Global IIoT Platforms Market size is predicted to reach $137.5 billion by 2030, growing at a CAGR of 6.7% during the forecast period 2024-2030 the Advanced Functional Materials market is poised for significant growth due to increasing industrial applications and technological advancements. The rising use of advanced materials in sectors such as aerospace, automotive, and renewable energy, coupled with innovations in materials manufacturing technologies, is expected to drive the market forward, finds IndustryARC in its recent report, titled “IIOT Platform Market – By Offering (Services, Solutions, Platform), By Deployment: On-Premises, Cloud), By Connectivity (Wired, Wireless, Hybrid), By End User (Chemical, Metal & Mining, Oil & Gas, Energy & Power, manufacturing, Healthcare, Agriculture, Transportation & Logistics and Others), By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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In 2023, North America held the largest market share for IIoT Platforms. This region’s growth is driven by advanced technological infrastructure, significant investments in R&D, and a robust manufacturing base. In a recent survey conducted by the U.S. Department of Commerce, 75% of manufacturers reported operating at full capacity, while 65% highlighted an increase in demand for connected and intelligent systems, such as IIoT Platforms, across various industries. The emphasis on automation and smart manufacturing in North America further propels the market, making it a key region for growth in IIoT technologies.
IIoT Platforms Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
6.7% |
|
Market Size in 2030 |
$137.5 billion |
|
Segments Covered |
By Type, By Application, By End-Use and By Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. ABB Group 2. Cisco Systems Inc 3. Siemens AG 4. Microsoft Corporation 5. Rockwell Automation Inc. 6. IBM Corporation 7. General Electric Company 8. Intel Corporation 9. Emerson Electric Co. 10. Schneider Electric SE |
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IIoT Platforms Market Report – Key Takeaways:
- Expansion in Aerospace and Automotive Industries
The IIoT Platforms market is seeing significant growth in the aerospace and automotive sectors, driven by the demand for lightweight and high-strength materials. IIoT Platforms, particularly fiber-reinforced polymers (FRP), are increasingly used in aircraft and vehicle manufacturing to enhance fuel efficiency and performance. The shift towards electric vehicles and the development of new aircraft models have spurred the adoption of IIoT Platforms, with manufacturers focusing on advanced materials to meet stringent regulatory requirements and consumer expectations for sustainability and efficiency.
- Advancements in Composite Manufacturing Methods
Technological advancements in composite manufacturing methods, such as vacuum bag molding, resin transfer molding (RTM), and pultrusion, are enhancing the quality and performance of composite products. These methods improve the structural integrity and durability of IIoT Platforms while enabling more complex designs and applications. As a result, industries such as construction, wind energy, and marine are increasingly incorporating IIoT Platforms into their projects. Companies investing in state-of-the-art manufacturing technologies can benefit from increased production efficiency and the ability to deliver high-performance IIoT Platforms tailored to specific industry needs.
- Growing Demand in the Construction and Infrastructure Sector
The construction and infrastructure sector is a key growth area for the IIoT Platforms market, particularly in applications like pipes and tanks, bridges, and architectural components. IIoT Platforms offer advantages such as corrosion resistance, durability, and low maintenance, making them ideal for harsh environmental conditions. The increasing focus on infrastructure modernization and the use of sustainable building materials are driving demand for IIoT Platforms in this sector. As governments and private entities invest in infrastructure projects, the demand for durable and efficient materials like IIoT Platforms is expected to rise, creating opportunities for market expansion.
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Key Opportunity Analysis:
Innovation in Composite Materials for Enhanced Performance
The IIoT Platforms market is poised for growth through the development of innovative materials that offer superior strength, durability, and lightweight properties. Research and development in nanotechnology and hybrid IIoT Platforms are creating opportunities for producing materials with enhanced thermal, mechanical, and chemical resistance. These advanced IIoT Platforms can be tailored for specific applications, providing unique solutions that cater to a wide range of industries, including aerospace, automotive, and construction. Companies investing in R&D to pioneer these next-generation materials can gain a competitive edge and meet the evolving demands of high-performance applications.
Expansion into Emerging Markets
The expansion of the IIoT Platforms market into emerging economies presents significant opportunities for growth. Regions such as Asia-Pacific, Latin America, and the Middle East are experiencing rapid industrialization and urbanization, driving demand for modern infrastructure and durable materials. The growing middle class and increasing investments in sectors like automotive, construction, and renewable energy in these regions are boosting the demand for IIoT Platforms. Companies that establish a strong presence in these markets and adapt their offerings to local needs can capitalize on the rising demand and expand their global footprint.
Advancements in Sustainable and Recyclable IIoT Platforms
The increasing focus on sustainability and environmental responsibility is driving the development of recyclable and bio-based IIoT Platforms. The IIoT Platforms market has an opportunity to align with global sustainability goals by creating materials that reduce environmental impact without compromising performance. The development of biodegradable resins, natural fiber reinforcements, and processes that enable the recycling of composite materials are areas of significant potential. Companies that lead in sustainable innovations can attract eco-conscious consumers and industries, positioning themselves as leaders in the green materials sector.
Integration of Digital Technologies in Composite Manufacturing
The integration of digital technologies, such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), into composite manufacturing processes is opening new avenues for market growth. These technologies enhance manufacturing efficiency, quality control, and predictive maintenance, leading to reduced costs and improved product consistency. The use of digital twins and advanced simulation tools allows for better design optimization and faster time-to-market for new composite products. Companies that adopt these digital advancements can streamline their production processes, reduce waste, and offer more customized solutions to their clients, thereby gaining a competitive advantage in the market.
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The report also covers the following areas:
- IIoT Platforms Market Size and Forecast
- IIoT Platforms Market Trends
- IIoT Platforms Market Analysis by Product Type
IIoT Platforms Market 2024-2030: Key Highlights
- CAGR of the market during the forecast period 2024-2030
- Value Chain Analysis of key stakeholders
- Detailed analysis of market drivers and opportunities during the forecast period
- IIoT Platforms Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the IIoT Platforms Market
Covid and Ukrainian Crisis Impact:
- The Covid-19 pandemic significantly disrupted the IIoT Platforms market, primarily due to stringent lockdown measures and travel restrictions aimed at containing the virus. These restrictions led to the temporary closure of manufacturing facilities, causing a slowdown in production and a backlog in the supply chain.
- The ongoing conflict between Russia and Ukraine has further compounded challenges for the IIoT Platforms market. The geopolitical tension has led to instability in the supply chain, particularly affecting the availability and pricing of critical raw materials used in IIoT Platforms manufacturing.
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List of Key Market Players in the IIoT Platforms Market:
The Global IIoT Platforms Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- ABB Group
- Cisco Systems Inc
- Siemens AG
- Microsoft Corporation
- Rockwell Automation Inc.
- IBM Corporation
- General Electric Company
- Intel Corporation
- Emerson Electric Co.
- Schneider Electric SE
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Industrial Internet of Things (IIoT) Shields Market: With the rise of IIoT, there is heightened focus on protecting industrial systems from cyber threats. IIoT shields are being developed to offer advanced security features to safeguard data and operations.
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Composite Materials Market: size is forecast to reach $158 Billion by 2030, after growing at a CAGR of 7.9% during 2024-2030.
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Mr. Venkat Reddy Email: [email protected] USA: (+1) 518-282-4727
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