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Operational Technology Market Trends

Report ID: GMI9039
Published Date: Apr 2024
Report Format: PDF

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Operational Technology Market Trends

The growing adoption of SaaS solutions offering organizations a cost-effective, scalable, and agile approach to manage their OT systems and processes is gaining momentum. By embracing SaaS solutions, organizations can streamline operations, improve efficiency, and drive innovation in their OT environments, positioning themselves for success in an increasingly digital and interconnected world. For instance, In January 2022, ABB and Red Hat announced their partnership to deliver ABB automation and industrial software solutions at the intersection of OT and IT, equipping the industrial ecosystem with extended deployment capabilities and greater agility.

The surge in integration initiatives in security standards reflects a collective effort by industry stakeholders to strengthen cybersecurity defenses, promote interoperability, and enhance resilience in OT environments. By embracing standardized security frameworks and guidelines, organizations can better protect their critical assets, safeguard industrial operations, and support the continued growth and innovation of the OT market.

For instance, in May 2021, Broadcom Inc. launched Expert Advantage, an expanded global channel services partner program, focused on customer success to drive growth across Broadcom software solutions. Companies have been expanding specialized services partnerships to extend global reach and address growing demands in digital transformation and cybersecurity. Such strategic initiatives by the market players will contribute to significant growth of the OT security market across the globe.

Authors: Suraj Gujar, Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Operational technology market size crossed USD 165 billion in 2023 and is expected to register over 7% CAGR from 2024-2032 owing to the proliferation of cyber threats targeting Operational Technology (OT) systems, including ransomware, malware, and targeted attacks worldwide.

The cloud segment recorded over 65% share in 2023 due to rising challenge of cybersecurity threats and customer needs, leading to organizations, focusing on several new capabilities that take security for OT environments to the next level.

North America operational technology industry recorded over 39% CAGR from 2024-2032 due to technological advancements, increasing investments in industrial automation, and the adoption of Industry 4.0 initiatives in the region.

ABB, Schneider Electric, TE Connectivity, Emerson Electric co., Fortinet, Inc., Honeywell International Inc., and General Electric, are some of the major operational technology companies worldwide.