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Industrial IoT Platform Market Report Scope and Overview
The Industrial IoT Platform Market is experiencing robust growth, driven by the increasing need for efficient and cost-effective data management solutions in the industrial sector. The market size, valued at USD 9.7 Billion in 2023, is expected to reach USD 26.9 Billion by 2031, growing at a CAGR of 13.6% over the forecast period. This growth can be attributed to the surging adoption of cloud platforms for managing the massive volume of data generated by IIoT devices.
The traditional on-premises data management approach presents significant challenges related to scalability, security, skilled IT workforce, and overall implementation costs. Cloud-based solutions offer a compelling alternative, providing a secure platform for data storage, analysis, and management. The key drivers and restraints impacting the Industrial IoT Platform market, analyzes market trends across different segments, and explores the impact of recent developments and emerging technologies on the market landscape. It offers valuable insights for companies seeking to understand the evolving dynamics of the Industrial IoT Platform market and leverage its potential benefits.
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Some of the Major Key Players Studied in this Report are:
- ABB
- General Electric Company (GE)
- IBM Corporation
- Intel Corporation
- Rockwell Automation
- Siemens AG
- Microsoft Corporation
- QiO Technologies
- Litmus Automation
- Amazon Web Services
- Others
Cloud Technology
The vast amount of data produced by connected devices in the industrial sector necessitates robust data analytics capabilities to unlock the true value of this data. Cloud computing platforms enable enterprises to connect traditional information systems with IIoT-enabled devices, facilitating the development and deployment of innovative applications. Cloud platforms offer inherent security features and eliminate the need for on-premises data centers, making them a cost-effective and easily scalable solution for IIoT data management. Furthermore, the adoption of Industrial IoT Platform as a Service (PaaS) models is fueling the deployment of IIoT solutions across diverse industries. Cloud platforms allow organizations to leverage their existing IT infrastructure, reducing overall implementation costs and accelerating time-to-market for IIoT solutions.
Market Segmentation and Sub-Segmentation Included Are:
By Offering
- Platforms
- Device Management Platform
- Application Enablement Platform
- Connectivity Management Platform
- Services
- Consulting Services
- System Integration and Deployment
- Support and Maintenance
By Application Area
- Supply Chain and Management
- Business Process Optimization
- Workforce Management
- Automation Control
- Emergency and Incident Management
By Vertical
- Process Industry
- Energy and Utilities
- Chemical and Materials
- Food and Beverages
- Discrete Industry
- Automotive
- Machine Manufacturing
- Semiconductor and Electronics
- Medical Devices
- Logistics and Transportation
- Others
Recent Developments
In March 2023: Accenture acquired Flutura, an IoT and data science services firm, to bolster its industrial AI offerings.
In January 2023: PTC’s acquisition of ServiceMax strengthens its closed-loop product lifecycle management (PLM) and digital thread solutions by incorporating advanced field service management (FSM) capabilities. These acquisitions showcase the growing importance of data-driven solutions and integrated platforms in the IIoT space.
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Impact of the Russia-Ukraine War and the Global Economic Slowdown
The ongoing conflict between Russia and Ukraine has disrupted global supply chains, leading to a shortage of critical components essential for IIoT devices and platforms. This disruption can lead to project delays, price hikes, and potential market volatility. Additionally, the global economic slowdown can create budgetary constraints for potential IIoT adopters, particularly in industries experiencing a downturn. However, the long-term outlook for the Industrial IoT Platform market remains positive. The underlying need for increased operational efficiency and cost reduction across industries will continue to drive demand for IIoT solutions as enterprises seek to optimize their operations.
North America Retains Dominance: Early Adoption and Government Support Drive Growth
North America is expected to remain the dominant region in the Industrial IoT Platform market throughout the forecast period, accounting for over 33% of the market share in 2023. This dominance can be attributed to factors such as the early adoption of IIoT technologies, strong government support for industrial digitalization initiatives, increasing usage of IIoT devices, and widespread.
Key Takeaways
- Cloud-based solutions are the key to unlocking the full potential of IIoT. Their scalability, security, and cost-effectiveness make them ideal for managing the massive volume of data generated by industrial devices. Organizations seeking to leverage IIoT should prioritize cloud-based data management platforms.
- The manufacturing industry is at the forefront of IIoT adoption due to the significant benefits it offers in optimizing processes, reducing downtime, and making data-driven decisions. Companies operating in this domain stand to gain a competitive advantage by implementing IIoT solutions.
- The recent acquisitions in the IIoT space highlight the growing importance of integrated platforms and data-driven solutions. Companies seeking to expand their offerings or stay competitive should consider strategic partnerships or acquisitions to bolster their IIoT capabilities.
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Table of Contents- Major Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Impact Analysis
- COVID-19 Impact Analysis
- Impact of Ukraine- Russia war
- Impact of Ongoing Recession on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Industrial IoT Platform Market Segmentation, by Offering
- Platforms
- Consulting Services
- Industrial IoT Platform Market Segmentation, by Application Area
- Supply Chain and Management
- Business Process Optimization
- Workforce Management
- Automation Control
- Emergency and Incident Management
- Industrial IoT Platform Market Segmentation, by Vertical
- Process Industry
- Discrete Industry
- Regional Analysis
- Introduction
- North America
- Europe
- Asia-Pacific
- The Middle East & Africa
- Latin America
- Company Profile
- Competitive Landscape
- Competitive Benchmarking
- Market Share Analysis
- Recent Developments
- USE Cases and Best Practices
- Conclusion
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