[FURL=https://www.industryarc.com/Research/Operational-Technology-Market-Research-505372?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Operational Technology Market[/FURL] Operational Technology (OT) Market is anticipated to reach $26.59 billion by 2026 at a CAGR of 6.21% during the forecast period 2021-2026. Operational technology is a combination of hardware and software, that monitors, controls, and manages industrial processes as well as industrial equipment. OT keeps things such as factories, power plants, facility equipment, machines, and others running. High penetration of IoT and growing requirements for automated services across industries are the key drivers of this market. Apart from that, the growth of OT market is majorly attributed to the increasing demand for M2M Communication, Human-Machine Interface, Safety Automation Systems, Remote diagnostics, and others.Key Takeaways
Control systems held the major market share of OT industry, high penetration of industrial 4.0 and growing demand for automation are the key factors behind this growth.
APAC is anticipated to witness the fastest growth during the forecast period due to the rapid industrialization in most of the developing countries of this region.
The market of OT is estimated to witness significant upsurge during the forecast period, owing to the rising penetration of automation.
The OT market is consolidated with top market players including ABB Ltd., Cisco Systems, Inc., SAP SE, Schneider Electric SE, Siemens AG, NEC Corporation and others.
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Operational Technology Market Segment Analysis- By Geography
Geographically, the OT market is segmented into the North America, Europe, APAC, South America and RoW regions. According to OT market report of IndustryARC, APAC is anticipated to witness the fastest market growth in terms of CAGR during the forecast period. The growth is majorly attributed to the rapid industrialization in Asian countries. Many Asian countries including India, Australia, Japan and China are investing heavily and getting Foreign Direct Investment (FDI) for industrialization. For instance, according to the United Nations Conference on Trade and Development (UNCTAD), in 2019, India was one of the top 10 recipients of FDI in South Asia and attracted $49 billion fund, 16% more than the previous year.
Operational Technology Market Drivers
Increasing Demand for Smart Industrial Automation across the Globe with smart automation
Industrialization in Emerging Economies boost the industrial growth and will trigger the growth of OT market
Operational Technology Market Landscape
In 2020, the market of OT industry outlook has been fragmented by several companies. The market's top 10 companies include ABB Ltd., Cisco Systems, Inc., SAP SE, Schneider Electric SE, Siemens AG, NEC Corporation, Rockwell Automation, Inc., General Electric Company, Advantech Co., Ltd., Honeywell International Inc.
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