(EMAILWIRE.COM, March 26, 2019 ) The operational technology market was valued at USD 27.20 Billion in 2016 and is expected to grow at a CAGR of 6.7% between 2017 and 2022. The base year considered for the study is 2016, and the forecast period is between 2017 and 2022. The objective of the report is to provide a detailed analysis of the OT market based on component, networking technology, end-user industry, and geography. The report provides detailed information regarding the major factors influencing the growth of the operational technology market. The report also provides a detailed overview of the value chain of the OT market.

Increasing demand for industrialization in emerging economies; evolution of IIoT, and increased communications and monitoring of machines; and growing demand for smart automation solutions are the key factors driving the growth of the operational technology (OT) market.

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“OT market for DCS expected to grow at the highest rate during the forecast period”

The market for distributed control system (DCS) is expected to grow at the highest CAGR between 2017 and 2022. The acceleration in adoption of IoT has increased the use of connected devices; demand for automation will continue to drive the market for control systems such as DCS and SCADA systems. The rapid demand for digital transformation has raised the requirements for control systems. Moreover, IIoT is urging the industries to automate their plant and their production process to gain a competitive edge over the peers. DCS provides the finest control for regulatory applications and is used for the integration of power measuring devices, drives, and soft starters.

“The OT market for the oil and gas industry to grow at a high rate between 2017 and 2022”

Among the process industries, the oil and gas industry accounted for the largest share of the overall OT market based on the end-user industry in 2016. Since the past few years, the global oil and gas industry has been witnessing challenges such as falling oil and gas prices, sluggish demand, and environmental concerns. OT enables the oil and gas industry to monitor the facilities remotely and gain knowledge about daily inventories and the equipment condition. The increasing number of oil and gas companies is investing in the improved control systems, software, and analytics to optimize their operations and give them a competitive advantage.

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“North America expected to lead the OT market between 2017 and 2022”

North America is expected to hold the largest size of the OT market during the forecast period. The players in North America are emphasizing on modernizing their plants and facilities with advanced technologies. Furthermore, the adoption of smart automation technologies and a significant number of established players are driving the demand for the OT market in North America.

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The major players operating in the OT market are ABB (Switzerland), Siemens AG (Germany), General Electric (US), Honeywell International Inc. (US), Schneider Electric (France), Yokogawa Electric (Japan), Rockwell Automation, Inc. (US), Emerson (US), IBM (US), Oracle (US), SAP SE (Germany), Huawei Technologies (China), NEC Corporation (Japan), Cisco Systems (US), Accenture (US), Wipro (US), Cognizant (US), Hewlett-Packard (US).

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