Marketing and Marketing Research Pvt. Limited. Limited based in Chicago has released a report forecasting the growth of the IIoT platform market. The report projects that the market size will increase from $9.5 billion in 2023 to $18.2 billion in 2028, with a compound annual growth rate (CAGR) of 13.9% over the forecast period. The growth is attributed to factors such as the proliferation of IoT devices, the rise in smart and cost-effective connected devices, and an increase in government initiatives for R&D in IoT technology.
The report highlights the drivers, restrictions, and opportunities in the IIoT platform market. Some of the drivers include the need for centralized monitoring, automation across industries, and government initiatives in IoT-related R&D activities. On the other hand, restrictions such as lack of standardization in IoT protocols and integration challenges with legacy systems are identified. Opportunities in the market include increased demand for IoT-enabled technologies, the shift to cloud-based data management, the emergence of 5G technology, and the demand for system integrators.
The report also lists the key companies in the IIoT platform market, including Software AG, PTC, Hitachi, IBM, Microsoft, Cisco, Intel, SAP, Siemens AG, and Accenture. The platform segment is expected to lead the market, connecting various devices, sensors, machines, and routers to streamline business processes. Among the services, support and maintenance services are projected to generate the highest revenue in the market.
Asset management is identified as a key application area driving the IIoT platform market, with the discrete industry sector expected to grow significantly. North America is highlighted as a prominent region in the market, driven by the adoption of IoT devices, real-time data analytics, predictive maintenance, cloud computing, and government funding.
The report emphasizes the role of IIoT platforms in improving operational efficiency, productivity, and asset management across industries such as manufacturing, energy, transportation, and healthcare. By leveraging cloud computing capabilities, IIoT platforms offer scalable infrastructure to handle large volumes of data and support business growth.
In conclusion, the IIoT platform market is forecasted to experience significant growth over the next few years, driven by technological advancements, increasing demand for IoT-enabled solutions, and the adoption of cloud-based data management strategies.Companies across various sectors are recognizing the value of IIoT platforms in optimizing processes, reducing downtime, and improving overall productivity.
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