IIoT Platform Market Overview Analysis, Trends, Share, Size, Type & Future Forecast to 2032

The global IIoT platform market is anticipated to grow from 6.89 billion in 2022 to 20.78 billion by 2030. The Industrial Internet of Things (IIoT) is a platform that collects and analyses data from hardware and software systems and aggregates it into a centralized environment to be accessed by a wide group of users. IIoT devices include sensors, computers, and machines for application management in manufacturing, agriculture, energy and power and other industry verticals. The global IIoT platform market is segmented on the basis of setup type, implementation model, by Industry, and by geography. Growing demands from the utility and mission-critical systems companies to manage outages and or identify heavy demand for electricity grids and nuclear plants is anticipated to propel the growth of the global IIoT platform market.

Drivers:

Growing demands to transfer data without human or computer interaction, and increased requirements of a physical server to filter data before transmitting it to other devices is propelling the growth of the global IIoT platform market. There is a growing demand for IoT devices that is gaining rapid deployment in the residential, commercial or industrial settings. An IoT device connects to other hardware through an IoT gateway service. Growing penetration of smartphones has further broadened the IoT ecosystem. IIoT technologies include smart appliances, utility grids, security monitoring systems, weather prediction services, traffic and crowd control systems, among others. Data collected from these are fed into a programmable logic controller, which then transfers the data to an IIoT process which delivers it to a device.

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Segmentation:

On the basis of setup type, the global IIoT Platform market is segmented into platform- application management, connectivity and network management, device management, services- professional services, consulting and training, system design and implementation, support and maintenance, IoT device optimization, managed services, and others. The platform application management segment is anticipated to witness a fastest growth owing to a rising deployment of application platforms in industries.

On the basis of implementation model, the global IIoT Platform market is segmented into assets management, supply chain and management, business process optimization, workforce management, automation control, emergency and incident management, and others.

On the basis of industry, the global IIoT Platform market is segmented into process industry- energy and utilities, chemical and materials, food and beverages, others.

Geography:

On the basis of region, the global IIoT Platform market is segmented into North America, Middle East & Africa, Europe, Asia Pacific, and South America. North America is projected to capture a substantial revenue share in the global IIoT Platform market over 2022-2030. The growth is attributable to the existence of multiple tech giants and the early adoption of the new technology in regions of US, Canada, and Mexico.

Impact of COVID-19 on the global IIoT Platform Market:

The Covid-19 pandemic significantly increased the adoption of IIoT Technologies across the globe. The crisis negatively impacted various businesses and disrupted the global supply chain. However, as the economies started to recover from the adverse impacts, IIoT deployments witnessed a rapid acceleration. In the post COVID-19 scenario automation and efficiency of industries are rapidly improving for business that are actively embracing digitalization. The pandemic has encouraged global businesses to rely on industry 4.0 technologies, most importantly IIoT to increase productivity. Data management, and continuity are some of the major factors that is bolstering the growth of the IIoT platform market in the post pandemic era.

Impact of the Russia-Ukraine War on the global IIoT Platform Market:

The global supply chains are disrupted by the Russia-Ukraine conflict in the same way as the it did when the COVID-19 pandemic first surfaced. There has been a significant rise in the transportation costs, gas prices, and electricity rates as a result of the Russia Ukraine war. Due to the increased energy costs, companies are forced to raise prices. The supply of commodities is substantially disrupted in regions such as US, Europe, and China. The conflict has accelerated the chip shortage and raw materials such as neon and palladium used in semiconductor manufacturing. Russia and Ukraine are the two major producers of neon and palladium. The countries produce more than 50% of the aforementioned raw materials. Due to the war the industries that are completely dependent on Russia and Ukraine for raw material are incurring huge losses and are unable to find an alternative supplier soon. The continuation of the conflict is likely to further delay IIoT hardware production and sales which is anticipated to slow down the accelerated deployment of the IIoT platforms. This is estimated to negatively impact the global market growth.

Company Profiles:

The key market players in the global IIoT platform market are SOFTWARE AG, SIEMENS AG, PTC, IBM Corporation, Oracle Corporation, Cisco Systems Inc., Hitachi Ltd., Microsoft Corporation, SAP SE, Intel Corporation, ATOS, AMAZON WEB SERVICES (AWS), BOSCH.IO, SCHNEIDER ELECTRIC, DAVRA, EUROTECH, and others.

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Key Indicators Analysed
Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2016-2027 & Sales with a thorough analysis of the market's competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Global and Regional Market Analysis: The report includes Global & Regional market status and outlook 2016-2027. Further the report provides break down details about each region & countries covered in the report. Identifying its sales, sales volume & revenue forecast. With detailed analysis by types and applications.

Market Trends: Market key trends which include Increased Competition and Continuous Innovations.

Opportunities and Drivers: Identifying the Growing Demands and New Technology

Porters Five Force Analysis: The report provides with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry

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