New Research on Operational Technology Market Forecasts Healthy Growth in Next 5 Years

Chicago, IL -- (SBWire) -- 06/13/2017 --According to the new market research report, "Operational Technology Market, by Component (Field Devices, Control Systems, Services), Networking Technology (Wired Technology, Wireless Technology), End-User Industry (Process Industry, Non-Process Industry) – Global Revenue, Trends, Growth, Share, Size, and Forecast to 2022.

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Among the process industries, the oil and gas industry accounted for the largest share of the overall OT market based on the end-user industry in 2016. Since the past few years, the global oil and gas industry has been witnessing challenges such as falling oil and gas prices, sluggish demand, and environmental concerns. OT enables the oil and gas industry to monitor the facilities remotely and gain knowledge about daily inventories and the equipment condition. The increasing number of oil and gas companies is investing in the improved control systems, software, and analytics to optimize their operations and give them a competitive advantage.

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KEY PREMIUM INDUSTRY INSIGHTS

1. The factors that are driving the growth of this market are the increasing demand for industrialization in emerging economies; evolution of IIoT, and increased communication and monitoring machines; and growing demand for smart automation solutions.

2. The market for distributed control system (DCS) is expected to grow at the highest CAGR over the forecast period. The acceleration in adoption of IoT has increased the use of connected devices; demand for automation will continue to drive the market for control systems such as DCS and SCADA systems.

3. The rapid demand for digital transformation has raised the requirements for control systems. Moreover, IIoT is urging the industries to automate their plant and their production process to gain a competitive edge over the peers. DCS provides the finest control for regulatory applications and is used for the integration of power measuring devices, drives, and soft starters.

On the basis of geography, the global isoprene market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America is expected to hold the largest size of the OT market during the forecast period. The players in North America are emphasizing on modernizing their plants and facilities with advanced technologies. Furthermore, the adoption of smart automation technologies and a significant number of established players are driving the demand for the OT market in North America.

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