The global operational technologies market was valued at $146 billion in 2022, and is projected to reach $292.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032. The hardware and software systems used to control, monitor, and manage physical processes and industrial activities are referred to as operational technology. It includes a diverse set of technologies such as industrial control systems (ICS), supervisory control and data acquisition (SCADA) systems, programmable logic controllers (PLCs), and other devices used in industries such as manufacturing, energy, transportation, and infrastructure.
Rise in need for efficiency and productivity in industrial operations by operational technology drives the market. While businesses attempt to optimize their operations, save costs, and increase productivity, there is a rising need for modern OT systems that can automate and simplify processes, provide real-time monitoring, and control, and give reliable data for analysis and decision-making. The need to improve operational efficiency, reduce downtime, improve quality control, and satisfy regulatory standards drives the adoption of OT solutions, allowing companies to reach better levels of productivity and competitiveness in a rapidly evolving market.
The market growth is supplemented by proactive industrialization efforts and surge in manufacturing output, owing to technological advancements. These factors have allowed emerging markets to evolve as largest markets during the forecast period both, from the demand as well as the supply side. Public & private organizations have substantially invested in R&D activities and fabrication techniques to develop cost-effective operational technology.
The performance of physical equipment is monitored and regulated by operational technology. Remote monitoring and management of physical equipment is a critical component of operational technology. Operational technology has become a frequent and crucial component of critical infrastructure systems due to its widespread usage in refineries, nuclear reactors, and other critical infrastructure systems. Previously, it was only used in manufacturing, transportation, and utility control systems, and the technologies were limited in their networking capabilities. With advancements in communication and networking technology, conventional operational technology that was previously used only in industrial control systems is now being supplanted by operational technology, leading to the rise in the need for smart operational technologies.
For the purpose of analysis, the operational technology market scope covers segmentation based on component, technology, vertical, and region. On the basis of component, it is divided into field devices and control systems. Field devices are further bifurcated into industrial valves, transmitters, industrial sensors and actuators. Control systems are divided into SCADA, WMS, DCS, HMI and others. On the basis of technology, it is fragmented into wired and wireless. By vertical, it is divided into pharmaceuticals, food and beverages, oil and gas, energy and power, automotive, and others. Region-wise, the operational technology market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market include operational technology market players, such as ABB Ltd., Siemens, Schneider Electric SE., Rockwell Automation Inc., Honeywell International Inc., Emerson Electric Company, General Electric, IBM Corp, Oracle Corporation, and Fuji Electric Co., Ltd.
Rise in need for efficiency and productivity in industrial operations by operational technology drives the market. While businesses attempt to optimize their operations, save costs, and increase productivity, there is a rising need for modern OT systems that can automate and simplify processes, provide real-time monitoring, and control, and give reliable data for analysis and decision-making. The need to improve operational efficiency, reduce downtime, improve quality control, and satisfy regulatory standards drives the adoption of OT solutions, allowing companies to reach better levels of productivity and competitiveness in a rapidly evolving market.
The market growth is supplemented by proactive industrialization efforts and surge in manufacturing output, owing to technological advancements. These factors have allowed emerging markets to evolve as largest markets during the forecast period both, from the demand as well as the supply side. Public & private organizations have substantially invested in R&D activities and fabrication techniques to develop cost-effective operational technology.
The performance of physical equipment is monitored and regulated by operational technology. Remote monitoring and management of physical equipment is a critical component of operational technology. Operational technology has become a frequent and crucial component of critical infrastructure systems due to its widespread usage in refineries, nuclear reactors, and other critical infrastructure systems. Previously, it was only used in manufacturing, transportation, and utility control systems, and the technologies were limited in their networking capabilities. With advancements in communication and networking technology, conventional operational technology that was previously used only in industrial control systems is now being supplanted by operational technology, leading to the rise in the need for smart operational technologies.
For the purpose of analysis, the operational technology market scope covers segmentation based on component, technology, vertical, and region. On the basis of component, it is divided into field devices and control systems. Field devices are further bifurcated into industrial valves, transmitters, industrial sensors and actuators. Control systems are divided into SCADA, WMS, DCS, HMI and others. On the basis of technology, it is fragmented into wired and wireless. By vertical, it is divided into pharmaceuticals, food and beverages, oil and gas, energy and power, automotive, and others. Region-wise, the operational technology market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players operating in the market include operational technology market players, such as ABB Ltd., Siemens, Schneider Electric SE., Rockwell Automation Inc., Honeywell International Inc., Emerson Electric Company, General Electric, IBM Corp, Oracle Corporation, and Fuji Electric Co., Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the operational technologies market analysis from 2022 to 2032 to identify the prevailing operational technologies market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the operational technologies market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global operational technologies market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Control Systems
- Control Systems
- SCADA
- DCS
- WMS
- HMI
- Others
- Field Devices
- Field Devices
- Transmitters
- Industrial Sensors
- Industrial Valves
- Actuators
By Technology
- Wired
- Wireless
By Vertical
- Oil and Gas
- Food and Beverages
- Energy and Power
- Automotive
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- ABB Ltd.
- Emerson Electric Company
- Fuji Electric Co., Ltd.
- General Electric
- Honeywell International Inc.
- IBM Corp
- Oracle Corporation
- Rockwell Automation Inc.
- Schneider Electric SE.
- Siemens
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: OPERATIONAL TECHNOLOGIES MARKET, BY COMPONENT
CHAPTER 5: OPERATIONAL TECHNOLOGIES MARKET, BY TECHNOLOGY
CHAPTER 6: OPERATIONAL TECHNOLOGIES MARKET, BY VERTICAL
CHAPTER 7: OPERATIONAL TECHNOLOGIES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the operational technologies market was valued at $146 billion in 2022, and is estimated to reach $292.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.The global operational technologies market was valued at $54.78 billion in 2022, and is projected to reach $102.60 billion by 2032, registering a CAGR of 6.88% from 2023 to 2032.Modern industrial settings depend heavily on operational technology (OT), which promote productivity, automation, and efficiency. Operational technologies are motivated by the need to improve data visibility, streamline operations, and encourage thoughtful decision-making. OT (operational technology) offers real-time monitoring and predictive maintenance, minimizing downtime and improving operational performance by combining IoT (Internet of Things) devices, sophisticated sensors, and data analytics. With the help of these technologies, businesses are able to collect and analyze enormous volumes of data, which yields insightful information that can be utilized to improve the efficiency of manufacturing procedures, the quality of products, and supply chain management. Additionally, the use of OT promotes departmental teamwork, allowing rapid responses to shifting market needs and operational difficulties. Control systems are vital to optimising the production, distribution, and storage of renewable energy sources like solar, wind, and hydropower as the world moves towards sustainability and lowering carbon emissions. A constant and dependable energy supply is ensured by sophisticated control algorithms that can modify power output in response to demand and environmental factors. Additionally, by combining energy storage systems with control systems, it is possible to manage energy distribution and storage effectively, maximising the use of clean energy while reducing reliance on conventional fossil fuel-based sources.
Cyber dangers and vulnerabilities are increasingly probable to exist. As a result, security-conscious drivers try to put in place strong cybersecurity safeguards including network segmentation, access restrictions, and encryption to protect vital industrial assets and stop unauthorised access. Furthermore, by encouraging the adoption of standardised frameworks and best practises, these drivers help industries maintain compliance with legal obligations and industry standards. The integration of operational technology becomes more reliable and trustworthy by proactively addressing cybersecurity issues, laying the path for a safe and long-lasting digital transformation of the industrial sector. The drivers of operational technologies are anticipated to play a crucial role in determining the future of industrial automation and smart manufacturing as the need for higher operational efficiency and data-driven decision-making increases. The development of Internet of Things (IoT) technology, which enables real-time data collecting and analysis by integrating control systems with a variety of sensors and devices. With the help of this connection, control systems may identify possible problems before they become serious, minimising downtime and maintenance expenses. Remote monitoring and control are also made possible by IoT-powered control systems, enabling effective administration of operations and resources.
The operational technology market is segmented into component, technology, vertical, and region. On the basis of component, it is categorized into field devices and control systems. Field devices are further bifurcated into industrial valves, transmitters, industrial sensors, and actuators. Control systems are divided into SCADA, WMS, DCS, HMI, and others. The field devices segment dominated the chip on board light emitting diodes industry, in terms of revenue in 2022, and is expected to follow the same trend during the forecast period. On the basis of technology, it is fragmented into wired and wireless. The wireless segment accounted for the highest market share in 2022. By vertical, it is divided into pharmaceuticals, food and beverages, oil and gas, energy, and power, automotive, and others. The energy and power segment accounted for the highest market share in 2022.Region-wise, the operational technology market trends are analyzed across North America (U. S., Canada, and Mexico), Europe (Germany, France, UK, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific accounted for the largest share in 2022.
Competitive analysis and profiles of the major global chip on board light emitting diodes market players that have been provided in the report Competitive analysis and profiles of the major market leaders profiled in the report include ABB Ltd., Siemens, Schneider Electric SE., Rockwell Automation Inc., Honeywell International Inc., Emerson Electric Company, General Electric, IBM Corp, Oracle Corporation, and Fuji Electric Co., Ltd. For instance, in July 2023, Honeywell acquired SCADAfence, a leading provider of operational technology (OT) and Internet of Things (IoT) cybersecurity solutions for monitoring large-scale networks. SCADAfence brings proven capabilities in asset discovery, threat detection and security governance which are key to industrial and buildings management cybersecurity programs.
Key Market Insights
By component, the field devices segment is estimated to reach $190.14 billion by 2032, with a CAGR of 8.04% during the forecast period.By technology, the wireless segment was the highest revenue contributor to the market, with a significant CAGR of 7.97% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for largest revenue in 2022, and is estimated to reach $148.03 billion by 2032, with a CAGR of 8.51%.
Companies Mentioned
- ABB Ltd.
- Emerson Electric Company
- Fuji Electric Co., Ltd.
- General Electric
- Honeywell International Inc.
- IBM Corp
- Oracle Corporation
- Rockwell Automation Inc.
- Schneider Electric SE.
- Siemens
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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