According
to the new market research report "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",the
operational technology (OT) market is expected to be valued at USD 40.42 Billion
by 2022, growing at a CAGR of 6.7% between 2017 and 2022. The factors that are
driving the growth of this market are the increasing demand for
industrialization in emerging economies; evolution of IIoT, and increased
communication and monitoring machines; and growing demand for smart automation
solutions.
“OT market for DCS expected to grow at
the highest rate during the forecast period”
The
market for distributed control system (DCS) is expected to grow at the highest
CAGR between 2017 and 2022. The acceleration in adoption of IoT has increased
the use of connected devices; demand for automation will continue to drive 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.
“The OT market for the oil and gas
industry to grow at a high rate between 2017 and 2022”
Among
the process industries, the oil and gas industry accounted for the largest
share of the overall OT market based on the end-user industry in 2016. Since
the past few years, the global oil and gas industry has been witnessing
challenges such as falling oil and gas prices, sluggish demand, and
environmental concerns. OT enables the oil and gas industry to monitor the facilities
remotely and gain knowledge about daily inventories and the equipment
condition. The increasing number of oil and gas companies is investing in the
improved control systems, software, and analytics to optimize their operations
and give them a competitive advantage.
“North America expected to lead the OT
market between 2017 and 2022”
North
America is expected to hold the largest size of the OT market during the
forecast period. The players in North America are emphasizing on modernizing
their plants and facilities with advanced technologies. Furthermore, the
adoption of smart automation technologies and a significant number of
established players are driving the demand for the OT market in North America.
The
major players operating in the OT market are ABB (Switzerland), Siemens AG
(Germany), General Electric (US), Honeywell International Inc. (US), Schneider
Electric (France), Yokogawa Electric (Japan), Rockwell Automation, Inc. (US),
Emerson (US), IBM (US), Oracle (US), SAP SE (Germany), Huawei Technologies
(China), NEC Corporation (Japan), Cisco Systems (US), Accenture (US), Wipro
(US), Cognizant (US), Hewlett-Packard (US).
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