The most recent study conducted by Report Ocean, titled “Global IIoT Platform Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the IIoT Platform. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global 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.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
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. 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.
This, in turn, is expected to strengthen the market growth all over the world. However, the lack of standardization regarding IoT protocols, coupled with dearth of technical skill workforce are the few major factors inhibiting the market growth over the forecast period of 2020-2027.
The regional analysis of the global IIoT Platform market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the rise in government support for the implementation of IIoT platforms, and the presence of a significant number of market vendors in the region. Whereas Asia-Pacific is anticipated to exhibit the highest growth rate / CAGR over the forecast period 2020-2027. Factors such as the rise in investment n smart manufacturing along with the increasing rate of industrialization & urbanization in developing countries, such as China and India, would create lucrative growth prospects for the IIoT Platform market across the Asia-Pacific region.
Major market player included in this report are:
Software AG
PTC Inc.
Hitachi, Ltd.
IBM Corp.
Microsoft Corp.
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Cisco Systems, Inc.
Intel Corporation
SAP SE
Siemens AG
Accenture plc
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. 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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