Global SCADA Market Expected to Reach $41,603 Million by 2023 - Allied Market Research
PORTLAND, Oregon and PUNE, India, February 16, 2018 /PRNewswire/ --
According to a recent report published by Allied Market Research, titled, "SCADA Market by Offering and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global SCADA market was valued at $ 27,900 million in 2016, and is projected to reach at $ 41,603 million by 2023, growing at a CAGR of 6.00% from 2017 to 2023. In 2016, the services segment accounted for the highest revenue share in the global market.
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Growth in adoption of cloud-based SCADA system, infrastructural development such as smart cities & transportation, and high penetration of mobile SCADA systems drive the growth of the global SCADA market. However, cyber threats and requirement of high investment for setting up a SCADA system hamper the market growth.
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The services segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to increased adoption of SCADA as a service by end users.
Based on application, the electrical power segment led the market in 2016, and is projected to maintain its dominance in the future. However, the telecommunication segment is expected to witness the highest growth, owing to increase in demand for industry automation solutions in telecommunication industry.
North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.
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KEY FINDINGS OF SCADA MARKET STUDY
- The services segment is expected to exhibit significant growth in the global SCADA market during the forecast period.
- In 2016, the electrical power segment accounted for the highest revenue among the other end user.
- North America generated the highest revenue in 2016.
- Asia-Pacific is projected to exhibit substantial growth during the forecast period.
Some of the key players operating in the SCADA market that are profiled in the report include IBM Corp, Hitachi LTD, Alstom, Honeywell International, ABB LTD, JFE Engineering Corporation, Mitsubishi Electric Corporation, Emerson Electric Co., Rockwell Automation, and Schneider Electric.
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