Operational Technology Market is led by Increasing Popularity of Controlling and Monitoring Equipment
Increasing use of predictive maintenance is
driving the implementation of the operational technology market across the globe.
According to TechSci
Research report, “Operational Technology Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F” global operational
technology market is growing owing to rapid growth in digitalization and
increasing adoption of cloud computing by enterprises to meet the business demand.
Operational technology is a system that is used to keep track of assets which
are located off-site. Globally vendors are making investment in product
innovations by integrating technologies such as artificial intelligence (AI), Internet
of Things (IoT), and machine learning (ML) to cater to customer needs and
market requirements. In addition, operational technology systems and solutions are
a combination of technologies and processes that centrally consolidate
tracking, monitoring, and diagnostics for asset-intensive sectors to enable
them to monitor assets and increase operational efficiency.
Moreover, growing
adoption of Industrial Internet of Things in supply chains along with the increasing
use of predictive maintenance are further attributed to the growth in global operational
technology market.
The increasing popularity
of controlling, monitoring equipment, and IoT-based remote asset monitoring
systems provide precise real-time data on an equipment's location and status as
well as the ability to plan maintenance and alert management to potential
breakdowns. It is beneficial in many different industries, including machine manufacturing,
aerospace & defense, automotive & transportation, pharmaceuticals,
mining, and other fields. The main goal is to increase throughput, asset
utilization, and return on investment and make sure that these assets are safe
and being used appropriately. Furthermore, businesses are adopting operational
technology to reduce operational cost of remote assets with predictive
maintenance that are attributed to the growth of operational technology market
globally.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global
Operational Technology Market."
http://www.techsciresearch.com/report/mexico-tire-market-forecast-opportunities-2021/660.html
Based on component, the market is segmented into human machine interface and
control systems. Based on human machine interface, the market is further
divided into industrial valves, transmitters, industrial sensors, and actuators.
Based on control systems, the market is further divided into supervisory
control and data acquisition (SCADA), distributed control systems (DCS),
process control domain (PCD), programmable logic controllers (PLC), safety
instrumented systems (SIS), and building management/automation systems (BAS).
Based on connectivity, the market is segmented into wired and wireless. Based
on industry, the market is segmented into discrete and process. The discrete
industry is split into automotive & transportation, aerospace &
defense, furniture, machine manufacturing, and the process industry is further
split into energy & utilities, food & beverage, pharmaceuticals, marine
& ports, metals & mining, oil & gas, chemicals, pulp & paper, and
others.
Based on component, the
control systems segment is expected to register faster growth during the
forecast period. It is due to many control systems such as distributed control
systems (DCS), supervisory control and data acquisition (SCADA) and many more are
being implemented rapidly by the enterprises as these systems as these systems
resolves technical issues during the operations by alerting the operators and
aids in further loss of production. Moreover, these systems offer industry’s
highest field-proven system availability, enterprise-wide interoperability,
extensive advanced solutions portfolio, and third-party certified
defense-in-depth cybersecurity to increase productivity and improve plant
operations. Therefore, the growth in utilizing process automation and control solutions
has increased the demand for distributed control systems (DCS) in industrial
plants, machines, or control areas.
Based on industry, the process
industry segment is expected to register the fastest growth during the forecast
period. Operational technology is expected to acquire high traction as these technologies
are widely being adopted in the oil & gas, pharmaceutical, and many more
industries. Moreover, the incorporation of IIoT, prescriptive & predictive
technologies, and many advanced analytics are bringing optimization and high
performance to an advanced level. Moreover, the high adoption of enhanced
automation for increased productivity, process, and human security at the
workplace by various process industries are increasing adopting operational
technology such as industrial sensors, distributed control systems (DCS),
supervisory control and data acquisition (SCADA).
Key market players in the global operational
technology market include:
- Siemens Corporation
- ABB Ltd.
- General Electric Company
- Honeywell International
Inc.
- Schneider Electric SE
- Emerson Electric Co.
- IBM Corporation
- Oracle Corporation
- Rockwell Automation, Inc.
- Yokogawa Electric Corporation
Download Free Sample Report
Customers can also request 10% free customization in this report.
“The Asia Pacific region
shows substantial growth prospects for operational technology which can be
attributed to the growing adoption of latest technologies. In addition, the countries
in the Asia Pacific region developed national frameworks for recognizing the
potential of Industry 4.0 to provide better prepared economic institutions for optimizing
productivity and reduce operational and maintenance cost. The operational
technology is gaining traction and is expanding to various countries in Asia
Pacific, including China, Japan, and Singapore. Thereover, the early adoption
of technologies such as cloud computing and digitalization coupled with
government support influences growth of the market in this region. Moreover,
the region is a prime contributor of smart & secure logistics systems which
enables the high adoption of operational technology by the enterprises. China
leads the operational technology market in Asia Pacific and is expected to
continue its dominance in global operational technology market during the
forecast period as well,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Operational Technology Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented
By Component (Human Machine Interface (Industrial Valves, Transmitters,
Industrial Sensors, Actuators), Control Systems (Supervisory Control and Data
Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domain
(PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS),
Building Management/Automation Systems (BAS))), By Connectivity (Wired,
Wireless), By Industry (Discrete (Automotive & Transportation, Aerospace
& Defense, Furniture, Machine Manufacturing), Process (Energy and
Utilities, Food and Beverage, Pharmaceuticals, Marine & Ports, Metals &
Mining, Oil & Gas, Chemicals, Pulp & Paper, Others)), By Region and
Competition”, has
evaluated the future growth potential of operational technology market and
provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers, challenges,
and opportunities in the global operational technology market.
Contact
Mr. Ken
Mathews
708 Third
Avenue,
Manhattan, NY,
New York –
10017
Tel:
+1-646-360-1656
Email: [email protected]
Website: www.techsciresearch.com