Operational Technology Market Set to Reach $255.9 Billion by 2030 | P&S Intelligence

NEW YORK - Aug. 2, 2024 - PRLog -- The operational technology market is expected to achieve a valuation of USD 255.9 billion by 2030, growing at a compound annual growth rate (CAGR) of 6.5%. This growth is fueled by an increased emphasis on real-time data analysis and maintenance, government initiatives to promote the adoption of operational technologies (OTs), and the rise of connected enterprises.

South Korea, a leader in 5G technology, is leveraging its manufacturing strength by implementing AI and 5G technologies for smart factory solutions. The country is collaborating with telecom providers to extend these advancements to small and mid-sized industrial facilities nationwide.

In 2022, control systems dominated the market with around 48% of the revenue share, largely due to the growing use of SCADA systems for real-time data collection from remote sites and device management. SCADA systems are vital for industrial operations as they enhance productivity, provide actionable data, and alert operators to system issues, thereby reducing downtime.

The wireless segment held a larger market share in 2022, thanks to the advantages of wireless connectivity, which offers wider coverage and faster communication through WLAN. Most networks now rely on wireless methods, using high-frequency radio signals, ultraviolet rays, or lasers to connect files, servers, or hubs.

Process industries also led the market in 2022 due to the increasing adoption of OT in the oil and gas sector, which presents opportunities to boost overall business performance through improved asset reliability. Analytics, IIoT, and other robust technologies are enhancing performance for end users, with SCADA systems catering to the specific needs of businesses in oil and gas pipelines.

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APAC held the largest share of the operational technology market in 2022, accounting for approximately 48% of the revenue. This is attributed to the rising adoption of technologies like IoT and IIoT for developing smart factories. The APAC region, diverse in its industrial capabilities, ranges from low-cost, low-efficiency countries to technologically advanced, high-cost nations. Emerging manufacturing hubs include Singapore, China, Japan, Taiwan, and South Korea, while Indonesia, India, Malaysia, Thailand, and Vietnam are still developing their manufacturing sectors.

Manufacturing remains a significant driver of GDP in APAC, and with the advent of Industry 4.0, the continent's key manufacturers are undergoing significant transformations. Consequently, the operational technology industry is being propelled forward by the rapid digitization and automation of the industrial sector.