Pune, Oct. 12, 2023 (GLOBE NEWSWIRE) -- “The SNS Insider report indicates that the Industrial IoT (IIoT) Platform Market achieved a valuation of USD 305.21 billion in 2022 and is projected to attain USD 1304.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 19.91% during the forecast period spanning from 2023 to 2030.”
Market Overview
The Industrial Internet of Things (IIoT) platform is a cutting-edge technological framework that plays a pivotal role in revolutionizing industrial operations across the globe. As industries embrace digital transformation, the IIoT platform emerges as a transformative force, connecting machines, devices, sensors, and systems to create a seamlessly integrated ecosystem. This sophisticated platform leverages the power of the internet and advanced data analytics to optimize industrial processes, enhance efficiency, reduce costs, and drive innovation. At its core, the IIoT platform is a robust infrastructure that facilitates the collection, analysis, and interpretation of vast amounts of data generated by industrial equipment and processes.
Market Analysis
The industrial IoT (IIoT) platform market has been experiencing rapid growth in recent years, driven by a variety of factors that are shaping the industrial landscape. The proliferation of high-speed internet connectivity, along with the development of 5G networks, has paved the way for seamless communication between devices and systems in industrial settings. This enhanced connectivity is a fundamental driver of IIoT adoption. IIoT technologies can monitor workplace safety conditions in real-time, helping to prevent accidents and ensure compliance with safety regulations. This is particularly critical in industries such as manufacturing and construction. In some industries, there are stringent regulations related to data monitoring and reporting. IIoT platforms provide a means to easily comply with these regulations and avoid potential fines or legal issues.
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Major Players Listed in this Report are:
- ABB
- General Electric Company (GE)
- IBM Corporation
- Intel Corporation
- Rockwell Automation, Inc.
- Siemens AG
- Microsoft Corporation
- QiO Technologies
- Litmus Automation
- Amazon Web Services & Other Players
Industrial IoT (IIoT) Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 305.21 Bn |
| Market Size by 2030 | US$ 1304.5 Bn |
| CAGR | CAGR of 19.91% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Industrial IoT (IIoT) Platform Market Study
- The supply chain segment is poised to dominate the market due to its ability to drive efficiency, cost savings, and enhanced customer experiences. Moreover, the predictive and analytical capabilities of IIoT solutions make them indispensable for modern supply chain management. As businesses increasingly recognize the value of these technologies, we can expect continued growth and innovation in the IIoT supply chain space.
- The landscape of Industrial Internet of Things (IIoT) is rapidly evolving, and as we venture into the future, one industry segment stands out as a dominant force in this transformative era – the manufacturing industry. With a relentless focus on automation, efficiency, and data-driven decision-making, the manufacturing sector has positioned itself at the forefront of the market.
Recent Developments
- In a strategic move aimed at bolstering its capabilities in the burgeoning field of Industrial Artificial Intelligence (AI), Accenture has announced the acquisition of Flutura Decision Sciences and Analytics. With the acquisition, Accenture gains access to Flutura's proprietary Cerebra AI platform, a robust toolset that can be tailored to address specific industrial challenges and drive innovation.
- Procter & Gamble (P&G), a global leader in consumer goods, is at the forefront of the digital manufacturing revolution, leveraging the power of artificial intelligence (AI) to shape the future of their production processes. As the world continues to evolve rapidly in the digital age, P&G recognizes the need to adapt and innovate in order to remain competitive and meet the changing demands of consumers.
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Market Dynamics Analysis
The industrial IoT (IIoT) platform market is undergoing dynamic shifts driven by a multitude of factors. On the driver's side, the growing demand for operational efficiency and automation in industries is propelling the adoption of IIoT platforms. These platforms offer real-time data analytics, predictive maintenance, and remote monitoring, enabling companies to optimize their processes, reduce downtime, and save costs. Moreover, the increasing integration of AI and machine learning technologies with IIoT platforms is enhancing their capabilities, making them more attractive to industries seeking to harness the power of data-driven decision-making. However, the IIoT platform market is not without its restraints and challenges. One major restraint is the high upfront investment required for implementing IIoT infrastructure, which may deter smaller companies from embracing these technologies. Additionally, concerns over data security and privacy pose significant challenges, especially in highly regulated industries like healthcare and finance. Furthermore, the IIoT platform market faces potential threats, including cyberattacks and data breaches, which can have devastating consequences on businesses relying on these platforms for critical operations.
Industrial IoT (IIoT) Platform Market Key Segmentation
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
Key Regional Developments
North America leads in IIoT platform adoption due to the presence of advanced manufacturing industries. The industrial IoT (IIoT) platform market is relatively mature, with well-established players dominating the landscape. European companies prioritize data security and privacy compliance, which pushes IIoT platform providers to offer robust solutions with stringent data protection features. Europe is at the forefront of Industry 4.0, promoting smart manufacturing and automation, leading to increased IIoT platform adoption. Rapid industrialization in countries from Asia Pacific is driving the adoption of IIoT platforms as industries seek to enhance operational efficiency. Companies in this region often require IIoT platforms tailored to specific industry needs, fostering a competitive landscape with a focus on customization.
Impact of Recession on Industrial IoT (IIoT) Platform Market Growth
The impact of an ongoing recession on the industrial IoT (IIoT) platform market is complex and multifaceted. While there are challenges such as reduced capital expenditure and slower adoption rates, there are also opportunities for cost reduction, remote monitoring, and gaining a competitive advantage. The extent to which the recession affects the IIoT platform market will depend on the specific industry, the maturity of IIoT adoption, and the strategic priorities of individual businesses. Companies that can balance the short-term need for cost savings with the long-term benefits of IIoT innovation may emerge stronger in the post-recession landscape.
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Tabel of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Industrial IoT (IIoT) Platform Market Segmentation, by Offering
9. Industrial IoT (IIoT) Platform Market Segmentation, by Application Area
10. Industrial IoT (IIoT) Platform Market Segmentation, by Vertical
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion
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