IIoT Platform – A Real-Time Platform
The Global IIoT Platform Market is expected to grow at a compound annual growth rate of 13.04% to reach a market size worth US$15.498 billion by 2027. This market was valued at US$6.572 billion in 2020. The Industrial Internet of Things platform, or in short, the IIoT platform, is a technological system that efficiently connects frontline industrial operations and processes with the aid of the backend information systems to power the rapidly evolving digitalization. Simply put, they extract and combine the real-time data sets from the enterprises’ software and hardware systems, sensors, and other data points into a centralized platform by means that were formerly impossible. By shortening the gaps between multiple systems, machines, and people, they facilitate the engineers to design or configure new applications to make their operation processes smooth and efficient. IIoT platforms are actively being used to make data-driven decision-making by optimizing control, connectivity, data analytics, and forecasting. The platform also helps enterprises to get insights into the factors impacting production, downtime, quality control, and waste. IIoT Platform Market is typically segmented based on the type of platform, applications, end-user industries, and geographical regions.
Analysts anticipate that the rapid adoption of Industry 4.0 and IoT is driving the momentum of the Industrial IoT platform onward.
Industry 4.0 and the emergence of IoT have propelled automation like never before, enabling the system to make precise instantaneous decisions exploiting the real-time data. Through this, the firms can monitor all their data and assets remotely while also optimizing the operation processes efficiently. Owing to this, many enterprises from multiple industries are stepping up to adopt the IoTs into the core of their operational processes. For instance, according to the statistics derived by Honeywell in 2019, about 66 percent and 68 percent of Saudi Arabia and UAE-based enterprises firmly believed IIoT is essential for business operations and, in the next five years, will become the crucial link for many business operations. Furthermore, 64 percent and 72 percent of the enterprises in Saudi Arabia and UAE have remarked about their goals to invest in IIoTs. Exploiting this, many IIoT platform providers are gearing up to launch new offerings of IIoT platforms. Ivanti Wavelink’s launch of the new IIoT platform, Ivanti Neurons, in January 2022 is the best example of this. Ivanti Neurons links the devices, machines, systems, and workers to provide insights, optimize productivity, and enhance visibility. Furthermore, the initiatives taken by the governments of multiple cities, including Singapore, Dubai, Oslo, and many others, to develop Smart cities are further expected to boost the market. The advent of autonomous automobiles is also expected to add impetus to the growth of the IIoT platform segment. The UK’s Department of Transport’s report, for instance, forecasts that about 40 percent of new cars in the UK are expected to feature self-driving attributes by 2035, with the total market valuing £41.7 billion.
According to regional analysis, the IIoT platform market in North America is expected to hold a significant share during the projected period.
By geography, the IIoT Platform Market is segmented into five regions: Asia Pacific, Europe, North America, South America, and the Middle East and Africa. According to analysts, North America is expected to hold a dominant market share of the IIoT platform market. Among the countries presiding in the region, US and Canada are expected to predominantly propel the market share, owing to the sustainable ecosystem in IIoTs, which is powered by the countries’ well-established economies. Furthermore, the region also houses many leading enterprises from multiple industries, including manufacturing, healthcare, autonomation, and many more, integrating the cloud, AI, and IoT technologies in their core operations. Furthermore, the government initiatives to develop smart cities in the cities like New York and Boston are further expected to boost the market in the region.
According to analysts, the lack of skilled human resources and rising cyber fraudulence due to increased digitalization are expected to constrain market growth.
Though the advent of IIoT platforms has enabled easy and efficient optimization and management of the data, it has also increased the complexity of networks and data flow. The processes such as data integration, predictive analysis, and forecasting require technical knowledge. Thus, there is a strong demand for skilled workforce for effective management of operations and also necessitates regular upskilling and training of the employees to keep up with the advancing technologies. Furthermore, though the advancing technologies and digitalization have changed lifestyles for the better by creating a centralized environment, they have also made the operations vulnerable to risks associated with it. The increasing cyber risks and fraudulence are further soldering this. For instance, as per the statistics derived by Identity Resource Centre, the incidence of data breaches increased by 68% in 2021 from the former year. Data breaches in Twitter in July 2020, Marriot in March 2020, Ikea Canada in May 2022, and Mail Chimp in April 2022 are a few examples. Thus, enterprises are facing key challenges in maintaining and protecting the security of their data.
The global pandemic had a negative impact on the IIoT platform market. The mandated lockdowns, surge in infected cases, and social distancing had led to the closure of many production units, either partially or wholly. Many end-user industries of the IIoT platform market, such as automotive, manufacturing, semiconductor, and automotive, for instance, had taken a toll. For instance, according to EU member states, many automotive production facilities were closed across the European region for about thirty days, on average. A similar scenario was observed in many other regions as well. The rapidly increased number of active infected cases had further affected the staffing in the industries, further affecting productivity. Consequently, due to the global economic recession, many companies were forced to briefly halt or postpone their projects related to the IIoT segment. Nevertheless, the industry saw an increase in demand post-covid as the pandemic had caused industries to shift their attention to automation to increase productivity while keeping manual intervention at a minimum.
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