Europe Operational Technology Market Worth USD 9,138.67 million by the year 2028

 

Market Analysis and Insights: Europe Operational Technology Market

Europe operational technology market is expected to gain substantial growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyzes that the market is growing with a CAGR of 6.7% in the forecast period and is expected to reach USD 9,138.67 million by 2028. Increasing popularity of controlling and monitoring equipment is a major factor fuelling the growth of the market.  

Operational technology systems are hardware and software that detect the cause of change through direct monitoring using a physical device. Operational Technology (OT) uses various technologies such as Supervisory Control and Data Acquisition (SCADA), Distributed Control Systems (DCS), Process Control Domains (PCD), and Programmable Logic Controllers (PLC) to perform its applications. It is popularly used in industrial control systems, which can be deployed anywhere including power stations paper industries, and others. In recent times, merging or convergence of operational technology with Information Technology (IT) systems has led to development of Industrial Internet of Things (IIOT).

Some of the factors, which are driving the market are rising demand for smart automated solutions and increasing mergers of OT and IT systems. However, security risk in OT systems over data platform can be a restraining factor. The Europe operational technology market growth is enhancing due to increasing operational technology deployments in buildings and infrastructure industries, which can be an opportunity for the market. Failures in critical functioning of OT systems can be a major challenge for the market growth in region.

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Europe Operational Technology Market Scope and Market Size

Europe operational technology market is segmented on the basis of component, deployment, organization size, connectivity, technology, and end-user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of component, the Europe operational technology market is segmented into hardware, software/platform, and services. The hardware segment is expected to hold largest share of the market during 2021 owing to growing demand for smart automated solutions in industries across Europe.
  • On the basis of deployment, the Europe operational technology market is segmented into on premise, hybrid, and cloud. The cloud segment is expected to hold largest share of the market during 2021. The growth is attributed to rising demand for strengthening security, increasing production efficiency, and reducing resolution time in various industries including manufacturing, life science, pulp & paper, and others across European countries.
  • On the basis of organization size, the Europe operational technology market is segmented into small & medium size business, large enterprise. The large enterprise segment is expected to hold largest share of the market during 2021. This is mainly due to growing demand for smart automated solutions, strengthening security, and increasing production efficiency in industries across Europe.

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Competitive Landscape and Europe Operational Technology Market Share Analysis

Europe operational technology market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, and technology lifeline curve. The above data points provided are only related to the companies’ focus on the Europe operational technology market.

Major players covered in the report are Honeywell International Inc., ABB, SCADAfence, Forcepoint, General Electric, Rockwell Automation, Inc., Fortinet, Inc., IBM Corporation, Advantech Co., Ltd., Emerson Electric Co., Wipro Limited, Schneider Electric, SAP SE, Cisco Systems, Inc., Accenture, Yokogawa Electric Corporation, Huawei Technologies Co., Ltd., Oracle Corporation, and others. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately. Various product developments are also initiated by the companies worldwide, which are also accelerating the growth of Europe operational technology market.


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