Stratistics MRC’s Global Operational Technology Market value is expected to reach $303.40 billion growing at a CAGR of 8.5% during 2023-2030.
Operational technology is a group of communication and computing systems used to manage, watch over, and manage industrial operations with a focus on the physical equipment and procedures they employ. The management of the assets used in industrial processes and manufacturing is aided by this technology. It also includes the hardware and software that maintain the functionality of the equipment in factories, power plants, and other facilities, etc. Moreover, the use of operation technology is widespread across a wide range of industries, including manufacturing, oil and gas, electrical generation and distribution, transportation (air, land, and sea), and utilities.
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During the anticipated period, the Operational Technology (OT) market is anticipated to grow at the highest CAGR in the Asia-Pacific region. Numerous factors, including the quick industrialization of nations like China and India as well as the expanding use of automation and smart manufacturing technologies, were cited as the main causes of the region’s impressive CAGR. Moreover, the need for OT solutions to improve efficiency, lower operating costs, and guarantee compliance with changing regulations increased significantly as Asia-Pacific continued to advance in a variety of industries, including manufacturing, energy, and transportation. The region has made significant investments in cutting-edge technologies and has placed a strong emphasis on digital transformation, both of which have fueled the growth of the OT market.
Some of the key players in Operational Technology market include Broadcom Inc, Fuji Electric Co., LTD, ABB Ltd., Siemens AG, Emerson Electric Co., Hitachi Ltd, General Electric Company, Oracle Corporation, IBM, Cisco System, Inc., Yokogawa Electric Corporation, Omron Corporation, Honeywell International Inc., Microsoft Corporation , Thales Group , Tesco Controls, Schneider Electric Ltd, Rockwell Automation, Mitsubishi Electric Corporation and Advantech CO.Ltd.
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In February 2023, Oracle Corporation announced it was going to invest $1.5 billion into the Kingdom of Saudi Arabia as a part of the ongoing tech investment in the country. As a part of the investment, Oracle will be opening a data centre in the country’s capital, Riyadh.
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.
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.
What our report offers:
– Market share assessments for the regional and country-level segments
– Strategic recommendations for the new entrants
– Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
– Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
– Strategic recommendations in key business segments based on the market estimations
– Competitive landscaping mapping the key common trends
– Company profiling with detailed strategies, financials, and recent developments
– Supply chain trends mapping the latest technological advancements
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