PUBLISHER: Grand View Research | PRODUCT CODE: 1363418
PUBLISHER: Grand View Research | PRODUCT CODE: 1363418
The global operational technology market size is expected to reach USD 364.74 billion by 2030, according to a new report by Grand View Research, Inc.. The industry is anticipated to expand at a lucrative CAGR of 9.7% from 2023 to 2030. This surge is attributed to the increasing reliance on digital technologies in industrial systems, making OT systems more vulnerable to cyber-attacks. Additionally, stringent government regulations, such as the cybersecurity framework for improving industrial control systems (ICS), drive organizations to adopt comprehensive OT security measures. Moreover, the convergence of IT and OT systems creates interconnectedness, exposing OT systems to cyber threats from IT networks. As a result, there is a growing demand for robust OT solutions to protect critical industrial processes from potential cyber risks.
Operational technologies interact with the physical environment, enabling direct control and monitoring of devices, processes, and events. OT examples include DCS, SCADA, PLCs, BMS, CNC systems, scientific equipment, fire control systems, and physical access control mechanisms. OT is vital in operating critical infrastructure such as manufacturing plants, power plants, and water treatment facilities. These technologies are crucial for ensuring efficient and secure management of industrial processes and are integral components of various essential systems in modern society.
The competitive landscape is constantly evolving in the market, and companies are continuously innovating and devising new growth strategies to maintain a leading position in the market. Major players invest in research and development to create innovative security solutions, incorporating AI and machine learning technologies. Additionally, major players engage in mergers and acquisitions to expand their product range and market presence. Product launches catering to evolving customer needs further solidify their position in the competitive landscape. As the OT market continues to flourish, these strategic efforts ensure these companies are well-equipped to capitalize on the market's growth and effectively cater to customer demands.