Companies everywhere are striving to build a solid IoT platform and are putting in efforts to become highly active in this aspect, in a bid to inch closer to their business goals. With this platform, companies are trying to connect to the rest of the world. However, IIoT is a lot different from IoT. Although IIoT originates from IoT, the latter is mostly about facilitating human interaction with an object.

Market Research Future (MRFR) predicts that the global industrial internet of things (IoT) platform market is set to reach the value of USD 650 million by the end of 2022. The market will register a CAGR of 23% during the forecast period (2016-2022).

Also Read: [FURL]http://www.marketwatch.com/story/industrial-iot-platform-market-leader-size-growth-factors-investment-opportunities-challenges-and-industry-analysis-2020-04-24/[/FURL]

Regional Insight

North America, Asia Pacific (APAC), the Middle East & Africa (MEA) and Europe, are considered to be the primary regions in which the global industrial IoT platform market is expected to grow during the review period.

APAC currently holds the maximum potential to achieve the leading position in the global industrial IoT platform market. Expanding population along with the rising use of electronic devices has led to the strong market demand in the region. China holds one of the largest manufacturing hubs in the world coupled with a vibrant consumer electronic industry, which is working in favor of the market. Thriving automotive sector in Japan, as well as South Korea, also induces market growth. Government strategies like Smart Cities Mission in India, Make in India, Made in China 2025 and the Industrial Value Chain Initiative (IVI)’ in Japan, combined with favorable FDI policies, have also resulted in the high demand for digital technologies across various industries in the region.

Segmentation:

The [FURL=https://www.marketresearchfuture.com/reports/industrial-iot-platform-market-2186/]industrial internet of things platform market size[/FURL] is segmented based on component, application and vertical.

By component, the market is segmented on the basis of hardware and software. The hardware segment is sub-segmented into sensors, cameras, processing units and others. Industrial sensors impart high degree of accuracy, reliability, range, and sensitivity, while providing better control and automation of industrial processing units.

By application, the market is segmented into asset management, remote monitoring, network system management and others. Asset management solutions help reduce inventory and stock management cost and also effectively utilize existing equipment through tracking and monitoring both in real time and non-real time. This helps organizations achieve their objectives. Hence, these factors are driving the growth of the asset management system market.