The information technology (IT) or operational technology (OT) convergence market size has grown rapidly in recent years. It will grow from $54.61 billion in 2023 to $63.95 billion in 2024 at a compound annual growth rate (CAGR) of 17.1%. The growth observed during the historical period can be attributed to several factors, including the integration of advanced technologies in industrial automation, the widespread adoption of smart technology, the expansion of connectivity, and the digitization of industries, as well as the integration of information technology (IT) and operational technology (OT) systems.
The information technology (IT) or operational technology (OT) convergence market size is expected to see rapid growth in the next few years. It will grow to $121.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The anticipated growth in the forecast period can be attributed to several factors, including the growing adoption of industrial automation, the increasing utilization of connected devices and the Internet of Things (IoT), rising cyber-attacks targeting critical infrastructure, heightened awareness regarding the significance of operational technology (OT) security, and the proliferation of government regulations and standards governing OT security. Key trends expected in the forecast period encompass cloud migration, integration of cybersecurity measures, adoption of edge computing technologies, implementation of digital twin technology, and integration of artificial intelligence (AI) and machine learning.
The increasing incidence of cyberattacks is poised to drive the expansion of the information technology (IT) or operational technology (OT) convergence market in the foreseeable future. Cyberattacks are deliberate and malicious attempts by individuals or groups to breach the information systems of another individual or organization. The rise in cyberattacks can be attributed to the growing reliance on digital technology, improved connectivity, and a lack of awareness about cybersecurity. Information Technology (IT) or Operational Technology (OT) convergence plays a pivotal role in bolstering cybersecurity resilience and mitigating cyber threats by enhancing an organization's overall security posture. For example, in November 2022, as per the Australian Cyber Security Centre, there were over 76,000 cybercrime reports in Australia during the 2021-22 financial year, representing a 13% increase from 2020. Moreover, on average, a cybercrime report is lodged approximately every 7 minutes, up from one report every 8 minutes in 2020-21. This surge in cyberattacks is propelling the growth of the information technology (IT) or operational technology (OT) convergence market.
Prominent players in the information technology (IT) or operational technology (OT) convergence market are directing their efforts toward developing an open digital business platform, such as Siemens Xcelerator, to expedite digital transformation in product development, manufacturing, and operations. Siemens Xcelerator is an innovative, open digital business platform featuring a curated portfolio of IoT-enabled hardware and software, a robust partner ecosystem, and a marketplace. For instance, in June 2022, Siemens AG, a Germany-based technology company, unveiled Siemens Xcelerator, aiming to bridge the physical and digital realms by integrating OT data with IT systems, enabling enhanced visibility, optimization, and the exploration of new business models. This cloud-based open software platform facilitates collaboration among engineers, suppliers, vendors, partners, and customers on a unified platform accessible from anywhere, anytime. Siemens Xcelerator boasts a diverse partner ecosystem that offers solutions from Siemens and certified partners, fostering co-creation and collaboration across the industrial value chain.
In November 2021, Rockwell Automation, a US-based provider of industrial automation and digital transformation technologies, acquired Avata for an undisclosed sum. This acquisition is geared towards augmenting Rockwell's offerings in IT/OT convergence and supporting its clients' digital transformation initiatives spanning the supply chain and manufacturing operations. Avata is a US-based provider specializing in IT/OT convergence solutions.
Major companies operating in the information technology (IT) or operational technology (OT) convergence market are Microsoft Corporation, Verizon Communications Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, ABB Ltd., Hewlett Packard Enterprise Company, Cognizant, HCL Technologies Limited, Wipro Limited, Rockwell Automation, Palo Alto Networks Inc., PTC Inc., Sierra Wireless, TeamViewer, Birlasoft, Allied Telesis, Armis Inc., OTORIO Ltd., MachineMetrics.
North America was the largest region in the information technology (IT) or operational technology (OT) convergence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (IT) or operational technology (OT) convergence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the information technology (IT) or operational technology (OT) convergence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The convergence of information technology (IT) and operational technology (OT) involves the integration and alignment of traditionally distinct domains within an organization's infrastructure and operations. IT typically encompasses computing, networking, and data management systems utilized for administrative and business purposes, whereas OT encompasses technologies and systems employed to monitor, control, and automate physical processes in sectors such as manufacturing, energy, and utilities.
The primary forms of IT and OT convergence include cloud deployment and local deployment. IT and OT systems are interconnected via cloud computing services, enabling remote access and management of data and applications over the Internet. Wired and wireless network technologies play a crucial role in facilitating this integration, utilized across various industries such as energy and utilities, healthcare, retail, consumer packaged goods, transportation and logistics, infrastructure and construction, telecommunications, automotive, agriculture, and others.
The information technology (IT) or operational technology (OT) convergence market research report is one of a series of new reports that provides information technology (IT) or operational technology (OT) convergence market statistics, including information technology (IT) or operational technology (OT) convergence industry global market size, regional shares, competitors with information technology (IT) or operational technology (OT) convergence market share, detailed information technology (IT) or operational technology (OT) convergence market segments, market trends, and opportunities, and any further data you may need to thrive in the information technology (IT) or operational technology (OT) convergence industry. This information technology (IT) or operational technology (OT) convergence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The information technology (IT) or operational technology (OT) convergence market consists of revenues earned by entities by providing services such as integration services, cybersecurity, cloud computing services, remote monitoring, and management. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) or operational technology (OT) convergence market also includes sales of sensor networks, edge computing devices, wireless communication devices, and industrial IoT (IIoT) gateways. 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.
This product will be delivered within 3-5 business days.
The information technology (IT) or operational technology (OT) convergence market size is expected to see rapid growth in the next few years. It will grow to $121.99 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The anticipated growth in the forecast period can be attributed to several factors, including the growing adoption of industrial automation, the increasing utilization of connected devices and the Internet of Things (IoT), rising cyber-attacks targeting critical infrastructure, heightened awareness regarding the significance of operational technology (OT) security, and the proliferation of government regulations and standards governing OT security. Key trends expected in the forecast period encompass cloud migration, integration of cybersecurity measures, adoption of edge computing technologies, implementation of digital twin technology, and integration of artificial intelligence (AI) and machine learning.
The increasing incidence of cyberattacks is poised to drive the expansion of the information technology (IT) or operational technology (OT) convergence market in the foreseeable future. Cyberattacks are deliberate and malicious attempts by individuals or groups to breach the information systems of another individual or organization. The rise in cyberattacks can be attributed to the growing reliance on digital technology, improved connectivity, and a lack of awareness about cybersecurity. Information Technology (IT) or Operational Technology (OT) convergence plays a pivotal role in bolstering cybersecurity resilience and mitigating cyber threats by enhancing an organization's overall security posture. For example, in November 2022, as per the Australian Cyber Security Centre, there were over 76,000 cybercrime reports in Australia during the 2021-22 financial year, representing a 13% increase from 2020. Moreover, on average, a cybercrime report is lodged approximately every 7 minutes, up from one report every 8 minutes in 2020-21. This surge in cyberattacks is propelling the growth of the information technology (IT) or operational technology (OT) convergence market.
Prominent players in the information technology (IT) or operational technology (OT) convergence market are directing their efforts toward developing an open digital business platform, such as Siemens Xcelerator, to expedite digital transformation in product development, manufacturing, and operations. Siemens Xcelerator is an innovative, open digital business platform featuring a curated portfolio of IoT-enabled hardware and software, a robust partner ecosystem, and a marketplace. For instance, in June 2022, Siemens AG, a Germany-based technology company, unveiled Siemens Xcelerator, aiming to bridge the physical and digital realms by integrating OT data with IT systems, enabling enhanced visibility, optimization, and the exploration of new business models. This cloud-based open software platform facilitates collaboration among engineers, suppliers, vendors, partners, and customers on a unified platform accessible from anywhere, anytime. Siemens Xcelerator boasts a diverse partner ecosystem that offers solutions from Siemens and certified partners, fostering co-creation and collaboration across the industrial value chain.
In November 2021, Rockwell Automation, a US-based provider of industrial automation and digital transformation technologies, acquired Avata for an undisclosed sum. This acquisition is geared towards augmenting Rockwell's offerings in IT/OT convergence and supporting its clients' digital transformation initiatives spanning the supply chain and manufacturing operations. Avata is a US-based provider specializing in IT/OT convergence solutions.
Major companies operating in the information technology (IT) or operational technology (OT) convergence market are Microsoft Corporation, Verizon Communications Inc., Dell Technologies Inc., Huawei Technologies Co. Ltd., Siemens AG, Intel Corporation, Accenture plc, International Business Machines Corporation, Cisco Systems Inc., Mitsubishi Electric Corporation, Honeywell International Inc., Fujitsu Limited, ABB Ltd., Hewlett Packard Enterprise Company, Cognizant, HCL Technologies Limited, Wipro Limited, Rockwell Automation, Palo Alto Networks Inc., PTC Inc., Sierra Wireless, TeamViewer, Birlasoft, Allied Telesis, Armis Inc., OTORIO Ltd., MachineMetrics.
North America was the largest region in the information technology (IT) or operational technology (OT) convergence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the information technology (IT) or operational technology (OT) convergence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the information technology (IT) or operational technology (OT) convergence market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The convergence of information technology (IT) and operational technology (OT) involves the integration and alignment of traditionally distinct domains within an organization's infrastructure and operations. IT typically encompasses computing, networking, and data management systems utilized for administrative and business purposes, whereas OT encompasses technologies and systems employed to monitor, control, and automate physical processes in sectors such as manufacturing, energy, and utilities.
The primary forms of IT and OT convergence include cloud deployment and local deployment. IT and OT systems are interconnected via cloud computing services, enabling remote access and management of data and applications over the Internet. Wired and wireless network technologies play a crucial role in facilitating this integration, utilized across various industries such as energy and utilities, healthcare, retail, consumer packaged goods, transportation and logistics, infrastructure and construction, telecommunications, automotive, agriculture, and others.
The information technology (IT) or operational technology (OT) convergence market research report is one of a series of new reports that provides information technology (IT) or operational technology (OT) convergence market statistics, including information technology (IT) or operational technology (OT) convergence industry global market size, regional shares, competitors with information technology (IT) or operational technology (OT) convergence market share, detailed information technology (IT) or operational technology (OT) convergence market segments, market trends, and opportunities, and any further data you may need to thrive in the information technology (IT) or operational technology (OT) convergence industry. This information technology (IT) or operational technology (OT) convergence market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The information technology (IT) or operational technology (OT) convergence market consists of revenues earned by entities by providing services such as integration services, cybersecurity, cloud computing services, remote monitoring, and management. The market value includes the value of related goods sold by the service provider or included within the service offering. The information technology (IT) or operational technology (OT) convergence market also includes sales of sensor networks, edge computing devices, wireless communication devices, and industrial IoT (IIoT) gateways. 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Information Technology (IT) Or Operational Technology (OT) Convergence Market Characteristics3. Information Technology (IT) Or Operational Technology (OT) Convergence Market Trends and Strategies32. Global Information Technology (IT) Or Operational Technology (OT) Convergence Market Competitive Benchmarking33. Global Information Technology (IT) Or Operational Technology (OT) Convergence Market Competitive Dashboard34. Key Mergers and Acquisitions in the Information Technology (IT) Or Operational Technology (OT) Convergence Market
4. Information Technology (IT) Or Operational Technology (OT) Convergence Market - Macro Economic Scenario
5. Global Information Technology (IT) Or Operational Technology (OT) Convergence Market Size and Growth
6. Information Technology (IT) Or Operational Technology (OT) Convergence Market Segmentation
7. Information Technology (IT) Or Operational Technology (OT) Convergence Market Regional and Country Analysis
8. Asia-Pacific Information Technology (IT) Or Operational Technology (OT) Convergence Market
9. China Information Technology (IT) Or Operational Technology (OT) Convergence Market
10. India Information Technology (IT) Or Operational Technology (OT) Convergence Market
11. Japan Information Technology (IT) Or Operational Technology (OT) Convergence Market
12. Australia Information Technology (IT) Or Operational Technology (OT) Convergence Market
13. Indonesia Information Technology (IT) Or Operational Technology (OT) Convergence Market
14. South Korea Information Technology (IT) Or Operational Technology (OT) Convergence Market
15. Western Europe Information Technology (IT) Or Operational Technology (OT) Convergence Market
16. UK Information Technology (IT) Or Operational Technology (OT) Convergence Market
17. Germany Information Technology (IT) Or Operational Technology (OT) Convergence Market
18. France Information Technology (IT) Or Operational Technology (OT) Convergence Market
19. Italy Information Technology (IT) Or Operational Technology (OT) Convergence Market
20. Spain Information Technology (IT) Or Operational Technology (OT) Convergence Market
21. Eastern Europe Information Technology (IT) Or Operational Technology (OT) Convergence Market
22. Russia Information Technology (IT) Or Operational Technology (OT) Convergence Market
23. North America Information Technology (IT) Or Operational Technology (OT) Convergence Market
24. USA Information Technology (IT) Or Operational Technology (OT) Convergence Market
25. Canada Information Technology (IT) Or Operational Technology (OT) Convergence Market
26. South America Information Technology (IT) Or Operational Technology (OT) Convergence Market
27. Brazil Information Technology (IT) Or Operational Technology (OT) Convergence Market
28. Middle East Information Technology (IT) Or Operational Technology (OT) Convergence Market
29. Africa Information Technology (IT) Or Operational Technology (OT) Convergence Market
30. Information Technology (IT) Or Operational Technology (OT) Convergence Market Competitive Landscape and Company Profiles
31. Information Technology (IT) Or Operational Technology (OT) Convergence Market Other Major and Innovative Companies
35. Information Technology (IT) Or Operational Technology (OT) Convergence Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Information Technology (IT) Or Operational Technology (OT) Convergence Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on information technology (IT) or operational technology (OT) convergence market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
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- Measure the impact of high global inflation on market growth.
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- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for information technology (IT) or operational technology (OT) convergence ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The information technology (IT) or operational technology (OT) convergence market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) by Type: Cloud Deployment; Local Deployment2) by Network Technology: Wired; Wireless
3) by Application: Industrial; Business; Other Applications
4) by Industry: Energy and Utilities; Healthcare; Retail; Consumer Packaged Goods; Transportation and Logistics; Infrastructure and Construction; Telecommunications; Automotive; Agriculture; Other Industries
Key Companies Mentioned: Microsoft Corporation; Verizon Communications Inc.; Dell Technologies Inc.; Huawei Technologies Co. Ltd.; Siemens AG
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- Microsoft Corporation
- Verizon Communications Inc.
- Dell Technologies Inc.
- Huawei Technologies Co. Ltd.
- Siemens AG
- Intel Corporation
- Accenture plc
- International Business Machines Corporation
- Cisco Systems Inc.
- Mitsubishi Electric Corporation
- Honeywell International Inc.
- Fujitsu Limited
- ABB Ltd.
- Hewlett Packard Enterprise Company
- Cognizant
- HCL Technologies Limited
- Wipro Limited
- Rockwell Automation
- Palo Alto Networks Inc.
- PTC Inc.
- Sierra Wireless
- TeamViewer
- Birlasoft
- Allied Telesis
- Armis Inc.
- OTORIO Ltd.
- MachineMetrics
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | June 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 63.95 Billion |
Forecasted Market Value ( USD | $ 121.99 Billion |
Compound Annual Growth Rate | 17.5% |
Regions Covered | Global |
No. of Companies Mentioned | 27 |