IIoT platform is not as well-anchored IT concept as its counterpart IoT is, despite the proliferating use cases of such platforms in industrial environments. The ambit of functional ends IIoT platforms help to manage is also wide: they help bring value to the way inventories are used and managed in operating environments for any business. They are more akin to all those hardware and software that help connect workforce or laboSr with process control systems through the use of smart sensors, edge devices, HMIs, and IoT-based IT systems. They usually work on middle layer in industrial processes. Benefits of employing or deploying IIoT are realized on multiple levels: machine to machine communication in shop floors, software as a services for different production layouts, and process optimization.
IIoT Platform Market: Key Trends
Proliferation of IoT devices and the popularity of IoT frameworks to support automation in industrial processes are key underpinnings for the expansion of the IIoT platforms market. Growing role of IIoT platforms in supporting business models is a key driver for growth prospects, particularly in monitoring production processes. Some of the aspects where IIoT platforms market players are unlocking higher business value among users are overall operational efficiency (OEE), predictive maintenance, and equipment monitoring. They enable users to easily integrate with numerous legacy manufacturing protocols.
The growing popularity of cloud services is a key trend in the IIoT platforms market. In recent years, these services have been increasingly adopting machine learning and edge computing for not just improving industrial production processes, but for enhanced safety of workers.
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IIoT Platform Market: Competitive Dynamics and Key Developments
A growing number of developers and service providers in the IIoT platforms market are leaning on expanding their portfolio of software and solutions that can be integrated with the overall enterprise system. Top players are leveraging data analytics to offer clients IS frameworks that can help them optimize assets. A growing number of companies are growing their stake sin OPC (Open Platform Communications) Unified Architecture to unlock higher customer value. However, players have to work toward overcoming the challenges of full cloud deployments in industrial environments. Moreover, there exists several constraints related to the privacy and security of data used in IoT-driven services in industrial environments.
On the other hand, several companies are focusing on tailoring their offerings to meet the specific needs of businesses, such as varying their function for oil and gas industry or medical device manufacturing.
Some of the key players in the IIoT platforms market are;
- Intel, Siemens
- Amazon Web Services
- Oracle Corporation
- Hitachi, Ltd.
- Litmus Automation Inc.
- Microsoft Corporation.
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IIoT Platform Market: Regional Assessment
Some of the geographies that can generate substantial revenues in the IIoT platforms market are North America, Europe, and Asia Pacific. Aspects that pertain to IoT operating systems are seeing vast developments in North America, cementing high growth potential. The rising adoption of IIoT in various manufacturing environments in numerous emerging economies of Asia Pacific make that a potentially lucrative region in the global IIoT platforms market.
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