What Is The Scope Of The Global Operational Technologies Market?
Operational technology (OT) refers to a combination of hardware and software systems used to monitor, control, and manage physical processes, devices, and infrastructure in various industries. It is critical to optimizing industrial processes, improving efficiency, ensuring safety, and enabling the automation and digitization of industrial operations.
Operational Technologies Global Market Report 2024 provides data on the global operational technologies market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Operational Technologies market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Operational Technologies?
The operational technologies market size has grown strongly in recent years. It will grow from $165.67 billion in 2023 to $182.06 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to the adoption of automation technologies, cybersecurity concerns, integration of IoT devices, digital transformation, and aging infrastructure. The operational technologies market size is expected to see rapid growth in the next few years. It will grow to $268.42 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to the growing adoption of edge computing, deployment of 5G networks, continued emphasis on remote access, increasing focus on sustainability, and supply chain resilience. Major trends in the forecast period include the development and adoption of standardized protocols, the rise of digital twins, greater utilization of predictive analytics, open source technologies, and human-centric design.
What Factors Are Driving Growth In The Operational Technologies Market?
An increase in demand for energy is expected to propel the growth of the operational technologies market going forward. Energy refers to the power or electricity needed to operate machinery, equipment, and processes, which are crucial for manufacturing, production, and operational activities. The demand for energy increased due to population growth, urbanization, industrialization, economic development, and technological advancements. Operational technologies play a vital role in modernizing the energy industry, improving efficiency, reliability, and sustainability by optimizing operations, integrating renewable energy, and enhancing grid resilience to meet the energy market's evolving demands. For instance, in July 2021, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, the global electricity demand increased by nearly 5% in 2021 and around 4% in 2022. Therefore, an increase in demand for energy is driving the growth of the operational technologies market, with market sizes reaching $X billion in 2023, $Y billion in 2024, and $Z billion in 2028.
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What Are The Main Segments Of The Global Operational Technologies Market?
The operational technologies market covered in this report is segmented –
1) By Component: Control Systems, Field Devices
2) By Technology: Wired, Wireless
3) By Vertical: Oil And Gas, Food And Beverages, Energy And Power, Automotive, Other Verticals
What Emerging Trends Are Influencing The Growth Of The Operational Technologies Market?
Companies in the operational technologies market are innovating with solutions like industrial edge technologies to meet evolving enterprise needs and gain a market advantage. Industrial edge computing involves deploying infrastructure close to industrial assets for real-time data processing, improving operational efficiency and enabling advanced control. For example, in October 2021, Nokia, a Finnish communications and IT company, launched the MX Industrial Edge. This off-the-shelf solution for Industry 4.0 integrates high computing capacity and security with scalability to advance digitalization in operational technology. It merges computing power, storage, networking, and automated management into a single on-premise platform, facilitating operational technology digital transformation with a simplified edge architecture.
What Is The Largest Region In The Operational Technologies Market?
North America was the largest region in the operational technologies market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the operational technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
