As cited by the research report titled ‘Global IIoT Platform Market Size study, by Offering (Platform, Services), by Application (Asset Management, Supply Chain Management, Business Process Optimization, Workforce Management, Automation Control, Emergency and Incident Management), by Vertical (Energy and Utilities, Chemical and Materials, Food & Beverages, Automotive, Semiconductor and Electronics, Medical Devices, Machine Manufacturing, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global IIoT platform market was worth USD 5.2 billion in 2019 and is projected to grow with a CAGR of 14.8% over 2020-2027 to account for USD 15.7 billion by the end of forecast period.
 

Rising investments by companies for developing digital products, in consort with emphasis on predictive maintenance and centralized assets monitoring are catalyzing the growth of global IIoT platform market. For instance, WITRAC, a start-up specializing in Industrial Internet of Things (IIoT) solutions for manufacturing and logistics companies, in December 2019, collected funds worth USD 3.3 million for the development of IIoT software and hardware products in spheres of advanced data processing and analytics.
 

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For the record, industrial IoT platform is a fast growing technology that involves new sensor technologies, edge device management, data analytics functions, and connectivity solutions. The technology improves industrial operations and performance of industrial equipment.
 

As Industry 4.0 gaining extensive traction, companies are focusing on integrating IIoT, AI, and modern cloud computing to leverage intelligent & self-optimizing production facilities and industrial equipment, which in turn is stimulating the market outlook.
 

However, absence of standard protocols related to IoT, along with lack of trained workforce are the factors arresting the expansion matrix of worldwide IIoT platform industry.
 

Based on the offerings, global IIoT platform market is segmented into services, and platform. While the application range include supply chain management, asset management, business process optimization, automation control, workforce management, and emergency & incident management among others. Speaking of end-use verticals, the marketplace is categorized into energy & utilities, food & beverages, chemical & materials, semiconductor & electronics, automotive, machine manufacturing, and medical devices.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are the key contributors to the overall IIoT Platform industry remuneration. Of these, North America is slated to be a major growth hub for the market over 2020-2027, owing to existence of notable vendors in the region, and increased support for implementing IIoT solutions by government.
 

Whereas, Asia Pacific market is poised to showcase lucrative growth trends over the forecast period, on account of increasing investments towards smart manufacturing, coupled with swift urbanization and industrialization in developing nations like India and China.
 

Key contenders in global IIoT platform market sphere are Cisco Systems Inc., Microsoft Corporation, International Business Machines (IBM) Corporation, Hitachi Ltd., PTC Inc., Software AG, Accenture plc, SAP SE, Intel Corporation, and Siemens AG.