IIoT Platform Market Size Projected to Hit $18.2 Billion by 2028

 The IIoTplatform market share is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period. The growth of the Industrial IoT (IIoT) platform market is primarily driven by the increasing demand for operational efficiency, advancements in IoT technologies, and a strong emphasis on safety and security. Industries are adopting IIoT platforms to optimize processes, leverage technological advancements, and enhance safety measures. With real-time data collection and analysis, businesses can make data-driven decisions, improve productivity, and mitigate risks.

The scope of the IIoT Platform Market has widened over the years, Industries across various sectors, such as manufacturing, energy, transportation, and healthcare, are striving to improve their operational efficiency. IIoT platforms enable the collection, analysis, and utilization of real-time data from connected devices, machinery, and systems, leading to optimized processes, reduced downtime, and improved productivity.

IIoT platforms provide a cost-effective solution for businesses by enabling remote monitoring, predictive maintenance, and efficient asset management. By leveraging the power of cloud computing, IIoT platforms offer scalable and flexible infrastructure, allowing businesses to handle large volumes of data and scale their operations as needed.

Based on application area, the supply chain management segment is expected to grow at a higher CAGR during the forecast period

Supply chain management segment in the IIoT platform market is driven by the need for enhanced visibility, operational efficiency, real-time decision-making, inventory optimization, supply chain visibility and traceability, supply chain resilience and risk mitigation, collaboration and integration among stakeholders, and sustainability considerations..

Based on vertical, the process industry segment is expected to lead the market during the forecast period

The process industry segment in the IIoT platform market is driven by the need for operational efficiency, asset performance optimization, regulatory compliance and safety, quality control and traceability, supply chain integration and optimization, energy management and sustainability, and digital transformation initiatives

North America to hold the highest market size during the forecast period

IIoT platform is a steady-growing market in North America, which includes the US and Canada. North American industries, including manufacturing, energy, transportation, and healthcare, are increasingly adopting automation and digitalization to improve operational efficiency and competitiveness North America is known for its strong technological innovation and adoption. The region has a robust ecosystem of technology companies, startups, and research institutions focused on developing and advancing IIoT platforms. The continuous technological advancements drive the growth of the IIoT platform market by offering new capabilities, improved connectivity, and enhanced analytics for industrial applications.

Major vendors operating in the IIoT platform market include Software AG (Germany), PTC  (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos  (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US).

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