The report on the global Industrial IOT Platform market covers historical market trends, current market dynamics, market valuation by segmentation as well as region, key player's market share analysis, competitive landscape and supply chain analysis.
Pune, India - February 22, 2019 /MarketersMedia/ —
Market Highlights:
Market Research Future (MRFR) predicts that the global industrial internet of things (IoT) platform market is set to reach the value of USD 650 million by the end of 2022. The market will register a CAGR of 23% during the forecast period (2016-2022).
Industrial IoT platform is a division of IoT which is used in industrial application area’s and allows the organizations to get real time insights about the machines, their health and their efficiency. As IOT is growing, their applications areas are increasing at much faster pace. IoT in manufacturing industries will help to gain the optimum utilization of resources without making any extra efforts. Connected devices and machineries will be transmitting real-time data to server which will be very helpful in their smart management. Factors such as high efficiency, low breakdown of machineries and high efficiency are some of the major factor which are directly associated with the industrial IoT whereas government rules regarding the use of automation in the industrial process, technological advancement, increasing demand for industrial process are also some of the indirect factors which is helping into the market growth.
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Major Key Players
• Microsoft Inc. (U.S.)
• NEC Corporation (Japan)
• PTC (U.S.)
• International Business Machines Corporation (U.S.)
• General Electric Corporation (U.S.)
• Fujitsu (Japan)
• Siemens AG (Germany)
• SAP SE (Germany)
• Hitachi Insight Group (U.S.)
• Huawei Technologies Co. Ltd. (China)
According to MRFR, The global of Industrial IoT Platform Market is expected to grow at USD ~650 million by end of forecast period with compound annual growth rate of 23% from 2016 to 2022.
Drivers and Restraints
Factors including high efficiency, low breakdown of machineries and high efficiency are some of the vital factors which are directly associated with the industrial IoT. Whereas government rules pertaining to the use of automation in the industrial process, technological advancement, growing demand for industrial process are some of the indirect factors aiding the market growth.
Trade pundits also clarify that the advent of Asset Performance Management (APM) has led to a shift in the focus, which is improving reliability, decreasing downtime and reducing unplanned maintenance. MRFR sees the time period from 2016 to 2022 when the focus will be on optimizing the profitability from an equipment. Hence, machine learning and improved Big Data Analytics will allow business to decide the best operating profile for the plant based on the order backlog and reliability issues. All these factors will be highly instrumental in augmenting the growth of the market in the foreseeable future.
Also accompanying these growth drivers are few restraining factors such as lack of technical expertise. On the other hand, a major hype in the name of digital twins in asset-intensive industries is set to emerge. It is about maintenance-focused applications like superimposition of operating conditions on virtual X-rays of the equipment, which aids technicians to diagnose the twin to model expected service life. Hence, the market is well on its way to greater horizons in terms of growth.
Segmentation:
The Industrial IoT Platform market has been segmented on the basis of-
By Component- Hardware (Sensors, Cameras, Processing Units among others) and Software.
By Application- Asset Management, Remote Monitoring, Network System Management among others.
By Verticals- Manufacturing, Power and Utilities, Aviation, Oil and Gas among others.
By Region- North America, Europe, Asia-Pacific and Rest of the World.
Regional Analysis:
North America is dominating the Global IoT Platform Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to presence of high number of IoT solution providers and rising adoption of innovative technologies. However, it is anticipated that the market in Europe will exhibit higher growth rate compared to the North America market in the near future. Further, the growing adoption of digitalization in developing countries such as Australia, China, and Japan, Asia Pacific market is intended to show an impressive growth in the coming years. Asia-Pacific has emerged as fastest growing market and expected to be the second biggest market by the end of forecast period. In addition, countries such as Argentina and Brazil are aiding the Latin America market to expand. The increasing rate of IoT adoption over the oil and gas industry and throughout the government sector is most likely to help the Middle East and Africa sector grow.
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Intended Audience:
• Software Development companies
• Application development companies
• Companies dealing with IOT
• Sensor Manufacturers
• Electronic Manufacturing Companies and Suppliers
• Research Institutions
• Government
LIST OF TABLES
TABLE 1 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY COMPONENT
TABLE 2 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY APPLICATION
TABLE 3 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY VERTICALS
TABLE 4 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY REGIONS
TABLE 5 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY COUNTRY
TABLE 6 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY COMPONENT
TABLE 7 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY APPLICATION
TABLE 8 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY VERTICALS
Continued……
LIST OF FIGURES
FIGURE 1 RESEARCH TYPE
FIGURE 2 GLOBAL INDUSTRIAL IOT PLATFORM MARKET: BY COMPONENT (%)
FIGURE 3 GLOBAL INDUSTRIAL IOT PLATFORM MARKET: BY APPLICATION (%)
FIGURE 4 GLOBAL INDUSTRIAL IOT PLATFORM MARKET: BY VERTICALS (%)
FIGURE 5 GLOBAL INDUSTRIAL IOT PLATFORM MARKET: BY REGION
Continued……
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Contact Info:
Name: abhishek Sawant
Organization: Market Research Future
Phone: +1 646 845 9312
Website: https://www.marketresearchfuture.com/reports/industrial-iot-platform-market-2186
Source: MarketersMedia
Release ID: 485148
