Overview and Scope
The industrial internet of things (IIoT) platform collects real-time data from hardware, software systems, sensors, and other data points into a centralized location that is typically accessible to a large number of users. Transferring the data to a centralized system, typically in the cloud but occasionally also on-premises or on the edge, it eliminates the gap between systems, people, and machines. The industrial internet of things (IIoT) platform are used to connect frontline industrial processes with backend information systems.
Sizing and Forecast
The iiot platform market size has grown rapidly in recent years. It will grow from $9.81 billion in 2023 to $11.32 billion in 2024 at a compound annual growth rate (CAGR) of 15.3%. The growth in the historic period can be attributed to connectivity evolution, sensor proliferation, cost reduction, predictive maintenance demand, remote monitoring..
The iiot platform market size is expected to see rapid growth in the next few years. It will grow to $19.99 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to digital twin implementation, environmental sustainability focus, autonomous vehicles and drones, real-time quality control, customization and scalability.. Major trends in the forecast period include integration of edge computing, focus on interoperability standards, ai and machine learning integration, 5g connectivity, blockchain for data integrity, supply chain visibility and optimization, collaboration and partnerships..
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The iiot platform market covered in this report is segmented –
1) By Offering: Platforms, Services
2) By Application: Asset Management, Remote Monitoring, Network System Management
3) By End-User: Manufacturing, Energy and Power, Oil and Gas, Healthcare, Logistics and Transport, Other End Users
North America was the largest region in the IIoT Platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the iiot platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Government initiatives to promote industrial automation have propelled the growth of the industrial internet of things (IIoT) platform market. Industrial automation is the control of machinery and processes used in various industries by autonomous systems through the use of technologies including robotics and computer software. The governments across the world are making initiatives to promote industrial automation and revolutionize the industrial sector to meet the competition across the work and develop the country. For instance, in March 2023, according to the U.S. Census Bureau’s Annual Capital Expenditures Survey, U.S. capital expenditures for robotic equipment totaled $11,536 million in 2021, accounting for 1.1% of total equipment expenditures. The survey also found that general medical and surgical hospitals invested $490 million in robotic equipment, accounting for 69.6% of overall spending on robotic equipment . Therefore, government initiatives to promote industrial automation have propelled the growth of the industrial internet of things (IIoT) platform market.
Key Industry Players
Major companies operating in the iiot platform market report are Intel Corporation, General Electric Company, Amazon Web Services Inc., International Business Machine Corporation, Microsoft Corporation, Cisco Systems Inc., SAP SE, Oracle Corporation, PTC Inc., Bosch Software Innovation GmbH, Rockwell Automation Inc., Emerson Electric Co., QiO Technologies India Pvt. Ltd., Google Inc., Hewlett-Packard Enterprise Company, Seeq Corporation, Hitachi Vantara Enterprise Company, Softeq Corp., Cognite AS, Johnson Controls Inc., Toshiba Corporation, Mitsubishi Electric Corporation, Honeywell International Inc., Siemens AG, Schneider Electric SE, ABB Ltd., Huawei Technologies Co. Ltd., Dell Technologies Inc., Accenture plc, Capgemini SE, Infosys Limited, Wipro Limited, Tata Consultancy Services Limited, Tech Mahindra Limited, HCL Technologies Limited, L&T Technology Services Limited, Robert Bosch GmbH, Fujitsu Limited, NEC Corporation, Advantech Co. Ltd., Telit Communications plc, Eurotech S.p.A., Wind River Systems Inc.
The iiot platform market report table of contents includes:
1. Executive Summary
2. IIoT Platform Market Characteristics
3. IIoT Platform Market Trends And Strategies
4. IIoT Platform Market – Macro Economic Scenario
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31. Global IIoT Platform Market Competitive Benchmarking
32. Global IIoT Platform Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IIoT Platform Market
34. IIoT Platform Market Future Outlook and Potential Analysis
