Global Operational Technology Market: Overview
Operational technology is a growing field driven by the rising adoption of Internet of Things technology in the industrial sector, which has led to widespread use of smart machine and automated production technologies and a need for stable and efficient operational technology. The clear benefits presented by the use of smart machine technology in a wide variety of industries have led to rising government support and demand from the growing startup sector. This is likely to remain the prime driver for the global operational technology market in the coming years.
Global Operational Technology Market: Key Trends
The global operational technology market derives a significant share of revenue from developed Western economies, as they have already become mature markets for smart machine and automation technology and thus exhibit consistent demand for operational technology. Nevertheless, the high potential of the industrial sector in emerging countries such as BRICS countries, ASEAN countries, and leading Latin American economies such as Brazil and Argentina is likely to be the important driver for the global operational technology market in the coming years. The rapid industrialization observed in these countries has led to rising government support for the adoption of smart machine technology, which leads to large-scale savings.
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The demand for increased monitoring of utilities networks has also become a key driver for the global operational technology market. Utilities such as electricity and water have gained increasing economic relevance in several emerging countries due to their scarcity, leading to governments in several countries in Southeast Asia, Africa, and Latin America extending proactive support to incorporating smart grid technology in order to minimize the losses and maximize the potential of the distribution systems. The essential importance of a stable overarching technology in such schemes is likely to be a key driver for the global operational technology market in the coming years.
The rising demand for digitalization in the petroleum sector is a crucial driver for the global operational technology market. Due to the rising complexity of oil extraction procedures, the operational technology market has become a key tool for the petroleum and petrochemicals sectors.
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Global Operational Technology Market: Market Potential
The global operational technology market has been boosted in recent years by the rising use of operational technology in the production of food and beverages. The beer market has become a major consumer in the global operational technology market in recent years due to the need to maintain uniform standards in product quality.
The rising popularity of craft beer, in particular, has the potential to become a key revenue channel for the global operational technology market in the coming years due to the need for mathematically precise ingredient measurements in craft beer. Europe is likely to become a leading market for craft beer in the coming years, enabling steady demand from the Europe operational technology market.
The U.S. beer market has seen the entry of several beer companies utilizing an operational-technology-dependent platform, while several established breweries have also incorporated automation capacities, leading to rising demand from the North America operational technology market. Popular breweries such as Stone Brewing and Sierra Nevada Brewing have made key movements in the IoT sector in recent years, while IntelligentX, a new entrant, plans to utilize machine learning in interpreting consumer feedback, allowing it to make the respective changes in its beer recipes. The use of operational technology has also become relevant due to the increased control it offers over the environmental impact of an establishment.
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Global Operational Technology Market: Geographical and Competitive Dynamics
Asia Pacific is likely to play a key role in the development of the global operational technology market in the coming years, with leading regional players such as India and China likely to exhibit a strong rise. Europe could also become a key regional player in the operational technology market due to the rising support to the IoT sector.
Leading players in the global operational technology market include Cisco Systems, Yokogawa Electric, Fanuc, General Electric, Schneider Electric, Rockwell Automation, Huawei Technologies, Tesco Controls, Cognizant, Wipro, and Accenture.