The IIoT Platform Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s IIoT Platform Global Market Report 2024, 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..
Government initiatives to promote industrial automation have propelled the growth of the industrial internet of things (IIoT) platform market. Industrial automation is the control of machinery and processes used in various industries by autonomous systems through the use of technologies including robotics and computer software. The governments across the world are making initiatives to promote industrial automation and revolutionize the industrial sector to meet the competition across the work and develop the country. For instance, in March 2023, according to the U.S. Census Bureau’s Annual Capital Expenditures Survey, U.S. capital expenditures for robotic equipment totaled $11,536 million in 2021, accounting for 1.1% of total equipment expenditures. The survey also found that general medical and surgical hospitals invested $490 million in robotic equipment, accounting for 69.6% of overall spending on robotic equipment . Therefore, government initiatives to promote industrial automation have propelled the growth of the industrial internet of things (IIoT) platform market.
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The iiot platform market covered in this report is segmented –
1) By Offering: Platforms, Services
2) By Application: Asset Management, Remote Monitoring, Network System Management
3) By End-User: Manufacturing, Energy and Power, Oil and Gas, Healthcare, Logistics and Transport, Other End Users
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.
The iiot platform market report table of contents includes:
1. Executive Summary
2. IIoT Platform Market Characteristics
3. IIoT Platform Market Trends And Strategies
4. IIoT Platform Market – Macro Economic Scenario
5. Global IIoT Platform Market Size and Growth
….
31. Global IIoT Platform Market Competitive Benchmarking
32. Global IIoT Platform Market Competitive Dashboard
33. Key Mergers And Acquisitions In The IIoT Platform Market
34. IIoT Platform Market Future Outlook and Potential Analysis
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