Operational Technology Market To Be Worth USD 255.9 Billion by 2030, Says P&S Intelligence

NEW YORK, April 20, 2023 /PRNewswire/ -- The global operational technology market is projected to be worth USD 255.9 billion by 2030, growing at a CAGR of 6.10%, according to P&S Intelligence.

The industry is boosted by the growing focus on predictive maintenance via the analysis of real-time statistics on machines' performance, initiatives by governments in order to encourage the acceptance of operational technologies (OTs), and the arrival of connected firms.

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Control Systems Most Widely Integrated into Industrial Machinery

In 2022, control systems led the market with an approximately 48% revenue share. This is mainly because of the hike in the acceptance of SCADA for gathering real-time information from remote sites and governing different devices.

For industrial establishments, SCADA systems are important as they support in increasing productivity, giving data for better decision making, and communicating system problems, to aid in reducing downtimes.

Wireless Connectivity Is Gaining Traction 

In 2022, the wireless category had the larger share. This can be credited to the fact that wireless connectivity offers broader area coverage and quicker communication through WLAN.

Nowadays, the majority of the networks are functioning on the wireless method as wireless LANs utilize high-frequency radio signals, IR rays, or lasers to link databases, workstations, and hubs. Several devices are linked via wireless technologies to establish an area network.

Widespread Acceptance in Process Industry 

In 2022, process industries had the larger share, as OT is progressively being accepted in the oil and gas sector. This will generate new prospects to improve business performance with the support of enhanced asset dependability.

For end users, the integration of analytics, IIoT, and other predictive and prescriptive technologies supports in taking performance to the next level. The SCADA system can be intended for efficiently and rapidly fulfilling the needs of businesses working with oil and gas pipelines.

APAC in Greatest Need of Operational Technology

In 2022, APAC dominated the operational technology market with an approximately 48% revenue share, owing to the increasing acceptance of IoT to enable the setup of smart factories.

The APAC region is enormously diverse, with localized factors varying from nations with low productivity and low labor costs to those with advanced technologies and high labor costs.

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Because of such reasons, nations such as Singapore, China, Japan, Taiwan, and South Korea can be considered advanced manufacturers, while Indonesia, India, Malaysia, Thailand, and Vietnam are still classified as emerging manufacturers.

Furthermore, in APAC, one of the main boosters of the GDP is manufacturing. With the beginning of the Industry 4.0 revolution, the continent's key industrialists are experiencing an evolution.

Operational Technology Industry Segmentation Coverage in the Report

Operational Technology Market Analysis by Component

• Field Instruments
• Control Systems
• Services

Operational Technology Market Analysis by Connectivity

• Wired
• Wireless

Operational Technology Market Analysis by Industry

• Process Industry
• Discrete Industry

Operational Technology Market Analysis by 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)

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 About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence