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Market Overview:
The IIoT Platforms Market size is estimated to reach $137.5 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “IIoT Platforms Market – By Offering (Services, Solutions, Platform), By Deployment: On-Premises, Cloud), By Connectivity (Wired, Wireless, Hybrid), By End User (Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture, Transportation & Logistics and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”
Key drivers of market expansion for the IIoT Platforms industry during the forecast period include the rapid adoption of digital transformation initiatives, advancements in connectivity and automation technologies, and increasing demand for real-time data insights across diverse industrial sectors.
North America to Experience Significant Growth:
In 2023, North America emerged as a major player in the IIoT Platforms Market, just behind Asia-Pacific. The region’s strong growth is driven by its advanced industrial infrastructure, high levels of technological innovation, and substantial investments in smart manufacturing and automation. The increasing adoption of IIoT solutions across key industries such as automotive, aerospace, and renewable energy is a major factor propelling the market in North America. Additionally, the region’s focus on enhancing operational efficiency and integrating digital technologies into industrial processes has further fueled the demand for IIoT platforms, positioning North America as a key growth driver in the market.
IIoT Platforms Market: Key Takeaways
Advancements in Advanced Functional Materials
The Advanced Functional Materials market is seeing transformative advancements in material science, leading to enhanced performance and versatility. Innovations in composites, ceramics, and nanomaterials are pushing the boundaries of what these materials can achieve in various applications. For example, developments in high-performance composites and energy materials are enabling more efficient and durable solutions across industries such as aerospace, automotive, and energy. These advancements are critical for improving product performance, sustainability, and operational efficiency. Companies that invest in research and development to leverage these new technologies can position themselves at the forefront of the market, meeting the growing demand for high-quality advanced materials.
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Rising Applications Across Key Sectors
The market for Advanced Functional Materials is expanding significantly due to their increasing applications in sectors like automotive, aerospace, and renewable energy. The automotive industry is adopting advanced materials to enhance vehicle performance and safety, while the aerospace sector relies on these materials for lightweight and high-strength components. Additionally, the renewable energy sector is using advanced materials to improve the efficiency and durability of solar panels and wind turbines. As these industries continue to grow and innovate, the demand for advanced functional materials is expected to rise. Companies that focus on developing specialized materials for these high-growth sectors can capture new market opportunities and drive future growth.
Scope of the Report:
Recent Developments:
- In February 2024, the commercial launch of the 5G edge computing industrial Internet of Things cellular router solution, Digi IX40, was announced by Digi International. The Digi IX40 is designed to meet the needs of Industry 4.0 applications, including smart manufacturing, industrial automation, predictive maintenance, advanced robotics, and asset tracking.
- In September 2023, the Leading provider of IoT and imaging solutions worldwide, Lexmark, announced a new collaboration with HARMAN Digital Transformation Solutions. Under this agreement, HARMAN will use Lexmark's IoT technology on targeted projects for clients in a range of industries as part of its IoT products portfolio.
- In April 2023, Modern IoT Solutions from Qualcomm are launched to Support the Growth of the IoT Ecosystem and Allow New Industrial Applications. Offering best-in-class performance, scalability, and user-friendliness, the solutions seek to further extend IoT ecosystems.
IIoT Platforms Market: Competitive Landscape
Key companies profiled in the IIoT Platforms Market are Hexcel Corporation, Toray Industries, Inc., Owens Corning, Solvay S.A. , Teijin Limited and others.
About IndustryARC™:
IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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