The North America IIoT Platform Market would witness market growth of 11.7% CAGR during the forecast period (2021-2027). The IoT is considered as the network or networks surrounding the utilization of standard Internet Protocol (IP) technologies in order to connect people, things, and processes to allow the latest cyber-physical systems.
Industrial IoT refers to the sub-segment of the bigger IoT, wherein these connections are present majorly to create physical goods for the marketplace and keeping up the physical assets of production. Earlier, the Internet has commonly been known to consist of a network of computers the adoption of mobile, integrated sensors, and other technologies are widening this definition to involve objects and people integrated with smart sensors. With time, this trend would surely increase with better technology and less costly hardware, the number of connected objects will become all-encompassing.
IIoT or Industrial Internet of Things is generally IoT cloud platforms that find applications in several industries with an aim to collect the correlated data. There are different kinds of IIoT platforms such as application management platforms, IoT device management platforms, and connectivity management platforms that carry out various roles in the industries. These IIoT platforms assist industries to cut down the time consumed in the collation and interpreting data as well as assisting them to automate various complicated processes in the industries which is why the IIoT platform market is thriving.
The US market dominated the North America IIoT Platform Application Enablement Platform Market by Country 2020, growing at a CAGR of 10.9 % during the forecast period. The Canada market is experiencing a CAGR of 14.2% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 13.3% during (2021 - 2027).
The Asset Management market dominated the Canada IIoT Platform Market by Application 2020, thereby, achieving a market value of $353.8 million by 2027. The Business Process Optimization market is estimated to grow at a CAGR of 15.5% during (2021 - 2027). The Email market is exhibiting a CAGR of 16.1% during (2021 - 2027). Additionally, The Supply Chain & Management market is expected to witness a CAGR of 15.5% during (2021 - 2027).
Based on Offering, the market is segmented into Platform (Without Services) and Services. Platform Type segment is further bifurcated across Device Management Platform, Application Enablement Platform and Connectivity Management Platform. Based on Application, the market is segmented into Asset Management, Business Process Optimization, Email, Supply Chain & Management and Automation Control. Based on Industry Vertical, the market is segmented into Energy & Utilities, Logistics & Transportation, Machine Manufacturing, Food & Beverages, Semiconductor & Electronics, Chemical & Materials, Automotive and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global IIoT Platform Market is Estimated to Reach USD 14.8 Billion by 2027 at a CAGR of 13.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Cisco Systems, Inc., Microsoft Corporation, Software AG, SAP SE, Hitachi, Ltd., Intel Corporation, Siemens AG, Accenture PLC, and PTC, Inc.
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