About Industrial IoT Platform
The industrial Internet of Things (IIoT) platforms as a set of integrated software capabilities. The aggressive rate of IIoT adoption in line with the advances in technology as well as the easing availability of affordable sensors and processors, which can facilitate real-time access to information, is anticipated to boost the development of the industrial internet of things market over the upcoming period. An IIoT platform should also be able to orchestrate functions such as machine learning, using edge computing, as the volume of time-series data in some forms of manufacturing is too great to transfer to the cloud, Hughes said. Also, the latency required to act upon the data such as in safety or critical situations is too long in the cloud.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Billion) |
CAGR | 6.7% |
Competition among existing players is due to the Industrial IoT Platform market share occupied by leading players. The industry leader is engaged in offering innovative and superior quality products to cater to the ever-growing demand for Industrial IoT Platform Market. The companies are implementing strategic activities such as acquisitions and mergers along with collaboration with companies in other industries to aid them in improving sustenance and maintaining their competitive advantage. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Industrial IoT Platform market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Huawei (China), Cisco (United States), GE (United States), Intel (United States), Rockwell Automation (United States), ABB (Switzerland), Texas Instruments (United States), Honeywell (United States), IBM (United States) and KUKA AG(Germany) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are NEC Corporation (Japan), Bosch.IO (Germany), Siemens AG (Germany) and SAP (Germany).
Segmentation Overview
AMA Research has segmented the market of Global Industrial IoT Platform market by , Application (Asset Management, Remote Monitoring and Network System Management) and Region.
On the basis of geography, the market of Industrial IoT Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2023. If we see Market by Industry Vertical, the sub-segment i.e. Aviation will boost the Industrial IoT Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Component, the sub-segment i.e. Cameras will boost the Industrial IoT Platform market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Popularity of artificial intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector
Market Growth Drivers:
High Adoption due to Standardization of IPv6 and The increasing number of connected gadgets
Challenges:
Susceptibility of IoT technologies to cyberattacks
Restraints:
Incompatibility of legacy equipment with communication networks
Opportunities:
The Upsurging application of AI and IoT in the medical sector during the pandemic
Market Leaders and their expansionary development strategies
In April 2021, Intel, in partnership with John Deere, provided its AI technology to help solve a costly, age-old problem in the manufacturing welding process. Deere is piloting a solution that uses computer vision to automatically spot common defects in the automated welding process in its manufacturing facilities.
In February 2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT network solutions for harsh and non-carpeted environments to customers across North America.
Key Target Audience
Government Regulatory Bodies, Private Research Organization, Government Research Organization and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.