Information Technology (IT) Or Operational Technology (OT) Convergence Global Market Report 2024

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.

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