The Latin America, Middle East and Africa Operational Technology Market would witness market growth of 8.7% CAGR during the forecast period (2022-2028).
With the aforementioned convergence, these differing priorities and associated approaches to security can be a concern, especially now that all of these factors are important. When it comes to computing priorities, it's not uncommon to see clashes between IT and OT. Industrial Control Systems (ICS), which are crucial from a security standpoint since it is mission-critical, is an example of operational technology, depending on the definition. This OT sector is a catch-all phrase for a variety of systems that monitor and control industrial processes in a wide range of applications where uptime and availability are critical.
SCADA (Supervisory Control and Data Acquisition), DCS (Distributed Control System), and Programmable Logic Controllers are examples of control systems (PLCs). Human-Machine Interfaces (HMI), RTUs (Remote Terminal Units), embedded systems and computing technologies, physical equipment, machinery in plants, and Variable Frequency Drives (VFDs), as well as the majority of connected assets in industrial markets, are all operational technologies.
The LAMEA region has always been emphasizing on sustainable development and in meanwhile also looking forward to enhance its oil and gas industry, which is already a big contributor to region's economic development. The UAE's internal and external policies are heavily influenced by the oil sector. The UAE has been a major player in the hydrocarbon energy industry since the finding of oil and gas more than 50 years ago. With an oil output of 2.79 million barrels per day (bpd) in 2013, the UAE is OPEC's fifth-largest oil producer. Natural gas output totalled roughly 54.60 billion cubic meters in the same year.
The United Arab Emirates has resolved to diversify its energy mix in order to maintain its progress while minimizing the environmental impact of burning fuel. As a result, it was agreed that traditional energy sources, such as oil and gas, should not be the primary drivers of economic activity. Furthermore, the UAE is fostering international cooperation and resource conservation while developing local expertise in these important technologies.
The Brazil market dominated the LAMEA Operational Technology Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,619.7 million by 2028. The Argentina market is estimated to grow at a CAGR of 9.2% during (2022 - 2028). Additionally, The UAE market would witness a CAGR of 8.4% during (2022 - 2028).
Based on Networking Technology, the market is segmented into Wired and Wireless. Based on Component, the market is segmented into Control Systems (Distributed Control System & SCADA, Warehouse Management System, Plant Asset Management & Functional Safety, Human Machine Interface, and Manufacturing Execution System), Field Devices (Industrial Sensors, Industrial Valves, Transmitters, and Actuators), and Services. Based on Industry, the market is segmented into Machine Manufacturing, Automotive, Aerospace & Defense, Semiconductor & Electronics, Chemical, Oil & Gas, Pharmaceuticals & Medical Devices, Pulp & Paper, Metals & Mining, Food & Beverages, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Operational Technology Market is Predict to reach $221 Billion by 2028, at a CAGR of 5.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, ABB Group, Schneider Electric SE, Mitsubishi Electric Corporation, General Electric (GE) Co., Honeywell International, Inc., Oracle Corporation, IBM Corporation, Rockwell Automation, Inc., and Emerson Electric Co.
By Networking Technology
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