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 growth of this
market is fueled by the evolution of IIoT, and increased communications and
monitoring of machines; development in automation ecosystem through organic
growth strategies such as mergers and acquisitions, and collaborations; and
increasing demand for industrialization in emerging economies.
Distributed
control system (DCS) held the largest share of the operational technology market
based on control systems in 2016 and is expected to grow at a high rate between
2017 and 2022. The hastening adoption of IoT has increased the use of connected
devices in various process industries. Thus, the demand for automation will
continue to drive the market for control systems such as DCS, supervisory
control and data acquisition (SCADA) systems, and programmable logic
controllers (PLC). 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.
Predictive
maintenance services accounted for the largest share of the operational
technology market for services in 2016, and the market for the same is expected
to grow at the highest CAGR between 2017 and 2022. Predictive maintenance
software is designed to help control the condition of in-service equipment to
predict the appropriate time at which the machines will need maintenance. This
approach assures cost optimization over routine or time-based preventive
maintenance.
Wired
technology accounted for a larger share of the overall operational technology
market based on networking technologies in 2016. Wired technologies are safe
and unfailing technologies. Hence, they continue to remain as the more
preferred networking technologies in the industrial organizations. Among wired
technology, Ethernet is most widely used in process industries. This technology
is widely used as it offers real-time operation; protection against harsh
environment; and faster, safer, and comparatively low-cost data transfer than
other wired technologies.
Among
the process industries, the oil and gas industry accounted for the largest
share of the overall operational technology market based on end-user industries
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. 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.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=175373380
The
key market players such as General Electric (US) and Siemens AG (Germany) are
focusing on the strategies such as new product launches and developments,
expansions, contracts, and collaborations to enhance their product offerings
and expand their business. Also, they have launched disruptive platforms which
are currently booming the market.
About
MarketsandMarkets™
MarketsandMarkets™
provides quantified B2B research on 30,000 high growth niche
opportunities/threats which will impact 70% to 80% of worldwide companies’
revenues. Currently servicing 7500 customers worldwide including 80% of global
Fortune 1000 companies as clients. Almost 75,000 top officers across eight
industries worldwide approach MarketsandMarkets™ for their painpoints around
revenues decisions.
Our
850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high
growth markets following the “Growth Engagement Model – GEM”. The GEM aims at
proactive collaboration with the clients to identify new opportunities,
identify most important customers, write “Attack, avoid and defend” strategies,
identify sources of incremental revenues for both the company and its
competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants
(Positioning top players across leaders, emerging companies, innovators,
strategic players) annually in high growth emerging segments.
MarketsandMarkets™ is determined to benefit more than 10,000 companies this
year for their revenue planning and help them take their
innovations/disruptions early to the market by providing them research ahead of
the curve.
MarketsandMarkets’s
flagship competitive intelligence and market research platform,
“Knowledgestore” connects over 200,000 markets and entire value chains for
deeper understanding of the unmet insights along with market sizing and
forecasts of niche markets.
Contact:
Mr.
Ashish Mehra
MarketsandMarkets™
INC.
630
Dundee Road
Suite
430
Northbrook,
IL 60062
USA:
1-888-600-6441
No comments:
Post a Comment