North America Operational Technology Market Size, Share & Industry Trends Analysis Report By Networking Technology (Wired and Wireless), By Component, By Industry, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Operational Technology Market would witness market growth of 5.0% CAGR during the forecast period (2022-2028).
Organizations can use their standardization knowledge to promote compatibility and interoperability by leveraging well-defined standards. Connecting many proprietary systems can be time-consuming and expensive, limiting a company's capacity to grow such solutions. Proprietary technology is a thing of the past due to open standards. Open standards facilitate integration and enable enterprises to scale the systems without compromising overall performance. Virtual machines and Cloud services can host plant or manufacturing-floor servers, minimizing on-site equipment and allowing remote systems to be readily connected. Without the limitations of traditional solutions, businesses can expand their internal infrastructures.
The convergence of Information Technology and Operational Technology makes data available to all levels of a company, resulting in significant benefits. These advantages alleviate problem areas in four key areas that businesses are concerned about: decision-making, cost, risk, and standardization. Organizations will profit substantially from the technology advances and performance enhancements that will result as the IT/OT convergence progresses.
OT is essential to the operation of critical infrastructure in the United States, which are frequently highly inter-connected and mutually dependent systems. While many of the nation's vital infrastructures are operated by federal agencies 495, many more are privately owned and operated by 496. Because of the inter-dependencies that exist between different industrial sectors as well as 498 interconnections between business partners, essential infrastructures are commonly termed as a "system of systems" 497.
More systems are becoming vulnerable to comprehensive threats as more operational technology components depend on IP-based services. The notion that an in-house network administration team can handle a network both internally and internationally – and safeguard it from all forms of assault. A typical network analyst, for example, is responsible for analyzing, planning, ordering and installing any equipment required for a network, which necessitates a thorough understanding of network user needs, network statistics, and baseline metrics, among other abilities. The transfer of network data analysis to different forms of autonomy, automation, and/or artificial intelligence is becoming more common.
The US market dominated the North America Operational Technology Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $44,928.9 million by 2028. The Canada market is experiencing a CAGR of 7.4% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 6.4% 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 U.S., Mexico, Canada, and Rest of North America.
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.
Scope of the Study
Market Segments Covered in the Report:
By Networking Technology
- Control Systems
- Distributed Control System & SCADA
- Warehouse Management System
- Plant Asset Management & Functional Safety
- Human Machine Interface
- Manufacturing Execution System
- Field Devices
- Industrial Sensors
- Industrial Valves
- Machine Manufacturing
- Automotive, Aerospace & Defense
- Semiconductor & Electronics
- Chemical, Oil & Gas
- Pharmaceuticals & Medical Devices
- Pulp & Paper
- Metals & Mining
- Food & Beverages
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Siemens AG
- ABB Group
- Schneider Electric SE
- Mitsubishi Electric Corporation
- General Electric (GE) Co.
- Honeywell International, Inc.
- Oracle Corporation
- IBM Corporation
- Rockwell Automation, Inc.
- Emerson Electric Co.
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