Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Operational Technology Market size is expected to reach $221 billion by 2028, rising at a market growth of 5.7% CAGR during the forecast period.
The Wireless segment has shown growth rate of 7.2% during (2022 - 2028). Wireless technology is a type of communication that employs electromagnetic waves to transmit data for telecommunication purposes. Radio, infrared, and microwave, are examples of wireless technologies (IR). Cables or optical fibers are used in non-wireless systems. Wireless technologies are becoming more common in the process industry, with several companies already utilizing them extensively. When a cable or fiber optic technology alone cannot meet the need for remote access, large-scale production plants and refineries are rapidly adopting this approach.
The Control Systems segment acquired maximum revenue share in the Global Operational Technology Market by Component in 2021, thereby, achieving a market value of $103,671 million by 2028. Using control loops, a control system manages, directs, commands, or controls the behavior of other devices or systems. It can vary from a single home heating controller that controls a domestic boiler with a thermostat to massive industrial control systems that regulate processes or machinery.
The Automotive, Aerospace & Defense segment is showcasing a CAGR of 4.5% during (2022 - 2028). It is due to the digitization of critical vehicle components and increased use of Information Technology/Operational Technology fusion in the automotive industry. For instance, Orignix collaborates with a variety of stakeholders in the vital infrastructure sector to manage interdependencies across industrial automation and control, security, safety, and information technology systems in order to improve cyber-security, industrial automation, and process safety.
The Asia Pacific market dominated the Global Operational Technology Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $78,302.3 million by 2028. The Europe market is estimated to witness a CAGR of 5.2% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 5% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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