IIoT Platform Market Intelligence Report: Analyzing Key Futuristic Trends, Research Methodologies, and Competitive Landscape until 2028

The growing demand for automation in industries

The IIoT platform market size is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028 at a Compound Annual Growth Rate (CAGR) of 13.9% the increasing adoption of IoT devices and sensors in industrial settings, and the growing demand for real-time data analytics

🔥 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐫𝐞𝐞 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 + 𝐃𝐞𝐭𝐚𝐢𝐥𝐞𝐝 𝐓𝐎𝐂 ➡️ https://www.reportsnreports.com/contacts/requestsample.aspx?name=1731740

𝐒𝐨𝐦𝐞 𝐩𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲 𝐢𝐧𝐜𝐥𝐮𝐝𝐞 Software AG (Germany), PTC (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Atos (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US).

Based on offering, the platform segment is expected to lead the IIoT platform market during the forecast period

IIoT platforms connect various devices, sensors, machines, routers, controllers, gateways, and edge computing systems centrally to streamline business processes and increase operational efficiency. The IIoT platform can be consumed as a technology suite, an open, general-purpose application platform, or both in conjunction. IIoT platforms are engineered to support the safety, security, and mission-criticality requirements associated with industrial assets and their operating environments. In addition, IIoT platforms monitor IoT endpoints and event streams, and support and translate various manufacturer and industry proprietary protocols. IIoT platform also analyzes data at the IoT edge and in the cloud.

Based on platforms, the application enablement platform segment is expected to grow at a higher CAGR during the forecast period

The application enablement platform is designed to ease the management of various applications, including packing, deployment, and a containerized Software-Defined Environment (SDE). The application enablement platform helps manage distinct application provisioning and ensure application-level security services. Moreover, application enablement platforms are being deployed to address the needs, such as intelligent product enhancements, dynamic response to market demands, lower costs, optimized resource use, and waste reduction.

Based on services, the support and maintenance segment is expected to lead the IIoT platform market during the forecast period

The support and maintenance service segment in the IIoT platform market is driven by the complexity of IIoT systems, the need for technical expertise, the continuous improvement of platforms, the requirement for high reliability and minimal downtime, security and risk mitigation, compliance and regulatory adherence, and performance optimization.

Based on application area, the asset management segment is expected to lead the IIoT platform market during the forecast period

With the explosion of low-cost sensors, location-based services with GPS, affordable connectivity, and gateways, more and more assets are being equipped with tracking devices, sensors, and actuators, thus providing a centralized connection to the IIoT platform. IIoT platform-enabled asset management solutions minimize these risks by updating component locations as soon as they arrive. Asset management is instrumental in managing physical assets and equipment performance on the manufacturing floor. Protecting physical assets, such as plants, machinery, and fleet, is the backbone of manufacturing operations. The asset management industrial application is crucial, as it provides a unified view of operations to all stakeholders and is instrumental in maintaining the effectiveness of manufacturing enterprises.

Based on vertical, the discrete industry segment is expected to grow at a higher CAGR during the forecast period

The discrete industry manufactures and produces distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. Discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation. IIoT platforms help these industries by offering solutions, such as predictive management, workforce tracking, and logistics and supply chain management, which enable organizations to improve operational efficiency, enhance asset life, and reduce downtime.

APAC is expected to grow at a higher CAGR during the forecast period

APAC is the fastest-growing region in the IIoT platform market; this growth can be attributed to the significant adoption of advanced technologies, the proliferation of IoT-enabled devices, continuously enhancing network connectivity, and government initiatives for IoT. From a spending point of view, China is the top spender on IoT in the region, followed by South Korea and India. APAC is a strong adopter of IoT-based devices due to its unique combination of government advocacy, manufacturing roots, and R&D know-how. APAC is taking aggressive initiatives to leverage the IT infrastructure, enabling commercial users to adopt the IIoT platform. The presence of IoT vendors, such as TATA Communications, Wipro, Samsung, and Hitachi, is one factor driving the IIoT platform's growth in APAC. The growth potential in APAC is attracting international IoT vendors to offer their IIoT platform in the region.

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𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The market study covers IIoT platform market across different segments. It aims at estimating the market size and the growth potential of this market across different segments, such as offering (platforms and services), application area (asset management, supply chain management, business process optimization, workforce management, automation control, and emergency and incident management), vertical (process industry and discrete industry), and regions. The platforms segment is further segmented into device management, application enablement, and connectivity management platforms. The services segment is further segmented into consulting services, system integration and deployment, and support and maintenance. The process industry segment is further segmented into energy and utilities, chemical and materials, food and beverages, and others (pharmaceutical, mining and metals, and pulp and paper) and the discrete industry segment is further segmented into automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation and others.

The regional analysis of the IIoT platform market covers North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

This release was published on openPR.