Operational Technology Market Worth USD 281.8 Bn by 2029 R&D investments, Technological development, Competitive Rivalry, and forecast 2029

Pune, Jan. 17, 2023 (GLOBE NEWSWIRE) -- The global market for Operational Technology Market will grow at a 7.8 % CAGR to reach USD 281.8 Bn by 2029, according to a report by Maximize Market Research. The market is driven by the Increasing government initiatives for the adoption of operational technologies.

Operational Technology Market Scope and Research Methodology

The primary and secondary data sources are extensively used in the research report. Government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries, as well as market risks, opportunities, market barriers, and challenges, are all investigated during the research process. Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for the report. Product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealers, and traders, as well as raw material suppliers and producers, are among the primary supply-side sources. Industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executives, end users (product buyers), and related key executives from various key companies and organizations operating in the global Operational Technology Market are among the primary demand sources.

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Operational Technology Market Overview:

The practice of controlling industrial equipment with hardware and software is known as operational technology (OT). It interacts primarily with the physical world. OT is becoming more digital and internet-connected. This raises security concerns for OT, which is commonly used in federal facilities where security was previously unaffected. Revenue growth in the operational technology market is being driven by an increased emphasis on real-time data analysis and predictive maintenance, as well as government strategic initiatives to promote the adoption of operational technologies. Development of machine learning and big data analytics, as well as rapid industrial growth in emerging economies such as Asia Pacific and North America.

Operational Technology Market Dynamics

Governments around the world are becoming more aware of the significant potential of operational technologies, and as a result, they are supporting and funding R&D for technologies such as loT and industrial 3D printing. Government funding increased by 26% compared to 32% the previous year, bolstering the operational technology market. Various governments are promoting IoT innovations in the hopes of becoming early adopters of the technology. They are funding new Internet of Things (IoT) research projects and implementations in order to build and operate smart cities in the forecast period.

As operational technology advances and the physical world becomes more digital, cybersecurity becomes a growing concern in the operational technology market. This is because increased connectivity between devices/enterprise technologies and the internet creates new access points that are vulnerable to external threats. This implies that organizations must put in place systems and risk management principles capable of safeguarding their technology systems, whether IT or OT.

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Operational Technology Market Regional Insights

Asia Pacific market held the highest revenue share of 45% in 2021. Asia Pacific countries have developed national frameworks to recognize the potential of Industry 4.0 in better preparing economic institutions for increased productivity and resilience. The majority of government agencies and businesses anticipate meeting their objectives during the forecast period. Industry 4.0 goals necessitate efficient legislative frameworks, such as the release of a new spectrum for improved connectivity and the development of novel solutions. A digital society, and thus industry 4.0, requires ubiquitous connectivity as a prerequisite for success. North American market accounted for the second-largest revenue share of (28%) in 2021. This region is expected to lead the Operational technology market as smart manufacturing becomes more popular among North American businesses. The majority of factories that are currently in operation have modern equipment and smart factory technologies, paving the way for more businesses to transition from traditional manufacturing to smart manufacturing.

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Operational Technology market Key Competitors:

• ABB (Switzerland)
• Siemens (Germany)
• Schneider Electric (France)
• Rockwell Automation (US)
• Honeywell International Inc. (US)
• Emerson Electric Co. (US)
• IBM (US)
• General Electric (US)
• Oracle (US)
• Yokogawa Electric Corporation (Japan)
• Fuji Electric Co., LTD (Japan)
• Mitsubishi Electric Corporation (Japan)
• Omron Corporation (Japan)
• Hitachi Ltd (Japan)
• Hollysys (China)
• Krohne Messtechnik gmbh (India)
• Graymatter (India)
• Wunderlich-Malec Engineering, Inc (US)
• Scadafence (Israel)
• SAP SE (Germany)
• Tesco Controls (California)
• Advantech CO.Ltd (Taiwan)
• Nec Corporation (Japan)
• Azbil Corporation (Japan)
• Endress + Hauser Group Services AG (India).
  

Key questions answered in the Operational Technology market are:

• What are the technological innovations in the Operational Technology Market?
• What are the factors driving the growth of the Operational Technology Market?
• Which technology insight dominated the Operational Technology Market in 2021?
• How has COVID-19 affected the growth of the Operational Technology Market?
• What is the growth rate of the Operational Technology Market during the forecast period?
• What are the trends of the North America region in the Operational Technology Market?
• Who are the market leaders in the dental devices North America region?
• Which deployment mode led the Operational Technology Market in 2021?
• Who are the top 5 key players in the Operational Technology Market?
• What are the factors restraining the growth of the Operational Technology Market?
• Which region held the largest market share in the Operational Technology Market?
• What is Operational Technology?
• What is Operational Technology used for?
• What does an Operational Technology cost?

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Key Offerings:

• Market Share, Size & Forecast by Revenue | 2022−2029
• Market Dynamics – Challenges, Market Drivers, and Opportunities.
• Market Segmentation – A detailed analysis by Component, Networking Technology, and Industry and Region.
• Competitive Landscape – Top local players and key market players.

Maximize Market Research is leading research firm, has also published the following reports:

Operational Predictive Maintenance Market: The Operational Predictive Maintenance Market is expected to grow at a CAGR of 25.2% during the forecast period, to reach US$ 19.29 Bn. by 2027. The market is driven by Increasing awareness regarding maintenance operations and reducing assets.

Operational Analytics Market: The Operational Analytics Market size was valued at US$ 11.18 Bn. in 2021 and the total revenue is expected to grow at 18.87% from 2022 to 2029, reaching nearly US$ 44.59 Bn. The market is driven by the Growing need for process and operations optimization and control.

Operational Database Management Systems Market: The Operational Database Management Systems Market size is expected to reach nearly US $ 13.62 Bn by 2029 with a CAGR of 5% during the forecast period. The extensively growing amount of data also requires to be analyzed as well as facilities like backup & retrieval of data at the time it is needed.

Operational Intelligence Market: The Operational Intelligence Market is expected to grow at a rate of 12.08% CAGR from 2021 to 2029, the Operational Intelligence Market is reaching almost US$ 5.16 Bn. in 2029. The market is driven by the growing need for real-time data analytics. In today's data-driven environment, operational intelligence has an obvious and growing impact.

IT Asset Disposition (ITAD) Market: The IT Asset Disposition (ITAD) Market was valued at US$ 11.32 Bn in 2021 and is expected to reach 25.96 Bn by 2029, at a CAGR of 10.93 % during the forecast period. The market is driven by growing demand for IT asset disposition (ITAD) from the IT industry is projected to boost the global IT asset disposition (ITAD) market.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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