Global Industrial Internet of Things market predicted to grow by a third in next 5 years
The global Industrial Internet of Things (IIoT) market is forecast to grow from $3.27 billion currently to $13.82 billion by 2023, a Compound Annual Growth Rate (CAGR) of 33.4 percent, according to a new report from Research and Markets. The growing need for predictive and proactive maintenance and centralised monitoring are among the growth factors, according to the analysts.
Research and Markets are predicting that IT/OT convergence (the integration of Information Technology systems with Operational Technology) and the rising adoption of next-generation technologies are expected to drive the growth of the IIoT market. Among the list of new opportunities, they cite the growing need for more Industry 4.0 solutions, as well as IIoT platforms and vendors.
Device management platform dominates
In the IIoT platform market, the device management platform is expected to account for the largest share. With the deployment of IoT ecosystems, a large number of devices, from small sensors to single-purpose microcontrollers, are being connected to powerful gateways that connect the devices from the server. These ecosystems need a single platform that manages the information and applications across various devices.
The device management platform provides capabilities such as provisioning and authentication, configuration and control, monitoring and diagnostics, and software updates and maintenance. It is instrumental in offering advanced features such as activation certification, configuration, device monitoring, troubleshooting, and service and device enablement.
Device management platforms assist manufacturing enterprises in effectively managing, tracking and securing devices used in an organisation. With the help of these platforms, manufacturers can proactively and remotely monitor and configure their smart devices and other hardware solutions as soon as their devices and processes are connected.
IIoT will optimise business processes
The business process optimisation application area is also expected to witness high growth. Business process optimisation enables mechanisms to monitor, manage and communicate with the manufacturing process within an organisation. Workflow optimisation is an ideal opportunity to examine whether the current internal controls embedded in business processes are being handled optimally. With IIoT platforms, all devices, activities, and processes are interconnected, providing useful insights. These platforms help optimise business processes by analysing and streamlining various processes.
North America is the largest contributor to the IIoT platform market. The North American market mainly comprises the US and Canada and is, perhaps not surprisingly, expected to hold the largest share of the global IIoT platform market. These countries have sustainable and well-established economies, which empower them to strongly invest in R&D activities, thereby contributing to the integration of new innovations, such as IoT, big data, cloud and mobility technology.
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