Global Operational Technology Market Analysis 2022
The Global Operational Technology Market is expected to reach $265.64 billion by 2028 growing at a CAGR of 8.4% from 2021 to 2028. Operational technology systems are hardware and software that detect the cause of change through direct monitoring using a physical device. Operational technology keeps factories, power plants, facility equipment, machines, and others running.
Factors such as the surging adoption of Industry 4.0 and increasing government involvement in supporting industrial automation are driving the growth of the market. However, high installation and maintenance costs are restraining the growth of the market.
Based on component, the control systems segment is going to have a lucrative growth during the forecast period due to the significant shift in consumer purchasing behavior resulting in the increased implementation of real-time warehouse management software solutions for efficient order processing, picking, packaging, and shipment tracking, and route planning.
The key vendors mentioned are Hewlett Packard Enterprise Development LP, Yokogawa India Ltd., Wipro Limited, Siemens, Accenture, Rockwell Automation, Inc., Oracle, John Wodd Group PLC, Huawei Technologies Co., Ltd., Advantech Co., Ltd., General Electric Company, FANUC INDIA Private Limited, Emerson Electric Co., Cognizant, Honeywell International Inc., ABB and Schneider Electric.
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