Operational Technology Market Growth Factors, Opportunities, Ongoing Trends and Key Players 2034

The operational technology market was projected to be valued at USD 13.7 billion in 2023. By the end of 2024, the sector is expected to be valued at US$ 16 billion. Over the course of the projection period, the operational technology market is expected to grow at a pace of 18.90% CAGR, with a valuation of USD 90.6 billion by 2034.

Operational technology facilitates more collaboration between historically distinct industries, which fosters creative problem-solving. For example, operational technology is used to enhance output and services in the industrial and healthcare sectors.

Growing standards and regulations in a variety of industries have an impact on the adoption of operational technology. Businesses engage in these technologies to ensure compliance with legal requirements and to ensure that their operating practices meet industry and regulatory requirements. This kind of technology aids businesses in successfully meeting their regulatory obligations.

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Key Takeaways from the Market Analysis

• The market expanded at a 16% CAGR throughout the historical period.
• Over the course of the forecast period, the operational technology market in the United States is projected to expand at a rate of 16.20% CAGR.
• From 2024 to 2034, the operational technology market in Japan is expected to rise at a 17.80% compound annual growth rate.
• Over the course of the projected period, the operational technology market in Germany is projected to garner a 19.60% CAGR.
• From 2024 to 2034, the operational technology market in China is anticipated to rise at a CAGR of 18.90%.
• Over the course of the projected period, the Australia operational technology market is projected to expand at a 21.90% CAGR.
• By type of industry, oil and gas activities are projected to gain a 21 % market share by 2024.

“Growth in the operational technology market is driven by the increasing acceptance of Industry 4.0, which emphasizes smart manufacturing, and the growing need for IoT integration, which makes real time data usage possible. These forces improve productivity, stimulate innovation, and optimize procedures in industrial operations,” says an FMI analyst.

Competitive Landscape

Companies in the global operational technology market are putting greater emphasis on creating comprehensive service packages that include maintenance, assistance, and instruction. Companies that provide end to end solutions improve their relationships with customers, guarantee system dependability, and create recurring income streams, all of which support long term success.

Companies are also making calculated investments in research and development to provide innovative operational technology solutions. By being at the forefront of technical innovation, they get a competitive edge that drives profitability by helping them stand out in the market and draw in customers looking for the newest and most cutting edge solutions.

Key Developments

• In order to increase the spectrum of managed services provided, Hitachi Systems, Ltd., a fully owned subsidiary of Hitachi, Ltd., announced in July 2022 that they had signed a strategic partnership agreement with Amazon Web Services Inc. (“AWS”).
• Hitachi Systems will be able to add the security, scalability, and agility of AWS cloud services to its managed services owing to this new, three year strategic partnership arrangement. Customers will be able to accomplish Digital Transformation (DX) goals more quickly because of this.

Segmentation Analysis of the Operational Technology Market

By Component:

• Supervisory Control and Data Acquisition (SCADA)
  • Programmable Logic Controller (PLC)
  • Remote Terminal Value
  • Human Machine Interface (HMI)
  • Others
• Distributed Control System (DCS)
• Manufacturing Execution System Market
• Functional Safety
• Building Management System
• Plant Asset Management (PAM)
• Variable Frequency Drives (VFD)
• Computer Numerical Control (CNC)
• Others

By Connectivity:

• Wired
• Wireless

By Deployment:

• Cloud
• On premises

By Enterprise Size:

• SMEs
• Large Enterprises

By Industry:

• Process Industry
  • Oil & Gas
  • Chemicals
  • Pulp & Paper
  • Pharmaceuticals
  • Mining & Metals
  • Energy & Power
  • Others
• Discrete Industry
  • Automotive
  • Semiconductor & Electronics
  • Aerospace & Defense
  • Heavy Manufacturing
  • Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East & Africa