Industrial IoT (IIoT) Platform - Global Market Outlook (2020-2028)
According to Stratistics MRC, the Global Industrial IoT (IIoT) Platform Market is accounted for $6.00 billion in 2020 and is expected to reach $20.78 billion by 2028 growing at a CAGR of 16.8% during the forecast period. Rise in the number of cost-effective, intelligent connected devices, sensors, rising need for centralized monitoring and predictive maintenance of assets are the major factors driving the market growth. However, absence of standardization in IoT protocols is hampering the growth of the market.
Industrial IoT platforms are distinct from generalized IoT platforms. Here the IIoT technologies are particularly conceptualized and built for employ within asset-intensive and highly regulated environments. Inside such environments, the industrial IoT platform takes care of the orchestration, harvesting, aggregation and analysis of data. This occurs with an eye towards rapid decision-making and enhanced process transparency. The IIoT platform may be inspired as a technology suite or as an open and common-purpose application platform, or together in combination. The IIOT platform is engineered to support the requirement of security, safety and mission criticality associated with industrial assets and their operating environments.
Based on the end user, the discrete industry segment is going to have lucrative growth during the forecast period .The discrete industry comprises a diversity of verticals, such as semiconductor and electronics, logistics and transportation, machine manufacturing and automotive. IIoT platforms aid these industries by providing solutions, such as workforce tracking, predictive management, supply chain management and logistics which enable organizations to improve reduce downtime, operational efficiency and enhance asset life.
By geography, North America is going to have high growth during the forecast period as North American countries are the early adopters of advanced technologies across several verticals, such as smart cities, healthcare and manufacturing. These countries have well established and sustainable economies, which empower them to invest in R&D activities, thereby contributing to the progress of new technologies strongly. Due to the early fostering of trending technologies, such as big data, cloud, mobility and IoT, North American organizations are keen to combine IoT technologies into their processes. Furthermore for asset centric applications the increasing adoption of smart, secure and connected technologies is expected to propel the market growth. The adoptions of digitization in manufacturing, beside with high-speed networks, are expected to drive IIoT platform market growth in North America.
Some of the key players profiled in the Industrial IoT (IIoT) Platform Market include Accenture Plc, Cisco, General Electric, Hitachi, IBM Corporation, Intel, Microsoft, PTC, Qio Technologies, Schneider Electric, Siemens , Software Ag, and Zebra Technologies.
• Wired Technologies
• Wireless Technologies
• Fieldbus Technologies
• Asset Tracking & Management.
• Automation Control & Management
• Business Process Optimization
• Emergency And Incident Management
• Logistics and Supply chain Optimization
• Network System Management
• Real-Time Workforce Tracking & Management
• Remote Monitoring
• Workforce Management
End Users Covered:
• Process Industry
• Discrete Industry
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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