SCADA Market to Be Worth $18.7 Billion by 2031--Exclusive Report by Meticulous Research

REDDING, Calif., May 13, 2024 /PRNewswire/ -- According to a new market research report titled, 'SCADA Market by Type (Monolithic SCADA Systems, Distributed SCADA Systems, Networked SCADA Systems), Component (Hardware, Software, Services), Deployment Mode, End-use Industry (Oil & Gas, Automotive, F&B), and Geography—Global Forecast to 2031,' the SCADA Market to be worth $18.7 Billion by 2031, at a CAGR of 9% from 2024–2031.

Download Sample Report Now- https://www.meticulousresearch.com/download-sample-report/cp_id=5186 

Supervisory control and data acquisition (SCADA) systems comprise hardware and software components used to monitor and control industrial processes. The SCADA system allows manufacturers and organizations to collect and analyze real-time production data, monitor and manage alarms, and program automatic control responses triggered by operations or system parameters. In the last few years, SCADA systems have witnessed considerable developments in terms of technology and utility and facilitate better HMI designs, efficient remote operations, better equipment control, smooth troubleshooting, and reduced energy expenditures. Incorporation of the SCADA system ensures a better return on investment and thus witnesses consistent growth. Besides, concepts such as Industry 5.0 and industrial automation are also supporting the growth of the SCADA market across the globe.

Factors such as the rising adoption of automated technologies across Europe and Asia-Pacific, the ongoing Industry 5.0 trends, growing demand for smart and digitized production processes, and government support and initiatives for industrial automation are driving the growth of the SCADA market. However, high initial investment requirements are restraining the growth of this market.

Furthermore, the increasing trend of wireless sensor networks and the proliferation of smart factories are expected to create growth opportunities for the players operating in this market. However, the high risk of cyberattacks is a major challenge impacting market growth.

The SCADA market is segmented based on type {monolithic SCADA systems, distributed SCADA systems, networked SCADA systems, and other SCADA systems}, component {hardware (human-machine interface (HMI), distributed control systems (DCS), remote terminal units (RTU), programmable logic controllers (PLC), process control systems (PCS), communication systems, and other hardware), software, and services (professional services and managed services)}, deployment mode {on-premise deployments and cloud-based deployments}, end-use industry {oil & gas, automotive, food & beverage, semiconductors & electronics, IT & telecommunications, agriculture, pharmaceuticals and healthcare, transportation, manufacturing, and other end-use industries}, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.