• John Watson

Global Operational Technology Market Size to grow by US$ 25.75 Bn in 2030.

Global Operational Technology Market Size is expected to be worth USD 146.90 billion in 2021 and is estimated to reach up to USD 232.30 billion by 2030, at a compound annual growth rate (CAGR) of 6.50% from 2022 to 2030.


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Operational technology integrates hardware and software to control and monitor infrastructure, equipment, and physical processes. Operational technology is used in a variety of asset-intensive industries to carry out a variety of tasks, from controlling robots at a manufacturing facility to keeping an eye on vital infrastructure.


The rising adoption of Industry 4.0, the increasing emphasis on automation technology in manufacturing processes, the growing government support for industrial automation, the growing importance of regulatory compliances, the growing complexity of the supply chain, and the rising demand for software systems that save time and money are the main factors driving the market.


The worldwide economy and all global industries have been greatly impacted by COVID-19. Due to the sharp drop in product demand, economies all around the world have suffered. The pandemic-related lack of raw materials has curtailed production across all industries. The main causes of the output reduction are the decline in exports and supply chain interruptions. Operational technology was crucial to a company's ability to function effectively at this time when the primary goal of the firms was to maintain their operations despite having a constrained staff and resource pool.


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The market is expected to grow at the highest CAGR during the forecast period due to the operational technology performing several tasks using a variety of technologies, including Distributed Control Systems (DCS), and Programmable Logic Controllers (PLCs), Supervisory Control and Data Acquisition (SCADA), and others. Due to the cheaper real estate prices and labor costs in emerging economies, businesses from industrialized economies are trying to expand their operations there. The rapid industrialization in growing economies like Japan, India, Africa, Brazil, Indonesia, and Mexico, has led to large infrastructural investment, which is luring multinational corporations to locate production facilities in these nations.


Numerous governments are promoting IIoT technologies due to they see themselves as prospective users of this technology. To manage and create smart cities in the future, they are sponsoring innovative research initiatives. To further explore the potential of operational technologies, governments all over the globe are increasingly sponsoring educational institutions, research and technology organizations, and research centers. Governments worldwide are beginning to recognize the enormous potential of operational technologies, and as a result, they are supporting and funding R&D for innovations like the IIoT and industrial 3D printing. The governments of APAC nations are aggressively launching efforts and projects to digitally transform manufacturing facilities.


The North America region is expected to dominate the market share owing to the adoption of smart automation technologies and the considerable presence of established operational technology players. The expansion is attributed to the rising demand from non-process and process industries, both of which are seeing a major increase in operational activity. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period of the operational technology market due to growing industrial automation, increased use of technologies such as smart factories, Industry 4.0, IoT, and IIoT, and the growing demand to increase productivity and lower operating and maintenance costs.


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KEY INDUSTRY DEVELOPMENTS:


October 2021- Schneider Electric introduced EcoStruxure Automation Expert Version 21.2, which controls the automation lifecycle for the water and wastewater sector.


September 2021- Sitrans IQ, a new digitalization portfolio Siemens introduced, is intended for targeted monitoring of crucial measurement points to finish asset management including instrumentation for numerous plants. The app-based smart asset management, smart inventory management, remote monitoring, Bluetooth connectivity for field devices, and condition monitoring of capital assets are just a few of the needs that this solution satisfies.


Read More Details On This Report: https://www.extrapolate.com/Information-Technology-Communication-IoT/operational-technology-market/26009

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