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Industrialization in Emerging Economies boost the industrial growth and will trigger the growth of Operational Technology Market
HYDERABAD, TELANGANA, INDIA, October 14, 2022 / / -- IndustryARC, in its latest report, predicts that 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, Building Automation Systems, Operator Interface Terminal, Programmable Logic controller-based tools, object-oriented programming, and others. Moreover, industrialization in developing countries, governments' initiatives for digitalization along with rising investment for the development of 5G has impacted the adoption of OT in various sectors, thereby driving forward the OT industry. The above-mentioned factors will drive the growth of OT market size during 2021-2026. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key takeaways:
1. 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.
2. 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.
3. The market of OT is estimated to witness significant upsurge during the forecast period, owing to the rising penetration of automation.
4. 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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Segmental Analysis:
1. By component, the OT market is segmented into Field Devices, Control Systems and Services. Control systems held the largest share of 32.4% of OT market in 2020 and is estimated to grow with a significant amount of growth during the forecast period 2021-2026.
2. 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.
3. 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. Similarly, from April 2000 to March 2020, the Cumulative FDI in India's manufacturing sector reached $89.40 billion.
4. The market is segmented into Process Industries and Non-Process Industry, based on end-user industry. Process industry held the major OT market share of around 21.3% in 2020 and among all the process industries, Pharmaceutical industry is anticipated to witness the fastest growth in 2021-2026.
5. Rising investment in this sector coupled with the growing health awareness is the major reason behind this growth. According to a report of Invest-India, the pharmaceutical sector grew at a CAGR of 22.4% during 2015-2020 and was set to reach US$55 billion by 2020.
Competitive Landscape:
The top 5 players in the Operational Technology industry are -
1. ABB Ltd.
2. Cisco Systems, Inc.
3. SAP SE
4. Schneider Electric SE
5. Siemens AG
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