With the emergence and long-term Impact of COVID-19, Global Operational Technology Market to reach USD 255.9 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Operational Technology Market is poised to raise up to USD 255.9 Billion by 2030. Operational Technology (OT) refers to the hardware and software systems used to monitor, control, and manage physical devices and processes in various industries and infrastructures. It is often used in industrial settings, such as manufacturing, energy production, transportation, and utilities, to automate and optimize operations. The Operational Technology market is expanding because of factors such as the rising adoption of the industrial Internet of Things (IIoT), increasing initiatives for digital transformation and Integration with Artificial Intelligence (AI) and Machine Learning (ML) across the industrial sector.
Geographically, the global Operational Technology market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to factors such as the rising adoption of smart manufacturing technologies, the presence of key market players, rising industrial automation and the emergence of new technologies such as machine learning and artificial intelligence in the industrial sector. Whereas, Asia Pacific is projected to grow at a significant rate owing to factors such as the rising number of industrial buildings, rising development of smart manufacturing, and rising adoption of IoT devices in industrial settings.
The global Operational Technology market is highly competitive owing to the presence of several key manufacturers such as ABB Ltd., Siemens AG, Honeywell International Inc., General Electric Company, Schneider Electric SE, Rockwell Automation Inc., and others.
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Key findings of the study suggest:
- Global Operational Technology Market is anticipated to grow with a healthy growth rate of more than 6.10% over the forecast period 2023-2030.
- In the Component segment, Control Systems emerged out as the leading market segment in 2022.
- In the Connectivity segment, Wireless emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to rising adoption of smart manufacturing technologies, the presence of key market players, rising industrial automation and the emergence of new technologies such as machine learning and artificial intelligence in the industrial sector.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Component:
- Field Instruments
- Control Systems
- Services
Connectivity:
- Wired
- Wireless
Industry:
- Process Industry
- Discrete Industry
Technology:
- Supervisory Control and Data Acquisition (SCADA)
- Distributed Control Systems (DCS)
- Process Control Domains (PCD)
- Programmable Logic Controllers (PLC)
- Safety Instrumented Systems (SIS)
- Building Management/Automation Systems (BAS)
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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