The global benchmarking of Industrial Internet of Things (IIoT) platforms market research by Frost & Sullivan analyzes and compares the attractiveness, business benefits, and various technological and economic Mega Trends that are causing a shift among enterprises toward adopting IoT in their factories.
This study provides a holistic overview by segmenting the market in terms of the various components of an IoT platform and major manufacturing verticals. This facilitates a clear understanding of the market in terms of multiple facets that include technology, services, and end-user segments.
This research service captures the adoption levels of IIoT platforms in major process, discrete, and hybrid industry verticals such as automotive, food and beverage, and chemicals. It is aimed at ascertaining growth figures and identifying new industries that will be impacted by IIoT platforms in the future. As of now, there is no single provider capable of providing an end-to-end IoT solution for all factory needs. The global market is increasingly witnessing a trend of acquisitions by larger corporates or startups specializing in various aspects of the IIoT ecosystem. This study seeks to analyze the paradigm shift caused by such business and economic trends.
The study also identifies key criteria such as technology competitiveness, innovation quotient, and customer scope to compare and weigh the value propositions of the different product offerings in the market. The report seeks to shed light on the shifting focus of information technology (IT) and operational technology (OT) companies toward IIoT product development by profiling large market players such as Bosch, Siemens, GE, and IBM. When utilized to its full potential, IIoT can tremendously increase overall plant productivity, responsiveness, employee relations, and customer satisfaction. With groundbreaking innovation in network infrastructure and continuous technological advances in software, the factory environment is set to witness massive transformation.
IIoT or Industry 4.0 has set the stage for the next global revolution. It envisions a connected world defined by ubiquitous connectivity, intelligent decision making, and real-time monitoring. An era of convergence, aimed at helping users attain new levels of efficiency with readily available actionable information, is in the making. Predictive maintenance, asset management, and supply chain tracking are among the many advantages of IIoT adoption in factories. IoT platforms are at the core of this revolution, providing users with the flexibility and the tools needed to develop application-centric functions unique to each industry, emerging as a one-stop solution for all factory needs.
This research service explores and analyzes the role of rising startups experimenting in novel applications and new verticals and suggests potential growth strategies and competencies that market players should be focusing on during the forecast period.
Geographically, this research service analyzes the competitive market scenario of IIoT platforms in major regions classified as North America, Europe, Asia-Pacific, and Rest of the World. It also studies the penetration of IIoT platforms in developed economies such as North America and Europe and provides an in-depth analysis of the role of developed and emerging economies in the IIoT platforms market. Moreover, it discusses in detail the major economic and technological drivers in the market and their regional impact during the forecast period.
With the global demand expected to rise during the forecast period, there has never been a better time to get factories onto IIoT platforms. More detailed and nuanced insights are provided in the report that will be available in a few weeks from now.