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

CHICAGO, October 9, 2018 /PRNewswire/ --

According to the new market research report "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", published by MarketsandMarkets, the global IIoT Platform 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 (2018-2023).

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The major growth drivers for the market include the need for predictive and proactive maintenance and centralized monitoring. Additionally, integrating IT and OT, and the rising adoption of next-generation technologies are expected to drive the growth of the IIoT Platform Market. The growing need for more Industry 4.0 solutions presents opportunities for IIoT platform vendors. Organizations are shifting toward outcome and pull economies, which are expected to shape the future of the IIoT Platform Market.

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The process industry is expected to witness significant growth in the IIoT Platform Market during the forecast period. 

The process industry is concerned with the processing of bulk resources into other products. The process industry comprises a variety of verticals such as energy and utilities, chemicals and materials, food and beverage, water and waste management, and others (pharmaceutical, mining and metals, and pulp and paper). IIoT platforms help optimize operations and streamline business processes by providing various solutions such as asset management and business process optimization.