IIoT Platform Market Size Surges to $18.2 Billion by 2028 - Led by Software AG, PTC, Hitachi, IBM| MarketsandMarkets™

/EIN News/ -- Chicago, May 27, 2024 (GLOBE NEWSWIRE) -- The global IIoT Platform Market size is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period, according to a new report by MarketsandMarkets™.  The major factors driving the growth of the IIoT Platform Market include the proliferation of IoT devices, rise in the number of cost-effective and intelligent connected devices and sensors, increased government initiatives in R&D activities related to IoT.

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IIoT Platform Market Dynamics:

Drivers:

1. Increased need for centralized monitoring and predictive maintenance of assets
2. Rise in demand for automation across industries
3. Proliferation of IoT devices
4. Rise in number of cost-effective connected devices and sensors
5. Increased IoT-related government initiatives and R&D activities worldwide
6. Emergence of Internet Protocol version 6

Restraints:

1. Lack of standardization in IoT protocols
2. Complications related to integration with legacy systems and lack of skilled workforce

Opportunities:

1. Rise in demand for IoT-enabled digital transformation in businesses across verticals
2. Shift from on-premises to cloud-based data management strategy
3. Emergence of 5G technology
4. Increased demand for system integrators

List of Top Companies in IIoT Platform Market:

• Software AG (Germany)
• PTC (US)
• Hitachi (Japan)
• IBM (US)
• Microsoft (US)
• Cisco (US)
• Intel (US)
• SAP (Germany)
• Siemens AG(Germany)
• Accenture (US)

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The scope of the IIoT Platform Market has widened over the years, Industries across various sectors, such as manufacturing, energy, transportation, and healthcare, are striving to improve their operational efficiency. IIoT platforms enable the collection, analysis, and utilization of real-time data from connected devices, machinery, and systems, leading to optimized processes, reduced downtime, and improved productivity.

IIoT platforms provide a cost-effective solution for businesses by enabling remote monitoring, predictive maintenance, and efficient asset management. By leveraging the power of cloud computing, IIoT platforms offer scalable and flexible infrastructure, allowing businesses to handle large volumes of data and scale their operations as needed.

Among the offering segment, the platform segment is leading the IIoT Platform Market in 2023. IIoT platforms centrally connect devices, sensors, machines, routers, controllers, gateways, and edge computing systems to streamline business processes and increase operational efficiency. The IIoT platform can be consumed as a technology suite, an open, general-purpose application platform, or both in conjunction. IIoT platforms are engineered to support the safety, security, and mission-criticality requirements associated with industrial assets and their operating environments. In addition, IIoT platforms monitor IoT endpoints and event streams and support and translate various manufacturer and industry proprietary protocols. IIoT platform also analyzes data at the IoT edge and in the cloud.

Among platforms, the application enablement platform segment is estimated to grow with the highest CAGR during the forecast period. The application enablement platform is designed to ease the management of various applications, including packing, deployment, and a containerized Software-Defined Environment (SDE). The application enablement platform helps manage distinct application provisioning and ensures application-level security services. Moreover, application enablement platforms are being deployed to address the needs, such as intelligent product enhancements, dynamic response to market demands, lower costs, optimized resource use, and waste reduction.

Among services, the support and maintenance services segment leads the IIoT Platform Market in terms of revenue during the forecast period. Support and maintenance services in the IIoT Platform Market encompass ongoing assistance, issue resolution, performance monitoring, system maintenance, data management, and security management for industrial organizations deploying IIoT platforms. These services are driven by the complexity of IIoT systems, the need for specialized expertise, the continuous improvement of technologies, the requirement for reliability and uptime, and the growing concern over cybersecurity threats.

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Among the application area, asset management is leading the IIoT Platform Market in 2023. With the explosion of low-cost sensors, location-based services with GPS, affordable connectivity, and gateways, more and more assets are being equipped with tracking devices, sensors, and actuators, thus providing a centralized connection to the IIoT platform. IIoT platform-enabled asset management solutions minimize these risks by updating component locations as soon as they arrive. Asset management is instrumental in managing physical assets and equipment performance on the manufacturing floor. Protecting physical assets, such as plants, machinery, and fleet, is the backbone of manufacturing operations. The asset management industrial application is crucial, as it provides a unified view of operations to all stakeholders and is instrumental in maintaining the effectiveness of manufacturing enterprises.

Among verticals, the discrete industry segment is estimated to grow with the highest CAGR during the forecast period. The discrete industry manufactures and produces distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. The discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductor and electronics, medical devices, and logistics and transportation. IIoT platforms help these industries by offering solutions, such as predictive management, workforce tracking, and logistics and supply chain management, which enable organizations to improve operational efficiency, enhance asset life, and reduce downtime.

North America is one of the most prominent regions in the IIoT Platform Market. The IIoT Platform Market in North America is being driven by the increasing adoption of IoT devices and sensors in industrial settings, the growing demand for real-time data analytics, the increasing focus on predictive maintenance, the growing adoption of cloud computing, and the increasing availability of government funding.

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