Centralized Control Cabinet Market Trends

Growth Drivers

• Growing Construction Activities - There were over 794,431 built-up areas (BUAs) in the globe in 2016. It is anticipated that this figure will increase to about 849,406 inhabitants by 2022. In addition, it's anticipated that by 2050, over 2 million new buildings will be built. Hence, with this, the need for a centralized control cabinet is growing since the construction activity process is considered to be a complicated one. One of the most significant and challenging tasks in the management and completion of building projects is construction planning. It involves choosing the appropriate technology, defining the activities to be finished, estimating the time and resources needed for each activity, and determining any interactions between the various work tasks.

• Rising Risk of Data Loss - The risk of data loss is growing rapidly in organizations. This prevalence of data loss is estimated to impact the company on at huge scale. Since people are fallible by nature, human error accounts for the majority of data loss in corporate settings. Numerous data manipulation tasks, such as inputting, editing, updating, and deleting information, are part of the daily operations of a business and are prone to user mistakes. Another common reason for data loss is a software malfunction or crash. Any program used to request data has the potential to malfunction, causing corruption or loss of data. When changing many files, programme failure can also happen, leading to some files not saving or updating correctly and being erased. This can happen with file editing software. In the same way, data loss can also occur during backup. Hence, centralized solution enables storing data at once hence further reducing loss therefore driving the centralized control cabinet market growth.
• Surge in Technology Advancement  - The development of a Centralized control cabinet through technology is also driving the growth of the market. To increase accuracy and patient safety, companies are implementing cutting-edge technologies including biometric authentication, barcode scanning, and connectivity with electronic health data. Additionally, gaining popularity in the centralized control cabinet market are the integration of pharmaceutical software systems with Centralized control cabinets and the use of data analytics in decision-making.

Challenges

• High Cost of System

• Lack of Functionality of Centralized Control Cabinet

• Risk of Cyber Attack – With the growing advancement in technology the risk of cyber attack is also surging. Computers in industrial contexts had very specific requirements when they first started to be used. Data is plentiful these days due to the extensive use of IoT devices across many businesses. Processing the massive volume of data generated requires computer power, which frequently calls for numerous distributed systems or sizable central computing systems. Hence, the adoption of centralized control cabinets is growing which is also further estimated to boost the risk of cyber-attacks. The surge in cyberattacks targeting vital national infrastructure indicates that industrial systems are facing increased cybersecurity risks in recent times. In certain cases, ransomware was able to take control of entire pipelines.