The 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 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 ISAsecure 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 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
- Market number available for – 2022-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others
Operational Technology Market Report by Segment
By Component
- Human-machine interface
- Control Systems
By Networking Technology
- Wired
- Wireless
By Industry
- Process Industry
- Discrete Industry
Operational Technology Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the Operational Technology market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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