The operational technology market size was projected to be USD 19 billion in 2023. By the end of 2024, the industry is likely to reach a valuation of USD 22.1 billion. During the forecast period, the global market for operational technology is expected to garner an 18.40% CAGR and reach a size USD 119.6 billion by 2034.
| Attributes | Details |
|---|---|
| Estimated Market Value in 2023 | USD 19 billion |
| Expected Market Value in 2024 | USD 22.1 billion |
| Expected Market Value in 2034 | USD 119.6 billion |
| Value based CAGR from 2024 to 2034 | 18.40% |
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| Report Attributes | Details |
|---|---|
| Market Value in 2019 | USD 10.5 billion |
| Market Value in 2023 | USD 19 billion |
| CAGR from 2019 to 2023 | 16% |
During the historical period, the market rose at a 16% CAGR. Companies are investing in operational technology due to changing customer expectations for customized goods and services. Real time data collection and analysis empowers companies to customize their offers, improving client happiness and experiences, and eventually propelling market expansion.
Operational technology adoption is influenced by rising standards and regulations across a range of sectors. Companies make these technological investments in order to abide by laws and make sure that their operational procedures follow industry and legally specific criteria. This type of technology helps the companies to meet their regulatory requirements effectively.
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The table below lists the top five nations expected to forecast prominent growth during the forecast period. Germany and Australia are predicted to have the maximum development among these nations.
| Countries | CAGR from 2024 to 2034 |
|---|---|
| The United States | 16.20% |
| Japan | 17.80% |
| Germany | 19.60% |
| China | 18.90% |
| Australia | 21.90% |
The United States market for operational technology is likely to garner a 16.20% CAGR during the forecast period. Companies have been compelled to invest heavily in operational technology solutions that incorporate recent advances like IoT and analytics due to the unrelenting march toward Industry 4.0.
The purpose of this calculated effort is to increase efficiency and maintain leadership in the age of digital revolution. Companies are implementing advanced operational technology systems at an increasing rate due to growing concerns about cybersecurity risks to vital infrastructure. The objective of this proactive approach is to strengthen cybersecurity defenses and provide a strong barrier against any possible cyberattacks.
The operational technology market in Japan is poised to expand at a 17.80% CAGR from 2024 to 2034. The adoption of OT solutions is accelerated by the strong emphasis of the country on precision manufacturing and its leadership position in technology.
The integration of complex analytics and IoT is facilitated by the national dedication to efficiency driven production techniques and innovation. A significant driver is the keen understanding of Japan towards environmental sustainability. In line with the green goals of the country, operational technology systems are essential for optimizing resource and energy usage.
The growth trajectory of this market in Japan is distinguished by its environmentally sensitive approach, which demonstrates a dedication to technical progress and eco friendly industrial processes.
The Germany market for operational technology is poised to develop at a 19.60% CAGR during the forecast period. German businesses, known for their superior engineering, place a high value on operational technology for process optimization and precise production.
The integration of advanced operational technology systems is further highlighted by the focus on efficiency and quality. Germany has a particularly strong commitment to Industry 4.0. The country stands out for its deliberate efforts to promote automation, smart manufacturing, and human machine cooperation.
The German Mittelstand, a network of small and medium sized businesses, promotes the implementation of operational technology, demonstrating a distinctive cooperative strategy. Germany is at the forefront of operational technology innovation due to these elements, which emphasize industrial ecosystem collaboration, technological leadership, and accuracy.
The China market for operational technology is likely to expand at an 18.90% CAGR from 2024 to 2034. China is heavily focused on operational technology as a means of improving the efficiency of large scale production, driven by the rapid industrialization and technical goals of the country.
The emphasis of China on infrastructure development and digital transformation encourages the broad use of operational technology solutions. China stands out due to its strategic focus on utilizing operational technology for smart city projects.
Its trajectory in the operational technology environment is marked by the integration of operational technologies into urban planning and development, which demonstrates a distinctive approach to utilizing technology for societal improvement.
The Australia operational technology market is poised to expand at a 21.90% CAGR during the forecast period. Operational technology is being used by the large and resource intensive sectors of Australia, such as mining and energy, in order to optimize operational operations.
The dedication of the country to effectively and sustainably exploiting resources highlights the significance of operational technology in these fields. Operational technology solutions are essential for controlling and monitoring operations due to its geographical difficulties, which include harsh conditions and distant places.
Their national strategy to integrate operational technology for industrial growth is unique in that it recognizes the necessity for resilient and adaptable technology in the face of these obstacles.
The table below highlights how the oil and gas operations by industry type is projected to take up a significant global market share. The large enterprise segment is likely to garner a significant market share in 2024.
| Category | Market share in 2024 |
|---|---|
| Oil and Gas | 21% |
| Large Enterprise | 72% |
The oil and gas operations by industry type is expected to acquire a market share of 21% in 2024. The importance of operational technology in increasing efficiency and ensuring safety is critical for oil and gas operations. Operational technology improves operational efficiency and decreases downtime by enabling real time monitoring and management of intricate operations in refining, drilling, and distribution.
It is essential to risk management within the oil and gas industry, where safety is of utmost importance. It does this by utilizing automation and advanced sensors to avert accidents and guarantee strict adherence to rules.
To put it simply, the incorporation of operational therapy into oil and gas operations enhances output while protecting people, property, and the environment, hence strengthening the overall resilience of the industry.
Based on the industry type, the large enterprise segment is anticipated to take up a significant global market share. In 2024, the large enterprise segment is likely to acquire a 72% global market share.
Operational technology is a tool used by large enterprises to promote innovation and increase operational efficiency. Operational technology streamlines production procedures, cutting expenses and enhancing resource efficiency to raise total output.
Revenue growth is directly impacted by this increase in efficiency. Companies may innovate in service delivery and product creation, maintaining their competitiveness in fast paced markets, by combining IoT, automation, and data analytics through this technology.
This innovation focused strategy creates new sources of revenue in addition to drawing clients. For major companies looking to achieve sustainable development through simplified operations and ongoing technological improvements, operational technology adoption is essentially essential.
To optimize operations, companies in the operational technology industry are implementing IoT solutions and advanced industrial automation. Efficiency and resilience are increased by the integration of cybersecurity measures along with real time data analytics.
Adopting the concepts of Industry 4.0, they give priority to connectivity and predictive maintenance in order to get a competitive advantage in this quickly changing industry.
Operational technology startups provide novel approaches, frequently upending conventional methods, to spur innovation in the industry. By utilizing IoT, AI, and data analytics, they provide scalable and reasonably priced technology. Startups provide new insights, which encourage competition and push more established firms to change, thus speeding up the advancement of operational technology.
Some of the prominent developments by the key companies in this domain are
| Company | Key Developments |
|---|---|
| General Electric |
|
| Emerson Electric Co. |
|
| Attribute | Details |
|---|---|
| Projected market value in 2024 | USD 22.1 billion |
| Projected market value in 2034 | USD 119.6 billion |
| Forecast CAGR from 2024 to 2034 | 18.40% |
| Forecast period | 2024 to 2034 |
| Historical period | 2019 to 2023 |
| Market analysis | Value in USD billion |
| Key regions covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East & Africa |
| Key countries profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
| Key market segments |
Component, Deployment, Connectivity, Industry, Enterprise Size |
| Key companies profiled | ABB; Emerson Electric Co.; General Electric; Hitachi Ltd.; Honeywell International Inc.; IBM Corporation; OMRON Corporation; Rockwell Automation; Siemens; Schneider |
The global operational technology market is expected to reach USD 22.1 billion by 2024.
The global operational technology market is set to expand at a CAGR of 18.40% by 2034.
The global operational technology market is forecast to reach USD 119.6 billion by 2034.
The oil and gas operations segment is projected to attain a 21% share in 2024.
The large enterprise segment is likely to acquire a 72% share in 2024.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Component 5.1. Supervisory Control and Data Acquisition (SCADA) 5.1.1. Programmable Logic Controller (PLC) 5.1.2. Remote Terminal Unit 5.1.3. Human-Machine Interface (HMI) 5.1.4. Others 5.2. Distributed Control System (DCS) 5.3. Manufacturing Execution System Market 5.4. Functional Safety 5.5. Building Management System 5.6. Plant Asset Management (PAM) 5.7. Variable Frequency Drives (VFD) 5.8. Computer Numerical Control (CNC) 5.9. Others 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Connectivity 6.1. Wired 6.2. Wireless 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment 7.1. Cloud 7.2. On-premises 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Enterprise Size 8.1. SMEs 8.2. Large Enterprises 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry 9.1. Process Industry 9.1.1. Oil & Gas 9.1.2. Chemicals 9.1.3. Pulp & Paper 9.1.4. Pharmaceuticals 9.1.5. Mining & Metals 9.1.6. Energy & Power 9.1.7. Others 9.2. Discrete Industry 9.2.1. Automotive 9.2.2. Semiconductor & Electronics 9.2.3. Aerospace & Defense 9.2.4. Heavy Manufacturing 9.2.5. Others 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 15. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 16. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 17. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. ABB 20.2. Emerson Electric Co. 20.3. General Electric 20.4. Honeywell International Inc. 20.5. IBM Corporation 20.6. OMRON Corporation 20.7. Rockwell Automation 20.8. Siemens 20.9. Schneider Electric 21. Assumptions & Acronyms Used 22. Research Methodology
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Operational Technology Market
