HOME Research Insight New Product Launches and Developments, Contracts, Agreements, Expansions, Acquisitions, Partnerships in the Operational Technology Market

New Product Launches and Developments, Contracts, Agreements, Expansions, Acquisitions, Partnerships in the Operational Technology Market

The function of term operational technology (OT) systems involves using information and data across the organization to significantly improve the operability and performance of plant and personnel while cutting the costs. The OT systems have been used in the operations across various industries such as oil and gas, metals and mining, energy and power, food and beverages, building. The OT market is expected to be valued at USD 40.42 billion by 2022, growing at a CAGR of 6.7% between 2017 and 2022. The growth of this market is propelled by the increasing demand for industrialization in the emerging markets, the gradual evolution of Industrial Internet of Things (IIoT), and growing demand for smart automation of the operation processes

General Electric (US), Siemens AG (Germany), ABB (Switzerland), Rockwell Automation, Inc. (US), and Yokogawa Electric (Japan) are the leading players in the OT market. New product launches and developments, contracts, agreements, expansions, acquisitions, partnerships, and collaborations are some of the key strategies adopted by the major players to gain a competitive edge in this market.

General Electric is one of the key players in the OT market. HMI/SCADA solutions offered by GE Digital, subsidiary of General Electric, are powered by industrial Internet to help monitor, control, and visualize every aspect of operations for intelligent control. Predix, the industrial software platform offered by GE, is already used by more than 20,000 developers and 270 partner businesses. GE’s digital industrial capabilities, large product portfolio, and consistent innovations are expected to expand the company’s growth rate further. New product launches and expansions are the key strategies adopted by the company in the recent years. For instance, in November 2016, GE released a new suite of Predix applications and services, introducing the Predix system. GE stepped into the IIoT ecosystems through the platform, and the freshly launched applications will further boost the platform services and thus match to customers’ requirements.

Siemens AG is one of the largest players in the OT market. The company is popular among the industries and sectors for its automation and control offerings, thus serving the increasing needs of automation among industrial end users. Siemens’ Digital Enterprise Suite established it as a pioneer in the ongoing fourth Industrial revolution. The company is fostering its growth through its innovative and technological leadership and diversification of activities into new markets and regions. In 2016, Siemens AG expanded its portfolio of Digital Enterprise to help the companies adopt digital transformation. The benefits of this software span across divisions such as industrial software and automation, industrial communication, industrial security, and industrial services.

The other companies operating in the OT market are Schneider Electric (France), Honeywell International (US), Emerson Electric (US), Advantech (US), and Fanuc (Japan). Besides, there are several IT service providers that play a key role in OT market. Some of the key players in the market are SAP SE (Germany), IBM (US), Oracle (US), Cisco Systems (US), Huawei Technologies (China), NEC Corporation (Japan), Hewlett-Packard (US), Accenture (US), and Wipro (US), among others.

Related Reports:

Operational Technology Market by Component (Field Devices, Control Systems, Services), Networking Technology (Wired Technology, Wireless Technology), End-User Industry, and Region - Global Forecast to 2022

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