Global SCADA market to reach $25 B by 2034
The global SCADA market is estimated to reach over $25 B by the year 2034, exhibiting a CAGR of 8.5 % during the forecast period.
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According to an InsightAce Analytic Pvt. Ltd.’s report, the global SCADA market is estimated to reach over $25 B by the year 2034, exhibiting a CAGR of 8.5 % during the forecast period.
The Supervisory Control and Data Acquisition (SCADA) system comprises an integrated framework of hardware and software components that enables industrial organisations to monitor, gather, and analyse real-time data across various operational domains.
The global SCADA market is experiencing consistent growth, driven by the increasing adoption of mobile SCADA solutions and the widespread implementation of Industry 4.0 initiatives within the manufacturing and processing sectors. Cloud computing advancements are significantly boosting SCADA’s functionality and scalability, enabling more efficient and flexible operations. However, the market still faces obstacles, such as high upfront and ongoing maintenance costs, as well as escalating cybersecurity risks to industrial networks. Despite these challenges, continued innovation in wireless sensor networks is expected to unlock new opportunities and drive further expansion of the SCADA market in the coming years.
Key players in the market: Rockwell Automation, Schneider Electric, Emerson Electric, Siemens, ABB, General Electric, Honeywell International, Omron, Yokogawa Electric, etc.
Source: Open PR
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