Press Release

Operational Technology Market is led by Increasing Popularity of Controlling and Monitoring Equipment

Increasing use of predictive maintenance is driving the implementation of the operational technology market across the globe.



 

According to TechSci Research report, “Operational Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” global operational technology market is growing owing to rapid growth in digitalization and increasing adoption of cloud computing by enterprises to meet the business demand. Operational technology is a system that is used to keep track of assets which are located off-site. Globally vendors are making investment in product innovations by integrating technologies such as artificial intelligence (AI), Internet of Things (IoT), and machine learning (ML) to cater to customer needs and market requirements. In addition, operational technology systems and solutions are a combination of technologies and processes that centrally consolidate tracking, monitoring, and diagnostics for asset-intensive sectors to enable them to monitor assets and increase operational efficiency.

Moreover, growing adoption of Industrial Internet of Things in supply chains along with the increasing use of predictive maintenance are further attributed to the growth in global operational technology market.

The increasing popularity of controlling, monitoring equipment, and IoT-based remote asset monitoring systems provide precise real-time data on an equipment's location and status as well as the ability to plan maintenance and alert management to potential breakdowns. It is beneficial in many different industries, including machine manufacturing, aerospace & defense, automotive & transportation, pharmaceuticals, mining, and other fields. The main goal is to increase throughput, asset utilization, and return on investment and make sure that these assets are safe and being used appropriately. Furthermore, businesses are adopting operational technology to reduce operational cost of remote assets with predictive maintenance that are attributed to the growth of operational technology market globally.



 

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "Global Operational Technology Market."



 

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Based on component, the market is segmented into human machine interface and control systems. Based on human machine interface, the market is further divided into industrial valves, transmitters, industrial sensors, and actuators. Based on control systems, the market is further divided into supervisory control and data acquisition (SCADA), distributed control systems (DCS), process control domain (PCD), programmable logic controllers (PLC), safety instrumented systems (SIS), and building management/automation systems (BAS). Based on connectivity, the market is segmented into wired and wireless. Based on industry, the market is segmented into discrete and process. The discrete industry is split into automotive & transportation, aerospace & defense, furniture, machine manufacturing, and the process industry is further split into energy & utilities, food & beverage, pharmaceuticals, marine & ports, metals & mining, oil & gas, chemicals, pulp & paper, and others.

Based on component, the control systems segment is expected to register faster growth during the forecast period. It is due to many control systems such as distributed control systems (DCS), supervisory control and data acquisition (SCADA) and many more are being implemented rapidly by the enterprises as these systems as these systems resolves technical issues during the operations by alerting the operators and aids in further loss of production. Moreover, these systems offer industry’s highest field-proven system availability, enterprise-wide interoperability, extensive advanced solutions portfolio, and third-party certified defense-in-depth cybersecurity to increase productivity and improve plant operations. Therefore, the growth in utilizing process automation and control solutions has increased the demand for distributed control systems (DCS) in industrial plants, machines, or control areas.

Based on industry, the process industry segment is expected to register the fastest growth during the forecast period. Operational technology is expected to acquire high traction as these technologies are widely being adopted in the oil & gas, pharmaceutical, and many more industries. Moreover, the incorporation of IIoT, prescriptive & predictive technologies, and many advanced analytics are bringing optimization and high performance to an advanced level. Moreover, the high adoption of enhanced automation for increased productivity, process, and human security at the workplace by various process industries are increasing adopting operational technology such as industrial sensors, distributed control systems (DCS), supervisory control and data acquisition (SCADA).




Key market players in the global operational technology market include:


  • Siemens Corporation
  • ABB Ltd.
  • General Electric Company
  • Honeywell International Inc.
  • Schneider Electric SE
  • Emerson Electric Co.
  • IBM Corporation
  • Oracle Corporation
  • Rockwell Automation, Inc.
  • Yokogawa Electric Corporation

 


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“The Asia Pacific region shows substantial growth prospects for operational technology which can be attributed to the growing adoption of latest technologies. In addition, the countries in the Asia Pacific region developed national frameworks for recognizing the potential of Industry 4.0 to provide better prepared economic institutions for optimizing productivity and reduce operational and maintenance cost. The operational technology is gaining traction and is expanding to various countries in Asia Pacific, including China, Japan, and Singapore. Thereover, the early adoption of technologies such as cloud computing and digitalization coupled with government support influences growth of the market in this region. Moreover, the region is a prime contributor of smart & secure logistics systems which enables the high adoption of operational technology by the enterprises. China leads the operational technology market in Asia Pacific and is expected to continue its dominance in global operational technology market during the forecast period as well,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Operational Technology Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Human Machine Interface (Industrial Valves, Transmitters, Industrial Sensors, Actuators), Control Systems (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domain (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Building Management/Automation Systems (BAS))), By Connectivity (Wired, Wireless), By Industry (Discrete (Automotive & Transportation, Aerospace & Defense, Furniture, Machine Manufacturing), Process (Energy and Utilities, Food and Beverage, Pharmaceuticals, Marine & Ports, Metals & Mining, Oil & Gas, Chemicals, Pulp & Paper, Others)), By Region and Competition”, has evaluated the future growth potential of operational technology market and provides statistics and information on market structure, size, share, and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global operational technology market.



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