Overview and Scope
The convergence of information technology (IT) and operational technology (OT) refers to the integration and alignment of traditionally separate domains within an organization’s infrastructure and processes. IT typically deals with computing, networking, and data management systems used for administrative and business functions, while OT encompasses the technologies and systems used to monitor, control, and automate physical processes in industries such as manufacturing, energy, and utilities.
Sizing and Forecast
The information technology (IT) or operational technology (OT) convergence market size has grown rapidly in recent years. It will grow from $54.61 billion in 2023 to $63.95 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth in the historic period can be attributed to integration of advanced technologies in industrial automation, the adoption of smart technology, expansion of connectivity and digitization of industry, integration of IT and OT systems.
The information technology (IT) or operational technology (OT) convergence market size is expected to see rapid growth in the next few years. It will grow to $121.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to growing adoption of industrial automation, increasing use of connected devices and the internet of things (IoT), increasing cyber-attacks on critical infrastructure, growing awareness of the importance of OT security, increasing government regulations and standards for OT security. Major trends in the forecast period include cloud migration, cybersecurity integration, edge computing adoption, digital twin technology, AL and machine learning integration.
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Segmentation & Regional Insights
The information technology (IT) or operational technology (OT) convergence market covered in this report is segmented –
1) By Type: Cloud Deployment, Local Deployment
2) By Network Technology: Wired, Wireless
3) By Application: Industrial, Business, Other Applications
4) By Industry: Energy And Utilities, Healthcare, Retail, Consumer Packaged Goods, Transportation And Logistics, Infrastructure And Construction, Telecommunications, Automotive, Agriculture, Other Industries
North America was the largest region in the information technology (IT) or operational technology (OT) convergence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (IT) or operational technology (OT) convergence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing number of cyberattacks is expected to propel the growth of the information technology (IT) or operational technology (OT) convergence market going forward. Cyberattacks are malicious and purposeful attempts by individuals or groups to breach the information systems of another person or organization. Cyberattacks are increasing due to digital dependency, improved connectivity, and a lack of cybersecurity awareness. Information Technology (IT) or Operational Technology (OT) convergence plays a crucial role in enhancing cybersecurity resilience and mitigating cyberattacks by improving the overall security posture of an organization. For instance, in November 2022, according to the Australian Cyber Security Centre, an Australia-based cyber security agency, the 2021–22 financial year saw over 76,000 cybercrime reports in Australia, a 13% rise from 2020. Further, on average, a cybercrime report is lodged approximately every 7 minutes, up from one report every 8 minutes in 2020–21. The increasing number of cyberattacks is driving the growth of the information technology (IT) or operational technology (OT) convergence market.
Key Industry Players
Major companies operating in the information technology (IT) or operational technology (OT) convergence market are Microsoft Corporation, Verizon Communications Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, ABB Ltd., Hewlett Packard Enterprise Company, Cognizant, HCL Technologies Limited, Wipro Limited, Rockwell Automation, Palo Alto Networks Inc., PTC Inc., Sierra Wireless, TeamViewer, Birlasoft, Allied Telesis, Armis Inc., OTORIO Ltd., MachineMetrics
The information technology (it) or operational technology (ot) convergence market report table of contents includes:
- Executive Summary
- Information Technology (IT) Or Operational Technology (OT) Convergence Market Characteristics
- Information Technology (IT) Or Operational Technology (OT) Convergence Market Trends And Strategies
- Information Technology (IT) Or Operational Technology (OT) Convergence Market – Macro Economic Scenario
- Global Information Technology (IT) Or Operational Technology (OT) Convergence Market Size and Growth
- Information Technology (IT) Or Operational Technology (OT) Convergence Market Segmentation
- Information Technology (IT) Or Operational Technology (OT) Convergence Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Information Technology (IT) Or Operational Technology (OT) Convergence Market
- Information Technology (IT) Or Operational Technology (OT) Convergence Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Information Technology (IT) Or Operational Technology (OT) Convergence Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Information Technology (IT) Or Operational Technology (OT) Convergence Market, Segmentation By Network Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Information Technology (IT) Or Operational Technology (OT) Convergence Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Microsoft Corporation Financial Performance
Table 76: Verizon Communications Inc. Financial Performance
Table 77: Dell Technologies Inc. Financial Performance
Table 78: Huawei Technologies Co. Ltd. Financial Performance
Table 79: Siemens AG Financial Performance
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