Rising demand for rapid industrialization especially in developing countries such as China, India and Russia coupled with increasing evolution of IIoT as well as increased monitoring and communications among machines are some of the key factors driving the global operational technology market. Moreover, rising demand for smart solutions for automation is one other key aspect fueling the growth of the global operational technology market. In addition, rapid development majorly in the automation ecosystem by conventional and organic growth strategies including acquisitions, mergers, partnerships and collaborations along with increase in demand for urbanization in emerging markets are some other major elements driving the growth of the overall market. The fastened and hastening adoption of internet of things has further increased the deployment of smart and connected devices in several process industries. Hence, the overall demand for automation is anticipated to continue to bolster the market for operational technology control systems including supervisory control, DCS, data acquisition systems, as well as programmable logic controllers. The growing demand for digital transformation has further increased the demands for control systems. Moreover, IIoT is bringing an urge in several industries to automate their production plants and their overall production processes to gain a competitive advantage over other peers. Furthermore, predictive maintenance software is designed in such a way that it helps in controlling the conditions of service equipment for the efficient prediction of proper appropriate time at which the machines needs time to time maintenance. This process assures optimization of costs over time based and routine preventive maintenance.
Some of the major factors fueling the growth of the operational technology market are rising developments in the strategies implemented by key players operating in the automation ecosystem. Moreover, increase in demand for urbanization and industrialization in emerging economies coupled with evolution of IIoT with the increased monitoring and communication of machines. However, the major hampering factor in the growth of the global operational technology market are lack of efficient government initiatives and supply chain disruptions among others. The rising demand for digital transformation has bolstered the demands for automation control systems.
The global operational technology market can be segmented based on component, networking technology, end user industry and geography. Based on component, the global market can be segmented into field devices, services and control systems. Based on networking technology, the global market can be segmented into wired technology and wireless technology. Based on end-user industry, the global market can be segmented into process industry and non-process industry. Geographically, the global market can be divided into Asia Pacific, North America, Europe and rest of the world.
The operational technology market especially in North America is anticipated to grow at the fastest rate during the forecast period. Also, North America is one of the major growth regions in the global the operational technology market. A considerable number of technology and service providers coupled with emerging start ups are offering diverse product range and solutions to non process as well as process industries via IT service providers and system integrators. Several industries including oil and gas, food and beverages and chemical functional in the North American region have significantly penetrated the market through collaborations and partnerships.
Key players operating in the global operational technology market are focusing on key market strategies such as mergers, acquisitions, partnerships and new product development. Some of the major players in the global operational technology market are General Electric, Siemens AG, ABB, General Electric, Yokogawa Electric, Rockwell Automation, IBM, Oracle, SAP SE, Siemens AG, Emerson, Schneider Electric, Huawei Technologies and Accenture among others
The global operational technology market can be segmented
• Field devices
• Control systems
By Network Technology:
• Wired technology
• Wireless technology
By End-User Industry:
• Process industry
• Non-process industry
• Asia Pacific
• North America
• Rest of the world