Operational Technology Market Worth 40.42 Billion USD by 2022
PUNE, India, April 13, 2017 /PRNewswire/ --
According to a new market research report "Operational Technology Market by Component (Field Devices, Control Systems, Services), Networking Technology (Wired Technology, Wireless Technology), End-User Industry, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the market is expected to be valued at USD 40.42 Billion by 2022, growing at a CAGR of 6.7% between 2017 and 2022.
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Browse 80 market data Tables and 61 Figures spread through 232 Pages and in-depth TOC on "Operational Technology Market"
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The factors that are driving the growth of this market are the increasing demand for industrialization in emerging economies; evolution of IIoT, and increased communication and monitoring machines; and growing demand for smart automation solutions.
"OT market for DCS expected to grow at the highest rate during the forecast period"
The market for distributed control system (DCS) is expected to grow at the highest CAGR between 2017 and 2022. The acceleration in adoption of IoT has increased the use of connected devices; demand for automation will continue to drive the market for control systems such as DCS and SCADA systems. The rapid demand for digital transformation has raised the requirements for control systems. Moreover, IIoT is urging the industries to automate their plant and their production process to gain a competitive edge over the peers. DCS provides the finest control for regulatory applications and is used for the integration of power measuring devices, drives, and soft starters.
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"The OT market for the oil and gas industry to grow at a high rate between 2017 and 2022"
Among the process industries, the oil and gas industry accounted for the largest share of the overall OT market based on the end-user industry in 2016. Since the past few years, the global oil ad gas industry has been witnessing challenges such as falling oil and gas prices, sluggish demand, and environmental concerns. OT enables the oil and gas industry to monitor the facilities remotely and gain knowledge about daily inventories and the equipment condition. The increasing number of oil and gas companies is investing in the improved control systems, software, and analytics to optimize their operations and give them a competitive advantage.
"North America expected to lead the OT market between 2017 and 2022"
North America is expected to hold the largest size of the OT market during the forecast period. The players in North America are emphasizing on modernizing their plants and facilities with advanced technologies. Furthermore, the adoption of smart automation technologies and a significant number of established players are driving the demand for the OT market in North America.
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The major players operating in the OT market are ABB (Switzerland), Siemens AG (Germany), General Electric (US), Honeywell International Inc. (US), Schneider Electric (France), Yokogawa Electric (Japan), Rockwell Automation, Inc. (US), Emerson (US), IBM (US), Oracle (US), SAP SE (Germany), Huawei Technologies (China), NEC Corporation (Japan), Cisco Systems (US), Accenture (US), Wipro (US), Cognizant (US), Hewlett-Packard (US).
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