IIoT Platform Market is likely to register double digit CAGR during 2023-2031

New York, According to a new market research report published by Global Insight Services “IIoT Platform Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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An IIoT platform is an end-to-end solution that connects industrial devices and equipment to the Internet, allowing for remote monitoring and data collection. IIoT platforms typically include hardware, software, and cloud-based services that work together to provide a complete solution.

IIoT platforms can be used in a variety of industries and applications, such as predictive maintenance, asset tracking, and process optimization. IIoT platforms can help organizations improve efficiency, reduce downtime, and make better decisions by providing real-time data and insights.

Key Trends

The key trends in the IIoT Platform market are its ability to handle big data, its scalability, provide real-time insights, and connect to various devices and data sources. As industries look to reduce downtime and improve asset utilization, predictive maintenance has become a key requirement. IIoT platforms can provide the necessary data and analytics to enable predictive maintenance, and decision-making, along with the better process and quality control.

Key Drivers

The ever-growing complexity of industrial machines and assets, along with the need for higher efficiency and productivity, is driving the need for better asset and machine management. This, in turn, is driving the need for IIoT platforms that can provide real-time visibility into the performance of these machines and assets. In addition, the need for predictive maintenance is another key driver of the IIoT platform market.

Moreover, the need for better process and quality control is another key drivers for the IIoT platform market. With the increasing complexity of industrial processes, there is a need for better monitoring and control. Further, the need for better safety and security is also leading to the IIoT platform market growth. With the increasing complexity of industrial processes and the use of sensitive data, there is a need for better security.  Furthermore, the need for better decision making is also expected to boost the growth of the IIoT platform market.

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Key Market Segments

The IIoT platform market report is divided by offering, application, industry vertical, and geography. By offering, it is segmented into platforms and services. On the basis of application, the market is divided into process optimization, asset management, workforce management, automation control, and others. By industry vertical, it is segmented into energy & utility, food & beverages, automotive, machine manufacturing, logistics & transportation, and others. By geography, the market is studied across North America, Europe, Asia-Pacific, and the Rest of the World.

Key Market Players

The major players profiled in the IIoT platform market report are Software AG, PTC Inc., IBM Corporation, Hitachi Ltd., Intel Corporation, Amazon Web Services, Siemens AG, Oracle Corporation, Atos, and SAP SE.

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Reasons to buy IIoT Platform Market Report:

• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market

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