossroads of operational technology (OT) and information technology (IT), providing the industrial ecosystem with better agility and enhanced deployment possibilities.
The operational technology market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships Schneider Electric; ABB; Honeywell International Inc.; Mitsubishi Electric Corporation; and Rockwell Automation, Inc. are among the prominent players operating in the operational technology market.
The target audience for the operational technology market report:
- Raw material providers
- Operational technology providers
- Operational technology system -related service providers
- Operational technology system -related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Electronics component suppliers
- Operational technology and devices distributors and sales firms
- End users of operational technology devices
- Research institutes, organizations, and consulting companies
Scope of the operational technology market report:
- Component:
- Field Devices
- Control System
- Services
- Networking Technology
- Wired Technology
- Wireless Technology
- End User:
- Food and Beverages
- Energy and Power
- Oil and Gas
- Automotive
- Healthcare
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- Schneider Electric
- ABB
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.
Companies profiled
- Schneider Electric
- ABB
- Honeywell International Inc.
- Mitsubishi Electric Corporation
- Rockwell Automation, Inc.