Operational Technologies Global Market Report 2024

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 observed during the historic period can be attributed to several factors, including the adoption of automation technologies, cybersecurity concerns, integration of IoT devices, digital transformation initiatives, 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 anticipated growth in the forecast period can be attributed to several factors, including the growing adoption of edge computing, deployment of 5G networks, continued emphasis on remote access solutions, increasing focus on sustainability initiatives, and enhancing supply chain resilience. Major trends expected during the forecast period include the development and adoption of standardized protocols, the rise of digital twins, greater utilization of predictive analytics, increased reliance on open-source technologies, and a shift towards human-centric design principles.

A surge in energy demand is anticipated to drive the expansion of the operational technologies market in the foreseeable future. Energy, essential for operating machinery, equipment, and processes crucial to manufacturing, production, and operational activities, is witnessing increased demand due to factors such as population growth, urbanization, industrialization, economic development, and technological advancements. Operational technologies play a pivotal role in modernizing the energy industry, enhancing efficiency, reliability, and sustainability by optimizing operations, integrating renewable energy sources, and fortifying grid resilience to meet evolving market demands. For instance, in July 2021, the International Energy Agency (IEA) reported a global electricity demand increase of nearly 5% in 2021 and approximately 4% in 2022. Consequently, the rising energy demand is fueling growth in the operational technologies market.

Key players in the operational technologies market are innovating with solutions such as industrial edge solutions to cater to evolving enterprise needs and gain a competitive edge. Industrial edge solutions involve deploying computing infrastructure in close proximity to industrial assets for real-time data processing, thereby enhancing operational efficiency and enabling advanced control functionalities. For example, in October 2021, Nokia launched the MX Industrial Edge, an off-the-shelf solution designed for Industry 4 applications. This solution integrates high-compute capacity and security with scalability to accelerate enterprises' digitalization journeys in operational technology. It combines computing power, storage, wired and wireless networking, one-click industrial applications, and automated management into a single on-premise platform, simplifying edge requirements for operational technology (OT) digital transformation.

In May 2021, Accenture plc acquired Electro 80 to strengthen its digital operational technology (OT) offerings for Australia's resource sector. Electro 80, based in Australia, specializes in providing operational technology solutions for resource clients, including mining and utility 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.

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. The countries covered in the operational technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Operational technology (OT) encompasses a fusion of hardware and software systems employed for monitoring, controlling, and managing physical processes, devices, and infrastructure across various industries. It plays a crucial role in optimizing industrial processes, enhancing efficiency, ensuring safety, and facilitating the automation and digitization of industrial operations.

The primary components of operational technologies comprise control systems and field devices. Control systems are automated systems responsible for managing and regulating the behavior of other systems or processes. These technologies are deployed using wired and wireless connections and are applied across diverse verticals, including oil and gas, food and beverages, energy and power, automotive, and others.

The operational technologies market research report is one of a series of new reports that provides operational technologies market statistics, including the operational technologies industry global market size, regional shares, competitors with operational technologies market share, detailed operational technologies market segments, market trends, and opportunities, and any further data you may need to thrive in the operational technologies industry. These operational technologies market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The operational technologies market consists of revenues earned by entities by providing services such installation and deployment services, maintenance and support services, and training and education services. The market value includes the value of related goods sold by the service provider or included within the service offering The operational technologies market also includes sales of transmitters, industrial sensors, industrial valves, and actuators. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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