Operational Technologies Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size – 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.
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Scope Of Operational Technologies MarketThe Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Operational Technologies Market Overview
Market Drivers –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 market. 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.
Market Trends – Major companies operating in the operational technologies market are developing innovative solutions, such as industrial edge solutions, to address the evolving needs of enterprises and gain a competitive edge in the market. An industrial edge refers to a computing infrastructure deployed proximate to industrial assets for real-time data processing, enhancing operational efficiency and enabling advanced control functionalities. For instance, in October 2021, Nokia, a Finland-based communications and information technology company, launched the MX Industrial Edge, an off-the-shelf, first mission-critical solution tailored for Industry 4.0 applications. It combines high-compute capacity and security with scalability to accelerate enterprises’ operational technology digitalization journeys. It combines computing power, storage, wired and wireless networking, one-click industrial applications, and automated management into a single, on-premise platform for operational technology (OT) digital transformation. Enterprises using this solution can gain access to an on-premise cloud architecture that simplifies edge requirements, offering an easily deployable, universally accessible, and service-based solution.
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
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Regional Insights – 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.
Key Companies – Major companies operating in the operational technologies market are Huawei Technologies Co., Ltd., General Electric Co, Accenture Corporation, IBM Corporation, Cisco Systems, Ernst & Young Global Limited, Oracle, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd, Thales Group, Emerson Electric Co., Wipro Limited, Rockwell Automation, Inc., Fortinet, Inc., Yokogawa Electric Corporation, Advantech Co., Ltd., Audubon Companies, Forcepoint LLC, Wunderlich-Malec Engineering, Inc., Gray Matter Systems LLC, iTSM Group, SCADAfence, NTT Ltd.
Table of Contents 1. Executive Summary2. Operational Technologies Market Report Structure3. Operational Technologies Market Trends And Strategies4. Operational Technologies Market – Macro Economic Scenario5. Operational Technologies Market Size And Growth…..27. Operational Technologies Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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