Operational Technology Market To Reach USD 255.9 Billion by 2030

The revenue generated by operational technology market was USD 159.4 billion in 2022, and it will reach USD 255.9 billion by 2030, powering at a rate of 6.10% by the end of this decade.

The growth of the market has a lot to do with by the growing emphasis on instantaneous analysis of data and predictive maintenance, strategic initiatives taken by governments for promoting the acceptance of OTs, and advent of connected enterprises.

The share of the control systems was the largest in the industry in 2022, with about 48%. This is because of the increasing acceptance of SCADA for collecting instantaneous data from remote locations and controlling different devices.

For manufacturing organizations, SCADA systems are important as they come in handy for supporting efficiency, data processing for smarter decisions, and communicating system issues for helping in easing downtimes.

The wireless category accounted for larger share in the past. This was chiefly because wireless connectivity offers extensive area coverage and faster communication, through WLAN.

Nowadays, most networks operate on the wireless mode, because wireless LANs make use of infrared beams, high frequency radio signals or lasers connecting file servers, workstations, or hubs. Numerous devices are connected through wireless technologies for the formation of an area network.

Process industries had the larger share in operational technology market in 2022, due to the fact that OT is increasingly accepted in the oil & gas sector. This offers new prospects for the enhancement of the overall business performance with the support of improved asset reliability.

For end users, the integration of analytics, IIoT, and other technologies help in taking performance to the next level. The SCADA system can be intended for swiftly and competently coping with the requirements of companies operating pipelines of oil and gas.

APAC dominated the industry with a share of approximately 48%, in the recent past, as told by a report published by P&S Intelligence. It is mainly because of the growing acceptance of IoT and IIoT, to comprehend the concept of smart factories.

APAC is tremendously diverse, with localized features, such as affordable and low-productivity countries to progressive and the countries with high manufacturing cost.

Moreover, in the region, one of the main economical drivers is manufacturing. With the beginning of the industry 4.0 revolution, the major manufacturers of the region are experiencing a substantial evolution, as connectivity is a key pillar of next-gen factories, where AI, ML, IoT, and cloud computing are embraced for enabling smart manufacturing.

The growing demand of operational technology all over the world, has a lot to do with the rapid rate of digitization, and also the automation of the industrial sector.

During the initial rise of operational technology devices in the 1970s through recent times, OT devices were usually closed systems—meaning they were off-network and didn’t connect with other on-network devices. This is called air-gapping as the devices were bodily separated from the unsecured networks. That was the main mode of OT safety for many years.

Hence, the operational technology market is boosted by the extensive digitization and automation of the industrial sector.

SOURCE: P&S Intelligence