Oct 22, 2018 SOURCE: BusinessWire

$13.82 Bn IIoT Platform Market by Platform Type, Application Area, Vertical, and Region - Global Forecast to 2023 - ResearchAndMarkets.com

The "IIoT Platform Market by Platform Type (Device Management, Application Management, Connectivity Management), Application Area (Predictive Maintenance, Business Process Optimization, Asset Tracking), Vertical, and Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The global Industrial Internet of Things (IIoT) market size is expected to grow from USD 3.27 billion in 2018 to USD 13.82 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 33.4% during the forecast period.

Major growth factors for the market include increasing demand for predictive and proactive maintenance solutions, the growing need for centralized monitoring, integrating IT and OT, and the rising adoption of next-generation technologies. However, integration with legacy systems and lack of interoperability could restrain market growth.

Ensuring workers' safety, remotely tracking them, and achieving improved regulatory compliance can be challenging. Organizations are constantly looking to execute activities of a worker more effectively while improving efficiency, reducing non-productive work, and providing a safe work environment. Workforce automation, tracking, and management help manufacturing enterprises streamline their processes and identify, deploy, validate, as well as manage their employees and connect with them in real time. Workforce management automates activities, such as scheduling tasks and assigning field resources and equipment to various employees on the respective manufacturing floor.

North America is expected to hold the largest market size in the global IIoT market, as it is a technologically advanced region. Top countries contributing to the IIoT market in the region include the US and Canada. Large US cities are using IIoT platform technologies to solve specific problems in sectors such as health, transportation, sanitation, public safety, economic development, sustainability, and street maintenance.

Canada is expected to hold the second-largest share of the North American IIoT platform market. Over the years, energy efficiency and pollution control regulations have been implemented, and Canada is moving toward the adoption of IIoT platform and associated solutions and services with it. In states such as Ontario and British Columbia, the adoption rate of IIoT is much higher with various programs.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 IIoT Platform Market, By Platform Type

7 Market By Application Area

8 IIoT Platform Market, By Vertical

9 IIoT Platform Market, By Region

10 Competitive Landscape

11 Company Profiles