The increasing initiatives from the government for the adoption of advanced technologies in the industries is one of the significant factors driving the growth of the market. In addition, rapid industrialization in developing countries such as Brazil, India, and India further boosted the market’s growth.
Jersey City, New Jersey, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Operational Technology Market” By Component (Human-machine interface, Control Systems), By Networking Technology (Wired, Wireless), By End-Use Industry (Process Industry, Discrete Industry), and By Geography. According to Verified Market Research, the Operational Technology Market size was valued at USD 142.02 Billion in 2022 and is projected to reach USD 259.86 Billion by 2030, growing at a CAGR of 7.23% from 2023 to 2030.
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202 - Pages
126 – Tables
37 – Figures
Global Operational Technology Market Overview
Increasing demand for the operational technologies from the end-use industries is one of the key factors which is expected to drive the market’s growth over the forecast period. Rising various governments’ support for IT innovation in many countries is anticipated to offer immense potential opportunities for the key players in the market over the forecast period. Governments across the globe are taking initiatives and providing funding to many industries to explore and integrate operational technologies.
Companies from developed countries are shifting their manufacturing and production plants to developing economies such as China, India, and Brazil. This is mainly due to the low cost of manufacturing and easy availability of labor. These developments have created more demand for the technologies such as operational technologies to monitor, manage, and control the processes and assets in developing countries. However, the high cost of operational technology-related software and hardware is one of the key factors which could hinder the market’s growth over the forecast period.
In January 2022, ABB and Red Hat announced the partnership to deliver ABB automation and industrial software solutions at the intersection of operational technology (OT) and information technology (IT), equipping the industrial ecosystem with extended deployment capabilities and greater agility.
In July 2022, Rockwell Automation Inc. announced the partnership with Dragos to improve operational technology incident response readiness to help industrial organizations prepare for, respond to, and recover from cyber incidents in operational technology (OT) environments.
The major players in the market are Siemens, ABB, Schneider Electric, Honeywell International Inc., IBM, Rockwell Automation, Emerson Electric Co., General Electric, Advantech Co., Ltd., SCADAfence.
Verified Market Research has segmented the Global Operational Technology Market On the basis of Component, Networking Technology, End-Use Industry, and Geography.
Operational Technology Market, By Component
Operational Technology Market, By Networking Technology
Operational Technology Market, By End-Use Industry
Operational Technology Market, by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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