Press release
IIoT Platform Market 2024 -2033: Global Outlook, Industry Share, Business Growth And Major Players
IIoT Platform Market
IIoT Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $43.12 billion In 2028 At A CAGR Of 59.5% :
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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IIoT Platform Market Major Segments
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
Key Driver - Government-Led Industrial Automation Initiatives Drive Growth In The IIOT Platform Market
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.
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Prominent Trend - Integration Of Advanced Technology Drives Advancements In The Industrial Internet Of Things (IIOT) Platform Market
Technological innovation is a key trend gaining popularity in the industrial internet of things (IIoT) platform market. Major companies operating in the industrial internet of things (IIoT) platform market are focused on developing new and innovative technological products to strengthen their market position. For instance, in April 2022, RS Components, a UK-based industrial equipment and facilities distributor, and Tata Consultancy Services, an India-based information technology services and consulting company, launched RS Industria, a new cloud-based Industrial Internet of Things (IIOT) platform. RS Industria makes it simpler to link current sources of manufacturing asset data, such as vibration sensors, PLCs, SCADA systems, and utility meters. RS Components can employ machine learning, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) technologies to gain better and faster insight into their data. It makes it easier to link current production asset data sources including vibration sensors, PLCs, SCADA systems, and utility meters.
IIoT Platform Market 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., Accentu*re 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.
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Largest And Fastest Growing Region In The Market
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.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. IIoT Platform Market Report Structure
3. IIoT Platform Market Trends And Strategies
4. IIoT Platform Market - Macro Economic Scenario
5. IIoT Platform Market Size And Growth
…..
27. IIoT Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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