The operational technology market is anticipated to reach a valuation of USD 255.9 billion by the year 2030, with a compound annual growth rate (CAGR) of 6.10%.
The industry is boosted by the growing focus on real-time statistics study and analytical maintenance, planned initiatives by governments in order to encourage the acceptance of operational technologies (OTs), and the arrival of connected firms.
Internationally, South Korea was among the pioneers in introducing 5G services. Additionally, as a nation heavily reliant on manufacturing, it has unveiled a strategy to utilize AI and 5G technologies to implement smart factory solutions. This involves collaborating with telecommunications providers to extend these advancements to small and mid-sized industrial facilities across the country.
In 2022, Control systems led the market with approximately 48% revenue share. This is mainly because of the hike in the acceptance of SCADA for gathering real-time information from remote sites and governing different devices.
The APAC region is enormously diverse, with localized properties reaching from low-priced and low-efficiency nations to technologically progressive and high-industrial-price nations. Because of such reasons, nations like Singapore, China, Japan, Taiwan, and South Korea can be considered emerging manufacturing nations, while Indonesia, India, Malaysia, Thailand, and Vietnam are still classified as emerging manufacturing nations.
Furthermore, in APAC, one of the main boosters of the GDP is manufacturing. With the beginning of the industry 4.0 revolution, the continent’s key builders are experiencing a substantial evolution.
Hence, the operational technology industry is driven by the rampant digitization and automation of the industrial sector.