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The manufacturing landscape is undergoing a new age of evolution with significant developments happening on multiple fronts. Organizations keen on digital transformation are been influenced by the internet of things (IoT) to power their future factories.
As a growing part of IoT, industrial internet of things (IIoT) leverages actuators and smart sensors to connect machines and humans with the Internet, the industrial and manufacturing processes are augmenting in context with safety, productivity, and efficiency.
The global industrial IoT platform market in the manufacturing of industrial machinery and equipment will continue to grow significantly over the year-over-year. Thus, linking IIoT platforms and industrial automation is considered the industry’s new frontier.
The monetization potential of IIoT platform-enabled applications coupled with the IIoT platform is huge, however, its implementation is at a nascent stage. Owing to the significance of IIoT platforms to the industrial landscape, market players will have to develop a clear perspective of their enterprises. The perspective includes the expected time frame of the development of the market and the optimal level of investment in services and technologies.
Due to the spread of the novel coronavirus both demand and supply have significantly decreased production volumes and temporarily halted operations. In addition, most of employee workforce have started working remotely, because of the lockdown enforced by governments. However, in the case of manufacturing or industries, it is difficult to operate and run the machine and equipment remotely, which is propelling the growth of the industrial IoT platform market.
As workers can easily connect to machines and handle operations through cloud. Many companies have started providing control and remote access to various machines. As most of machines are experiencing longer down times it is easy to install connectivity kits on them.
Every machine that is connected to the internet will help industrials, since it becomes available for data collection, remote monitoring, and other services. Thus the market is anticipated to grow by at 2x rate by the end of 2021.
Amalgamation of Artificial Intelligence and IIoT to Pave Way for Greater Adoption of Industry 4.0
In comparison with the other cutting-edge technologies such as edge computing and blockchain, artificial intelligence (AI) and IoT fall at the same platform of making disruptions in industrial sector. Businesses and companies are now investing in such trending technologies to boost their efficiencies and a gain competitive edge. Combination of both imparts immense advantages on a larger scale.
Overall, such technologies are enabling development of connected intelligent machines that make well-informed decisions and share information with each other without any human intervention. In recent times, digital twins are trending as it integrates machine learning, IIoT, and software analytics along with spatial network graphs. These help in developing a dynamic virtual copy of physical system for its real-time optimization.
Security Vulnerability to Risk the Growth of IIoT Platform
In recent times, most manufacturing organizations are building a much better understanding of the benefits and value of industrial IoT platform. However, these companies are facing challenges in adopting IIoT solutions in their manufacturing units. Hence, security vulnerability creates risk of hacking that could cause privacy violation, data breach, and have a damaging impact on the factory operation and OT system. As a result, security vulnerability will limit the growth of the global market for industrial IoT platform.
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Examples of some of the market participants in the global industrial IoT platform market identified across the value chain include IBM Corporation, Oracle Corporation, Hitachi Vantara, Software AG, PTC Inc., SAP SE, General Electric, Cisco Systems Inc., Microsoft Corporation and others.
North America accords a major share in the global industrial IoT platform market. As the US and Canada have well-established and sustainable economies, it helps them to strongly invest in the research and development activities. This, in turn, contributes to the development of latest technologies.
Moreover, the start-up culture in North America is growing at a substantial pace along with SMEs, which is aiding to market growth. Similarly, APAC is taking numerous initiatives to spur the IoT infrastructure that enables the users to adopt cutting-edge technologies.
The industrial IoT platform market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The market report also maps the qualitative impact of various market factors on market segments and geographies.
