IIOT Platform Market worth US$15.498 billion in 2027

IIOT Platform Market worth US$15.498 billion in 2027

By Knowledge Sourcing Intelligence Press Releases

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the "IIOT Platform Market - which is forecasted from 2020 to 2027”.

The primary factor influencing the growth of the IIOT Platform market Include the increasing necessity of centralized asset surveillance and condition monitoring, the growing interest for automated processes in industries, the pervasiveness of IoT devices, the increase in the number of cost-effective and smart connected sensors and devices, additional government initiatives in IoT-related research and development activities, and the rise of IPv6 are expected to fuel the growth of IIoT Platform market in the forecasted period.

As per the report, the IIOT Platform Market is expected to grow at a CAGR of 13.04% to reach US$15.498 billion by 2027, from US$6.572 billion in 2020.   

Despite many use cases for such platforms in industrial settings, the IIoT platform is not as well-anchored as an IT core idea as to its counterpart IoT. The range of operational ends that IIoT media can help manage is also broad: they can improve how inventories are used in working environments for any company or organization. They are more akin to all software and hardware that connect the workforce with process control systems via edge devices, HMIs, smart sensors, and IoT-based IT systems. The rising popularity of cloud services is expected to be a key trend in the market for IIoT platforms. These offerings have become more reliant on machine learning and edge computing to improve production systems and worker protections are expected to drive the growth of IIOT Platform Market.

The IIoT platform market necessitates particular IT technical skills and knowledge to be implemented and handled correctly for deployed IoT devices and data management to function correctly. The ineffective use of IIoT platforms is expected to be hampered by a lack of operational and IT skills. Network management is becoming more challenging for IT teams as more IoT technologies are adopted. This is because network ambiguity and data flow to the cloud have enhanced. Lack of skill knowledge is expected to hinder the market growth of the IIOT Platform Market.

Based on Platform Type IIOT Platform market is divided into Device Management, Application Management and Network Management. The application management platform is expected to lead the segment's dominant market share. The application management platform is an IIOT platform originally tailored for developers to develop IOT-based applications without having to worry about scaling up and down.

Based On Application the IIOT Platform market is segmented into Predictive Maintenance, Business Process Optimization, Logistics and Supply Chain Management, Automation Control and Management, Emergency and Incident Management and Business Communication, Real-Time Workforce Tracking and Management, Asset Tracking and Management. The IIOT platform is expanding due to the availability of multiple sensors, effective connectivity, a cloud platform, ample data problem storage, innovative learning tool, and advancements in mobile applications and software. Several businesses are focusing on developing new and advanced solutions that will transform industries. The asset tracking and management IIOT application are expected to hold the largest market share in the segment because these solutions provide a complete lifecycle solution of maintenance and monitoring until it is disposed of to the business, which is expected to drive the growth of the IIOT Platform Market.

Based on End-User Industry the IIOT Platform market is segmented into Automotive, Manufacturing, Semiconductor, Healthcare, Energy and Power, Chemical, Food and Beverage, and Others. The Manufacturing industry is anticipated to have the highest segment share. As IIOT platforms have been used in a variety of manufacturing units for innovation techniques, the industry is implementing this digital technology to provide exceptional user experience by meeting user demand that is technologically based, which is estimated to raise the market for IIOT platforms substantially in the segment for the foreseen period.

Based on Geography North America, South America, Europe, the Middle East and Africa, and Asia Pacific are the regions that make up the IIOT Platform market. North America is expected to hold the majority of the market due to the presence of key market players and being one of the early investors of the IIOT Platform. Asia-Pacific is expected to grow at a robust pace as the region develops and adopts IIOT-based technology in key areas.

As the part of the report, the major players operating in the IIOT Platform market, that have been covered are SAP, Hitachi Vantara Corporation, Accenture, IBM, Oracle, ATOS, Cisco, Intel, Emerson Electric Co., and General Electric.

View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/liot-platform-market

This analytic report segments the IIOT Platform market on the following basis

  • By Platform Type
    • Device Management Platform
    • Application Management Platform
    • Network Management Platform
  • By Application
    • Predictive Maintenance
    • Business Process Optimization
    • Asset Tracking and Management
    • Logistics and Supply Chain Management
    • Real-Time Workforce Tracking and Management
    • Automation Control and Management
    • Emergency and Incident Management
    • Business Communication
  • By End-User Industry
    • Energy and Power
    • Chemical
    • Food and Beverage
    • Automotive
    • Manufacturing
    • Semiconductor
    • Healthcare
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • Spain
      • United Kingdom
      • France
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • Australia
      • India
      • Others