The global operational technology market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The major factor driving the growth of the global operational technology market during the forecast period is the increasing adoption of automation in industries across the globe. Additionally, the growing adoption of safety instrumented services and technical advancements in hardware and software are also boosting the growth of the market. For instance, in May 2021, Yokogawa obtains ISA secure CSA level-1 certification for prosafe-RS safety instrumented system, which is a product in the oprex control and safety system family. Moreover, due to the increasing implementation of automated solutions and enhanced monitoring and control system in industries, there is a growing demand for efficient operational technologies which in turn is boosting the market growth.
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The major companies serving the global operational technology market include ABB Ltd., Honeywell International Inc., Rockwell Automation Inc., Schneider Electric, Siemens AG, among others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, partnerships and collaborations, and geographical expansion, to stay competitive in the market. For instance, in September 2021, Yokogawa Electric Corp. upgraded its Exaquantum Safety Function Monitoring (SFM) software. It is an OpreX Asset Operations and Optimization solution that helps identify whether actual operating performance meets safety design targets.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
o By Components
o By Networking Technology
o By Industry
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- ABB Ltd., Honeywell International Inc., Rockwell Automation Inc., Schneider Electric, Siemens AG, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Operational Technology Market Report by Segment
By Component
- Human-machine interface
- Control Systems
By Networking Technology
- Wired
- Wireless
By Industry
- Process Industry
- Discrete Industry
This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.
