IIoT Platform Market Worth $13.82 Billion by 2023 - Exclusive Report by MarketsandMarkets - Seite 2

The asset tracking and management application area is expected to hold the largest size in the IIoT Platform Market during the forecast period 

Most companies that have their assets distributed over a large geographical area have to contend with a host of problems that affect their operational efficiencies, productivity, costs, staffing, and ultimately their bottom line, among other things. With the wide-scale use of low-cost sensors, location-based services with GPS, affordable connectivity, and gateways, more assets are being equipped with tracking devices, sensors, and actuators, thus providing a centralized connection to the IIoT platform. Asset tracking and management are instrumental in managing physical assets and the performance of equipment on the manufacturing floor. Protection of physical assets, such as plants, machinery, and fleet, is the backbone of manufacturing operations. The asset management industrial application is crucial, as it provides a unified view of the operations to all stakeholders, and is instrumental in maintaining the effectiveness of manufacturing enterprises.

North America is expected to have the largest share in the IIoT Platform Market during the forecast period. 

North America is estimated to have the largest share in the global IIoT Platform Market in 2018. The startup culture in the region is growing at a rapid pace as compared to other regions. Additionally, the adoption of digitalization by large organizations in their manufacturing activities is expected to support the growth of the IIoT Platform Market in North America. SMEs are flexible in incorporating new technologies into their existing systems, whereas large organizations allocate heavy budgets for digitalization. The US government has taken various initiatives and announced different regulations and policies that have fueled the growth of IIoT Platform Market. For instance, the Information Technology and Innovation Foundation of the US are actively working toward building the National Network for Manufacturing Innovation network. The Canadian government has also introduced its Innovation and Skills Plan, which focuses on addressing the changing nature of the digital economy.