IIoT Platform Market Worth $13.82 Billion by 2023 - Exclusive Report by MarketsandMarkets™
CHICAGO, October 9, 2018 /PRNewswire/ --
According to the new market research report "IIoT Platform Market by Platform Type (Device Management, Application Management, Connectivity Management), Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking), Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global IIoT Platform Market size is expected to grow from USD 3.27 billion in 2018 to USD 13.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.4% during the forecast period (2018-2023).
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The major growth drivers for the market include the need for predictive and proactive maintenance and centralized monitoring. Additionally, integrating IT and OT, and the rising adoption of next-generation technologies are expected to drive the growth of the IIoT Platform Market. The growing need for more Industry 4.0 solutions presents opportunities for IIoT platform vendors. Organizations are shifting toward outcome and pull economies, which are expected to shape the future of the IIoT Platform Market.
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The process industry is expected to witness significant growth in the IIoT Platform Market during the forecast period.
The process industry is concerned with the processing of bulk resources into other products. The process industry comprises a variety of verticals such as energy and utilities, chemicals and materials, food and beverage, water and waste management, and others (pharmaceutical, mining and metals, and pulp and paper). IIoT platforms help optimize operations and streamline business processes by providing various solutions such as asset management and business process optimization.
The asset tracking and management application area is expected to hold the largest size in the IIoT Platform Market during the forecast period
Most companies that have their assets distributed over a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things. With the wide-scale use of low-cost sensors, location-based services with GPS, affordable connectivity, and gateways, more assets are being equipped with tracking devices, sensors, and actuators, thus providing a centralized connection to the IIoT platform. Asset tracking and management are instrumental in managing physical assets and the performance of equipment on the manufacturing floor. Protection of 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 the operations to all stakeholders, and is instrumental in maintaining the effectiveness of manufacturing enterprises.
North America is expected to have the largest share in the IIoT Platform Market during the forecast period.
North America is estimated to have the largest share in the global IIoT Platform Market in 2018. The startup culture in the region is growing at a rapid pace as compared to other regions. Additionally, the adoption of digitalization by large organizations in their manufacturing activities is expected to support the growth of the IIoT Platform Market in North America. SMEs are flexible in incorporating new technologies into their existing systems, whereas large organizations allocate heavy budgets for digitalization. The US government has taken various initiatives and announced different regulations and policies that have fueled the growth of IIoT Platform Market. For instance, the Information Technology and Innovation Foundation of the US are actively working toward building the National Network for Manufacturing Innovation network. The Canadian government has also introduced its Innovation and Skills Plan, which focuses on addressing the changing nature of the digital economy.
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This study measures and evaluates the major offerings and key strategies of the key market vendors such as PTC (US), SAP (Germany), IBM (US), Hitachi (Japan), Accenture (US), Atos (France), Altizon (US), Flutura (US), and Oracle (US). These major companies have been offering reliable IIoT platforms to commercial clients across diverse locations.
Browse Adjacent Markets @ Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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