The industrial internet of things, or IIoT, is the application of internet of things technologies to enhance manufacturing and industrial practices, make it more efficient, advanced, and economical. IndustryARC’s research analysts have come up with a report on the IIoT Platform market, covering all the recent developments and circumstances affecting the estimated $17.2billion arcade growing with a CAGR of 26.1% going through 2025. The study incorporates all the commercial aspects of the trending IIoT platform market size ranging from its end-users verticals, applications insights and regional revenue pockets to an imperative competitive landscape.The report is titled “IIOT Platform Market - Industry Analysis, Market Size, Share, Trends,Application Analysis, Growth and Forecast 2019 - 2025
In this era of epidemic consumption of products, energy and commodities, a moment of delay in production can have fatal adverse economic effects on companies. The Boiler Inspection and Insurance Company of Canada (BI&I), a part of Munich Re’s Risk Solutions, estimated that equipment breakdown insurance business in Canada, North America is around $402million. Thus to avoid such economic damages industrial facilities are targeting all their operations right from manufacturing, field services, asset tracking, facility management to capturing consumer behavioral data, towards maximum efficiency eventually creating demand for IIoT platform market.
Browse in-depth TOC “IIOT Platform Market (2019 - 2025)”
Global IIoT Platform Market- Leading Segments:
Owing to its extensive application and adoption in an enormous range of industries including energy & utilities, chemicals and materials, food & beverage, water & waste management, automotive, machine manufacturing, semiconductor and electronics, medical devices and logistics and transportation, the IIoT platform marketplace is poised for exponential growth as it grips these verticals as an inevitable adoption.
- With a huge number of economies dependent on oil and gas as their principal source of energy, this arcade is witnessing rampage production demand. To counter this unprecedented demand, oil and gas sector is heavily adopting IIoT platforms to converge its operations with economic efficiency. Owing to such intense rate of application, the oil and gas sector currently dominates the application segment of the global IIoT platforms market, with the demand incrementing at a GAGR of 12.1% going through 2024. Warning from the World Bank in its latest report regarding more heightened volatility in oil markets in 2019 because of unusual spare production capacity among OPEC members have installed a demand for IIOT in oil and gas sector for economical production. IIOT platforms loaded with low-cost sensors, iot cloud platforms, iot device management platform, application management platform, connectivity management platform enables predictive maintenance, improve process flow achieved by monitoring changes in operating conditions and increases productivity and reduce accident frequency with real time monitoring of assets.
- SELECT USA, a federal organization of the Unites States to promote foreign direct investment figured out that the logistics and transportation industry in the United States generates revenue close to 7.5% of the annual U.S GDP brining the amount close to $1.4 trillion. IIoT platform market solutions merging with transportation is evolving this sector in an exceptional manner by-
- Empowering road, rail, air and shipping manufacturers, marine managing enterprises, to connect with their technicians anytime, anywhere, allowing them to be vigilant with in-field repairs and maintenance.
- IIoT platform market companies are providing improved user experience to customers using mobile devices, and improved diagnostics to their service personnel.
- Improved Diagnostics- Connectivity between diagnostic PC applications and native vehicle networks assisting service personnel and dealers to easily repair key functioning apparatuses on the vehicle
All these efficient and economic operational traits have diverted the global existing transportation arcade towards installation of IIOT, thus pushing this application industry segment to grow at a staggering CAGR of 31.3% through 2025.
As per an acute regional outlook analysis of global IIoT platform market, North America dominates with 33.5% of global market size under its own territory as of 2018. Apart from the above mentioned oil and gas and transportation industry, this region is witnessing application of IIoT in its flourishing medical devices arcade, F&B consumption and its logistics, water and waste management facilities as a consequence of industrialization and energy and utilities sector feeding the perpetual urban population needs.
Global IIoT Platform Market Companies
Some of the key players mentioned in this business intelligence report on the IIoT platform market are G.E (Predix), Siemens (Mindsphere), Hitachi (Vantara), Honeywell (Uniformance), ABB (Ability), IBM (Bluemix), Microsoft (Azure), Schneider (Wonderware), Atos (Codex), PTC (Thingworx), C3 (C3IOT), SAP (HANA), Software AG (Cumulocity), Bosch (IoT Suite) and Cisco (Jasper).
ABB, a power and robotics company, is applying connected sensors to monitor the preservation necessities of its robots to volunteer repairs before parts break. KIST Europe and IBM are associates in SmartFactory-KL, a pioneering industrial facility constructed with integrated mechanisms that can be reconfigured for various manufacturing tasks. All the apparatuses are instrumented with sensors and linked through the Internet of Things (IoT), to a comprehensive digital imitation of the factory’s physical properties, procedures and systems, running in the IBM Cloud.
As per the United Nations report, the number of networked devices (the ‘internet of things’) will outnumber people by six to one by 2022. Similarly, a good chunk of recognized enterprises and industries have policies to implement digital-first business strategy (examples- KIST Europe and IBM). So the existing setting already depicts that the IoT has already started enjoying a firm grip over personal consumers as well as industrial sphere. The unsaturated IIoT platform market displays all the potential and required caliber to replace daily assessment-management traditional equipment with IoT.
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