The Asia Pacific Operational Technology Market would witness market growth of 6.0% CAGR during the forecast period (2022-2028).
Operational technology includes MES applications, PLM systems, Building Management Systems, Safety Automation Systems, and so on. Valves, transmitters, switches, and actuators are examples of operational technology field devices. The sorts of equipment and systems utilized in operational technology, along with the use of operational technology as a whole, are determined by the industry and the types of industrial processes.
Information technology (IT) and operational technology (OT) networks are used to operate separately. OT systems are mainly run on antiquated software and are not accessible through the internet. As Industry 4.0 becomes more widely adopted, the technology divide between IT and OT systems are narrowing. Organizations can handle whole plant processes remotely using OT with an open system, resulting in increased efficiency and production.
Pre-pandemic, the Indian manufacturing industry contributed 16-17 percent of the country's GDP and is expected to be one of the fastest-growing sectors. In India, the machine tool sector was essentially the backbone of the industrial industry. Today, technology has sparked creativity, with digital transformation being a critical component of attaining a competitive advantage in this more competitive market.
The demand-supply mismatch has prompted the need for greater capacity, and the Indian manufacturing sector is likely to provide many investment and trade opportunities. In addition, the Indian industry is gradually shifting its focus to more automated and process-driven manufacturing. Companies that were previously reliant on labor-intensive methods are seeking to expand automation to reduce risk and boost efficiency.
The China market dominated the Asia Pacific Operational Technology Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $22,321.4 million by 2028. The Japan market is poised to grow at a CAGR of 5.4% during (2022 - 2028). Additionally, The India market would display a CAGR of 6.6% during (2022 - 2028).
Based on Networking Technology, the market is segmented into Wired and Wireless. Based on Component, the market is segmented into Control Systems (Distributed Control System & SCADA, Warehouse Management System, Plant Asset Management & Functional Safety, Human Machine Interface, and Manufacturing Execution System), Field Devices (Industrial Sensors, Industrial Valves, Transmitters, and Actuators), and Services. Based on Industry, the market is segmented into Machine Manufacturing, Automotive, Aerospace & Defense, Semiconductor & Electronics, Chemical, Oil & Gas, Pharmaceuticals & Medical Devices, Pulp & Paper, Metals & Mining, Food & Beverages, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Operational Technology Market is Projected to reach USD 221 Billion by 2028, at a CAGR of 5.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
By Networking Technology
By Component
By Industry
By Country
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