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IIoT Platform Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
IIoT Platform Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
Growing demand for industrial automation is expected to propel the growth of the industrial internet of things (IIoT) platform market. Industrial automation refers to the use of various control systems, such as computers or robots, and information technologies to handle different processes and machinery in an industry to replace human intervention. Industrial automation on IIoT platforms involves integrating sensors, control systems, and machinery to collect real-time data, enabling efficient monitoring, analysis, and optimization of industrial processes. For instance, in 2021, ABB Robotics, a Switzerland-based manufacturer of robotics and machine automation solutions, conducted a survey of 250 manufacturing firms in the UK, revealing a shift in attitudes toward automation within the country. The survey found that 81.2% of companies were contemplating robot investments in response to the pandemic. Robots were viewed as a viable solution, with 48.8% of participants indicating their intention to invest in automation over the next five years, and 50.4% believed that robots would aid in meeting social distancing mandates. Therefore, the growing demand for industrial automation is driving the growth of 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.
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Major Key Players of the Market:
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., 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.
IIoT Platform Market 2024 Key Insights:
• 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%.
• Government-Led Industrial Automation Initiatives Drive Growth In The IIOT Platform Market
• Integration Of Advanced Technology Drives Advancements In The Industrial Internet Of Things (IIOT) Platform Market
• North America was the largest region in the IIoT Platform market in 2023
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