IIoT Platform Market to Grow at Double Digit CAGR Through 2028
The rising need for Industrial IoT applications in smart
sectors, along with affordable sensor costs and cutting-edge sensor technology is
expected to drive the market of the Global IIoT platform Market in the forecast
period of 2024-2028.
According to TechSci
Research report, IIoT platform Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast. 2018–2028F, the Global IIoT platform market
is anticipated to register a robust growth during the forecast period, 2024-2028.
Global IIoT platform market
is rising, owing to government funding and incentives. Also the use of IIoT
technologies (such as digital industrial platforms) as an industrial enabler
for sustainabilitysuch as Industry 4.0, Made in China 2025, and Make in India
initiatives by different governments. Moreover, the construction of legal
regulatory frameworks, and the emergence of platform-related technological
consortiums (the Industrial IoT Consortium, the Digital Twin Consortium),
alliances (Open Industry 4.0 Alliance, Open Manufacturing Platform), and groups
(such as the Industrial IoT Consortium) are also factors enabling the market
growth.
Moreover, adopting the most
recent technological developments to an industrial setting in order to enhance
business operations is the main goal of digital industrial platforms. Any
industrial firm embarking on the digital transformation must possess knowledge
and proficiency in disciplines including communication protocols, data storage,
data processing, data analytics, and application programming, to name a few.
The demand from industries for the adoption of IIoT platforms, form
end-user side and better technology advances from a supplier side, are driving
market growth.
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The IIoT Platform market
is segmented into platform type, application area, end user vertical and
region. By platform type, it is divided into device management platform,
application management platform and connectivity management platform. The
application area segment is further categorized into predictive maintenance,
business process optimization, asset tracking & management, logistics &
IIoT platform management and others. Depending on end user vertical, it is
segregated into manufacturing, energy, healthcare, metals & mining, retail,
others.
By
platform type, the device management platform holds the largest share in the
market in 2022, as remote management of IIoT devices is required since IIoT
deployments might involve millions of linked devices. Fleets of connected
devices must also be monitored, managed, and tracked. Due to this, it is now
important to guarantee that the devices work effectively and safely after
deployment. Additionally, users must dofirmware and software upgrades, monitor
device health, protect access to these devices, and resolve problems remotely.
These advantages are driving the growth in the device management segment.
On the
basis of application area, predictive maintenance holds the largest share in
the market in 2022 as predictive maintenance is a function of the IIoT. It is
feasible to predict machine problems using real-time data gathered from
numerous sources, allowing businesses to take corrective action before the part
fails or the machine malfunctions. The use of machine data and virtual test
models to enhance the efficiency and quality of production processes is a
further fascinating field And the costs associated with setup, materials, and labor
are reduced, as a result. Additionally, IIoT enables greater client
satisfaction: When products are IoT-connected, the manufacturer may collect and
analyze data on how customers use them, allowing them to design and simulate
customer-centric products as well as customize future IoT gadgets.
On the
bases of end use, vertical manufacturing holds the largest share in the market
in 2022 as Industrial Internet of Things (IIoT) adoption will further automate
the machinery. This is because each machine is connected to sensors that gather
the necessary data. The data is then transported to cloud computing platforms,
where it is stored, examined, and prepared for machine operation. This method
is useful for finding flaws in the production process. However, while IIoT may
be fully utilised in modern production facilities where the notion of smart
manufacturing has been around since its inception, it is difficult to apply in
older manufacturing units.
Key market players in the IIoT platform Market:
- Accenture Plc
- IBM Corporation
- Schneider
Electric SE
- General Electric
- Cisco Systems,
Inc.
- Siemens AG
- Robert Bosch GmbH
- PTC Inc.
- Microsoft
Corporation
- Litmus Automation
Inc
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“North America held the largest market share for IIoT platform in 2022. As North America is early adopters of cutting-edge technologies in a variety of industries, including manufacturing, healthcare, and smart cities, These countries have well-established and robust economies, which permit them to invest in R&D operations, consequently contributing to the progress of new technologies strongly. North American businesses are eager to integrate IoT technology into their processes as a result of region's early adoption of emerging technologies like big data, cloud computing, mobility, and IoT. Additionally, it is anticipated that the market for asset-centric applications would rise as smart, secure, and connected technologies are increasingly adopted. High-speed networks and the use of digitization in manufacturing are anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“IIoT platform Market - Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F Segmented By Platform Type (Device Management Platform, Application Management Platform and Connectivity Management Platform), By Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking & Management, Logistics & IIoT platform Management and Others), By End User Vertical (Manufacturing, Energy, Healthcare, Metals & Mining, Retail, Others), By Region, Competition” has evaluated the future growth potential of IIoT Platform Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global IIoT platform Market.
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