Operational Technologies Market Expected to Reach $292.7 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Operational Technologies Market By Component (Field devices {Industrial Valves, Transmitters, Industrial Sensors, and Actuators} and Control systems {SCADA, WMS, DCS, HMI, and Others}), Technology (Wired and Wireless) and Vertical (Pharmaceuticals, Food and Beverages, Oil and Gas, Energy And Power, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". The operational technologies market size was valued at $146 billion in 2022, and is estimated to reach $292.7 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.

Factors contributing toward the growth of the operational technologies market outlook include a rise in demand for the operational technologies industry from end-use industries. Rising government funding for IT innovation in several countries is expected to provide enormous potential prospects for market participants during the operational technologies market forecast. Governments globally are taking measures and sponsoring several businesses to research and incorporate operational technology. The future operational technologies market trends of HMI technology are towards more customizable and user-friendly interfaces, augmented reality integration for increased visualization and assistance, and edge computing for enhanced performance and data security. These developments are expected to fundamentally change how people interact with technology and have a significant impact on the direction of many different businesses.

Key players from developed countries are transferring manufacturing and production units to developing economies such as China, India, and Brazil, owing to the low cost of production and the ready availability of labor in these regions.HMIs are changing as a result of edge computing since data is processed locally rather than sent to centralized servers. With less latency, this method can deliver quicker responses and real-time data visualization. By retaining sensitive data locally rather than sending it over networks, edge computing also improves data security. Since data from sensors and devices may be locally analyzed to identify future equipment breakdowns and optimize maintenance schedules, edge computing in HMIs aids predictive maintenance in industrial environments.

Multi-modal interfaces are becoming increasingly popular because they give consumers a more natural and flexible method to communicate with process control technologies. A seamless user experience is made possible by combining touchscreens with voice commands, gesture detection, and haptic feedback. Multi-modal interfaces support diverse working contexts, such as settings where touch-based interactions might not be viable, and they adapt to varying user preferences. HMIs increase user productivity, lower mistakes, and increase efficiency by offering a variety of input options.HMIs are going through a transformation because of augmented reality (AR) integration, especially in manufacturing and industrial contexts. Through the use of augmented reality (AR), operators may get real-time data, instructions, and assistance just within their line of sight. Because of this integration, employees may obtain vital information without taking their focus away from their job, improving safety and accelerating decision-making. Remote help with specialists guiding on-site personnel is another benefit of AR-enhanced HMIs, which increases productivity and decreases downtime.

Increased cyber-attacks against automation technologies such as supervisory control and data acquisition (SCADA) systems, distributed control systems (DCS), and human-machine interfaces (HMI) are also major concerns for end users. Despite advances in system security in recent years, cyberattacks continue to impede the growth of the operational technologies market analysis.

KEY FINDINGS OF THE STUDY

• The operational technologies market growth is expected to continue growing in the coming years, driven by increasing demand for operational technologies products across various industries, technological advancements, and a growing trend towards sustainability.
• The growing trend towards sustainability is driving the adoption of eco-friendly materials in the production of operational technologies products.
• Asia Pacific is the largest market for operational technologies, driven by the increasing demand for operational technologies products in industries such as energy and power, automotive, and food and beverages. The region is also home to some of the largest manufacturers of operational technologies.
• The operational technologies industry is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.

The key operational technologies leaders profiled in the report include ABB Ltd., Siemens, Schneider Electric SE., Rockwell Automation Inc., Honeywell International Inc., Emerson Electric Company, General Electric, IBM Corp, Oracle Corporation, and Fuji Electric Co., Ltd.  These key players have adopted several strategies such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the operational technologies market share during the forecast period.