IIoT Platform Market: One-Time Investment with Accumulative Returns and Savings

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.

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.

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.

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.

IoT Market By Software Solutions: By Platforms; By Software Solution; By Service; By Functional area; By Trends & By Geography - Forecast(2018-2025)

Industry 4.0 Market: By Technology (Big Data and Analytics, Augmented Reality, Autonomous Robots, Simulation, Horizontal and Vertical System Integration, Cloud Computing, Cyber Security, Internet of Things (IoT)); By Component (Transmitter, Memory, Others); By Industry Verticals (Energy, Healthcare, Transportation, others); By Connectivity (Wired, Wireless, Cellular, others) & By Geography - Forecast (2018-2023)