Report Ocean has released a research study titled “IIoT Platform Market 2023 Forecast to 2031 Analysis by Market Trends.” This study offers precise economic forecasts, global assessments, and country-level insights. It provides a comprehensive view of the competitive market and includes an in-depth supply chain analysis to identify significant industry changes. The study explores the current market status, anticipated future growth, technological advancements, investment opportunities, market economics, and financial data. It thoroughly examines the market and offers insights based on a SWOT analysis of the industry.
IIoT Platform Market is valued at approximately USD 5.2 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 14.8% over the forecast period 2020-2027. An Industrial IoT (IIoT) platform is a rapidly growing part of IoT technology, encompassing a set of functions for IoT data analytics, modern sensor technologies, edge device management, and connectivity solutions. These functions has the ability to improve industrial operations and industrial equipment performance with predictive maintenance, remote monitoring, and extensive device data analytics. On a wider scale, an IIoT platform is a key enabler of Industry 4.0, which integrates modern cloud computing, IIoT and AI to make self-optimizing, intelligent industrial equipment and production facilities.
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By linking industrial equipment and production facilities together with wireless connectivity and gathering sensor data from the equipment, numerous manufacturers can precisely ascertain the current state of machines, detect potential failures, plan maintenance schedules and optimize their performance accordingly. This has significantly increased the adoption of IIoT platform all over the world. Furthermore, the rise in funding by Industrial Internet of Things (IIoT) companies on development of digital products, along with the growing need for predictive maintenance and centralized monitoring of assets are few other factors responsible for the high CAGR of the market during the forecast period. For instance, in December 2019, WITRAC, a start-up focusing in IIoT solutions for manufacturing and logistic companies has secured $3.3 million of funding to accelerate the development of its IIoT software and hardware products in key areas such as analytics and advanced data processing
Major market player included in this report are:
Software AG
PTC Inc.
Hitachi, Ltd.
IBM Corp.
Microsoft Corp.
Cisco Systems, Inc.
Intel Corporation
SAP SE
Siemens AG
Accenture plc
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MARKET OVERVIEW
here is an in-depth analysis of the Industrial Internet of Things (IIoT) platform market .
- Market Size and Growth Trends: Analyzing the current market size, historical growth, and future projections for IIoT platforms. This includes examining revenue generation, adoption rates, and market trends globally and across industrial sectors.
- Key Players and Competitive Landscape: Identifying major IIoT platform providers, including software companies, cloud service providers, and industrial automation firms. Analyzing their market share, technological capabilities, partnerships, and strategies for industry-specific solutions.
- Industry Verticals and Use Cases: Understanding IIoT adoption across industry verticals such as manufacturing, energy, transportation, healthcare, and agriculture. Analyzing specific use cases like predictive maintenance, asset tracking, remote monitoring, and supply chain optimization.
- Integration with Operational Technology (OT): Assessing the integration of IIoT platforms with existing operational technology (OT) systems, industrial control systems (ICS), and machinery. Understanding compatibility, interoperability, and data exchange standards for seamless integration.
- Edge Computing and Data Analytics: Analyzing the role of edge computing in IIoT platforms for real-time data processing, reducing latency, and enabling faster decision-making. Understanding data analytics capabilities for predictive analytics, anomaly detection, and actionable insights.
- Cybersecurity and Risk Management: Evaluating cybersecurity measures integrated into IIoT platforms to protect against cyber threats, data breaches, and ensure the integrity of industrial networks. Analyzing risk assessment and mitigation strategies for critical infrastructure protection.
- Scalability and Interoperability: Understanding the scalability of IIoT platforms to accommodate diverse sensor networks, devices, and data volumes. Analyzing interoperability standards such as MQTT, OPC-UA, and their role in connecting heterogeneous systems.
- Regulatory Compliance and Standards: Assessing compliance requirements and industry standards governing IIoT deployments (e.g., NIST Cybersecurity Framework, ISO/IEC 27001). Understanding adherence to data privacy, safety regulations, and industry-specific compliance.
- AI and Machine Learning Integration: Analyzing the integration of AI and machine learning algorithms within IIoT platforms for advanced analytics, predictive maintenance, process optimization, and autonomous decision-making in industrial environments.
- Future Trends and Market Predictions: Providing insights into emerging trends such as digital twins, 5G-enabled IIoT, blockchain for supply chain transparency, and the convergence of IT/OT systems. Forecasting the evolution of IIoT platforms and their impact on industrial operations and efficiencies.
The detailed segments and sub-segment of the market are explained below:
By Offering:
Platform
Services
By Application:
Asset Management
Supply Chain Management
Business Process Optimization
Workforce Management
Automation Control
Emergency and Incident Management
By Vertical:
Energy and Utilities
Chemical and Materials
Food & Beverages
Automotive
Semiconductor and Electronics
Medical Devices
Machine Manufacturing
Others
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
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