DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Operational Technology Market by Component (Field Devices, Control Systems, Services), Networking Technology (Wired Technology, Wireless Technology), End-User Industry, and Region - Global Forecast to 2022" report to their offering.
The operational technology (OT) market is expected to grow at a CAGR of 6.7% between 2017 and 2022 and is expected to be worth at USD 40.42 billion by 2022.
The key factors driving the growth of the OT market are the development strategies implemented by the players operating in the automation ecosystem, such as mergers and acquisitions, partnerships, and collaborations; increasing demand for industrialization in emerging economies; and evolution of IIoT with the increased communication and monitoring of machines. However, the major restraining factors for the growth of this market are supply chain disruptions, lack of efficient government initiatives, and so on.
The supervisory control and data acquisition (SCADA) systems hold the largest share in the OT market for control systems. The acceleration in adoption of IoT has increased the use of connected devices, and the demand for automation will keep driving the market for control systems such as DCS and SCADA systems. The rapid demand for digital transformation has raised the requirements for control systems. Moreover, IIoT is urging the industries to automate their plant and their production process to gain a competitive edge over the peers. DCS provides the finest control for regulatory applications and is used for the integration of power measuring devices, drives, and soft starters.
Wired networks are safe and reliable, and hence they continue to be one of the most preferred technology in the industrial organizations. The wired networking technologies which are essential for establishing connectivity among the OT solutions are Industrial Ethernet, Modbus, PROFINET, Foundation Fieldbus, HART, and others (CAN, SDI, and CDE). These are widely used in the end-user industry across various process industries such as oil and gas, food and beverages, chemical, pharmaceutical, and others.
Market Dynamics
Drivers
- Increasing Demand for Industrialization in Emerging Economies
- Changing Needs and Preferences of Customers
- Evolution of IIoT and Increased Communication and Monitoring of Machines
- Growing Demand for Smart Automation Solutions
- Inorganic Growth Strategies in the Automation Ecosystem
Restraints
- Supply Chain Disruptions
- Lack of Sufficient Initiatives From Governments
Opportunities
- Increasing Focus on Renewable Energy
- Demand for Predictive Maintenance Services
Challenges
- Risk of Cyberattacks
- Lack of Research and Development
Companies Mentioned
- ABB
- Accenture
- Advantech
- Cisco Systems
- Cognizant
- Emerson Electric
- Fanuc
- General Electric
- Hewlett-Packard Enterprise
- Honeywell International
- Huawei Technologies
- IBM Limited
- NEC Corporation
- Nextnine
- Oracle
- Rockwell Automation
- SAP SE
- Scadafence
- Schneider Electric
- Siemens AG
- Tesco Controls
- Wipro
- Wood Group Mustang
- Wunderlich-Malec Engineering
- Yokogawa Electric
For more information about this report visit http://www.researchandmarkets.com/research/7g4mhm/operational
