Operational Technology Market size was valued at USD 37.6 billion in 2020 and is expected to grow at a CAGR of 8.4% between 2020 and 2030. Operational technology is a category of hardware and software that monitors and controls how physical devices perform. An important feature of operational technology is the ability to monitor and control physical devices remotely. Operational Technology has become a common, crucial element of critical infrastructure systems since it is widely used in power plants, refineries, nuclear plants, etc. Earlier was only used in industrial control systems for manufacturing, transportation and utilities and also the technologies had networking limitation. The conventional operational technology which was only used in industrial control systems is now being replaced by operational technology with the technological advancements in communication and networking resulting to emerge the trend for smart operational technologies. This has provided administrators to perform their tasks remotely within the network and getting work done in the real time.

Market Segmentation:

On the basis of component, the global operational technology market is segmented into field devices, control systems and services. Based on networking technology, the market is bifurcated into wired technology and wireless technology. According to end-user, the market is divided into process industry and non-process industry. Geographical breakdown of the regions of the market includes North America, Europe, Asia-Pacific, and RoW.

Market Dynamics and Factors:

Growing industrialization and increasing demand for smart automation solutions are driving the growth of the global operational technology market. Moreover, evolution of the Industrial Internet of Things (IIoT) is further supplementing the market growth. Furthermore, with the increasing cyber-attacks on operational technology, a new global alliance ‘Operational Technology Cyber Security Alliance (OTCSA)’ has formed with the purpose of protecting operational technology used in critical and industrial infrastructure from cyber-threats. This will further give ample opportunities for the operational technology market growth. However, lack of efficient government initiatives and disruptions in supply chain are expected to hamper the growth of operational technology market to some extent.

Geographic Analysis:

North America accounts for highest market share in terms of revenue in the global operational technology market owing to the adoption of smart automation technologies and a significant number of established operational technology players present in the region. Moreover, the players in North America are emphasizing on modernizing their facilities with advanced technologies which is further boosting the market growth. Europe is the second largest region in the global operational technology market in terms of market size.

Competitive Scenario:

Some of the major players of global operational technology market are Siemens AG, General Electric, Rockwell Automation, Inc., John Wood Group PLC, IBM Corporation, Hewlett Packard Enterprise Development LP, Accenture plc, Oracle Corporation, Schneider Electric SE, ABB Group, Huawei Technologies Co., Ltd. and Tesla, Inc.

Operational Technology Market Report Scope