Operational Technology Market Size 2022-2029 Worldwide Industrial Analysis by Growth, Trends

August 01, 2023

Market Analysis and Size

Operational technology have become a crucial component of every digital product, including medical devices, wearables, and smart devices, among others. Various industries are relying heavily on OT such as the automotive and transportation, building and infrastructure, energy and utilities, food and beverage, oil and gas, among others.

Global Operational Technology Market was valued at USD 21315.90 million in 2021 and is expected to reach USD 36080.59 million by 2029, registering a CAGR of 6.80% during the forecast period of 2022-2029. Oil and Gas accounts for the largest end-user segment in the respective market owing to the high use for leak detection, process safety, and process improvements. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

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Market Definition

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).

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COVID-19 Impact on Operational Technology Market

The COVID-19 had a negative impact on operational technology market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand for operational technology. The supply chain got hampered during the pandemic along with delay logistics activities. However, the operational technology market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.

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