SCADA market is expected to witness a steady growth, expanding at a CAGR of over 8% from 2016 to 2023
According to a new market report published by Credence Research, Inc. “Supervisory Control and Data Acquisition (SCADA) Market By Architecture (Hardware Architecture, Software Architecture, Service Architecture), By Hardware (Communication System, Remote Terminal Unit, Programmable Logic Controller, Other Hardware), By Service (Consulting, Implementation & Integration, Repair & Maintenance), By End-user (Public Sector, Oil & Gas, Manufacturing, Energy & Utility, Transportation, Healthcare, Telecom) – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023”, the global SCADA market is expected to witness a steady growth, expanding at a CAGR of over 8% from 2016 to 2023.
Browse the Supervisory Control and Data Acquisition (SCADA) Market – Growth, Share, Opportunities & Competitive Analysis, 2016 -2023 report at http://www.credenceresearch.com/report/scada-market
Market Insights
Broadening application of SCADA systems and solutions in healthcare, automotive and oil & gas industries is expected to boost growth of the market. Additionally, reduction in long terms system maintenance and operation cost is increasing the uptake of SCADA system for major applications across the globe. Furthermore, increasing automation of production processes in manufacturing and mining industry is supporting growth of the market. However, cyber security threat is hindering the adoption of SCADA system among end-user vertical. This, in turn, is hampering growth of the SCADA market. Also, lack of awareness and high deployment cost are other restraints impeding the market growth.
Competitive Insights:
The global SCADA market ecosystem consists of system providers, solution providers, communication device providers, system integrators and service providers. The market is primarily dominated by major SCADA system providers such as Schneider Electric SE, Siemens AG and ABB Ltd. Prominent players operating in the global SCADA market are focused towards entering joint venture and strategic partnership to develop innovative solution for end-user in order to outperform competitors. The major players operating in the global SCADA market are Schneider Electric SE, Siemens AG, ABB Ltd., General Electric, Alstom, IBM Corporation, Rockwell Automation Inc., Cisco Systems, Inc. and Omron Corporation.
Key Trends:
- Introduction of Cloud-based SCADA solutions and services has become an major trend fueling the market growth
- Increasing number of strategic partnership among major players
- Growing deployment of smart water network
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