Operational Technology Market business opportunities including key players forecast till 2029

September 18, 2023

Market Analysis and Size

Operational technology have become a crucial component of every digital product, including medical devices, wearables, and smart devices, among others. Various industries are relying heavily on OT such as the automotive and transportation, building and infrastructure, energy and utilities, food and beverage, oil and gas, among others.

Global Operational Technology Market was valued at USD 21315.90 million in 2021 and is expected to reach USD 36080.59 million by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. Oil and Gas accounts for the largest end-user segment in the respective market owing to the high use for leak detection, process safety, and process improvements. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Market Definition

Operational technology systems are hardware and software that detect the cause of change through direct monitoring using a physical device. Operational Technology (OT) uses various technologies such as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), and Programmable Logic Controllers (PLC) to perform its applications. It is popularly used in industrial control systems, which can be deployed anywhere including power stations paper industries, and others. In recent times, merging or convergence of operational technology with Information Technology (IT) systems has led to development of Industrial Internet of Things (IIOT).

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Global Operational Technology Market Scope and Market Size

The operational technology market is segmented on the basis of component, deployment, connectivity, technology, and end-user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Global Operational Technology Market, By Component (Hardware, Software/Platform, Services), Deployment (On Premise, Hybrid, Cloud), Organization Size (Small and Medium Business, Large Enterprises), Connectivity (Wired, Wireless), Technology (Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), Programmable Logic Controllers (PLC), Safety Instrumented Systems (SIS), Building Management/Automation Systems (BAS)), End-user (Automotive and Transportation, Building and Infrastructure, Energy and Utilities, Food and Beverage, Life Sciences, Marine and Ports, Metals and Mining, Oil and Gas, Chemicals, Pulp and Paper, Others) – Industry Trends and Forecast to 2029.

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