Market Overview

According to a recent survey, the global industrial IoT platform market size in 2020 is valued at USD 6.0 billion and is expected to grow at the highest CAGR of 16.2% along with the market size of USD 18.3 billion during the forecast period 2020-2030.

An Industrial Internet of Things (IIoT) platform consists of integrated software that helps in monitoring, managing, and controlling the connected devices in industrial organizations using applications present in the platform. These platforms help in connecting the project to the internet in IoT devices. Moreover, the IoT platform provides connectivity for several IoT-compatible hardware devices like mobiles, laptops, wearable fitness devices, industrial control systems, automotive telematics units. This platform includes a few major functionalities like connectivity, device management, application enablement & management, analytics & visualization, data management & processing, integration, security, and user interface for users and developers. 

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Growing need for centralized monitoring and predictive maintenance of assets, rising demand for automation in industries, a growing number of cost-effective and intelligent connected devices and sensors, rising government initiatives in IoT-related research and development activities, a proliferation of IoT, and the emergence of IPv6 are the factors accelerating the growth of the industrial IoT platform market. 

The industrial IoT platform market opportunities are incorporating and implanting IoT arrangements that envelop equipment, security needs, programming stages, and cloud stage inside solitary support are boosting the market growth.

Market Segmentation

The industrial IoT platform market is segregated into three types of segments such as components, industrial, and verticals. 

Components Segmentation: The industrial IoT platform market components are categorized into hardware and software. 

Industrial Segmentation: By industry, the industrial IoT platform market is trifurcated into asset management, network system management, and remote monitoring. 

Vertical Segmentation: Based on the verticals, the industrial IoT platform market is classified into four forms aviation, manufacturing, oil & gas, power & utilities.

Regional Analysis

By the latest report, the global industrial IoT platform market based on the region is divided into four major regions such as Asia-Pacific, North America, Europe, and the Rest of the World. Among them, North America is dominating the largest market share due to the presence of the US and Canada adopting the advanced technologies earlier across several verticals like healthcare, manufacturing, and smart cities. Apart, these countries have sustainable and well-established economies that empower them to invest in the research & development of innovations in technology. Owing to its high speed and low latency, the 5G is going to be the backbone for IoT connectivity, further, this improved IoT connectivity is expanding the market growth in this region.

The industrial IoT platform market industry players are Amazon Web Services Inc (US), Intel Corporation (US), Google Inc(US), Microsoft Corporation (US), Oracle Corporation (US), Cisco Systems Inc (US), and others. 

Industry News

As per the latest updates, the industrial IoT platform market forecast states that this platform will grow at a significant rate due to its wide usage in industries, collaborations, product launches, mergers, acquisitions, and investments on R & D. Hitachi Vantara introduced Lumada Video Insights which is an end-to-end intelligent, and an adaptable suite of applications that provides operational safety and business intelligence using video, AI, IoT, and analytics.

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