IIoT Data Collection and Device Management Platform Market Size, Share, Growth, and Industry Analysis by Type (Data Collection, Device Management), by Application (Process Industries, Discrete Industries), and Regional Forecast To 2032

Updated On: 15 April 2024

IIoT Data Collection and Device Management Platform Market Report Overview

• 

• Request a Free Sample to learn more about this report

The global IIoT Data Collection and Device Management Platform market size was USD 6566.9 million in 2021 and market is projected to touch USD 27045.76 million by 2032, exhibiting a CAGR of 13.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with IIoT data collection and device management market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

IIoT Data Collection and Device Management Platform is a software platform that qualifies the collection, management, and analysis of data from industrial devices and sensors. The platform permits companies to distantly monitor and manage devices through their network, collect data for immediate analytics, and improve process efficiency. The platform also helps companies obey with government regulations for industrial safety and security. Data collection is the process of collecting data from physical and virtual devices through numerous sources. IIoT Data Collection and Device Management Platform provide a set of tools that can be used to monitor, configure, analyze, visualize and control data from diverse types of sensors. Use of digital infrastructure is growing which in turn has promoted IIoT in various industries. This technology helps to develop intelligent machines that can perform reasoning, problem solving. IoT devices and control systems are commonly used to track assets and monitor industrial tools in order to acquire and exchange immediate data as finished goods change down the production line. Prognostic maintenance is extremely important in any company for controlling factory equipment. It is favourable to know the status of equipment in various industries in order to determine when the maintenance on the equipment should be performed. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for vacuum coatings for firming their positions.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

IIoT Data Collection and Device Management Platform Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented into data collection, device management

Data collection capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into process industries, discrete industries.

IIoT data collection and device management platform market players cover segment as process industries will dominate the market share during forecast period.

Driving Factors

"Increase in demand for IIoT application to boost the market growth"

Small and medium sized business is the demand for reasonable data storage, backup, and data security. Operating the cloud enables business to offer better loT services to different industrial verticals. The improvement of affordable connected devices has also made it possible for manufacturers to use loT technology to decrease resource consumption and enhance whole productivity.

"Technological advancement and development to upsurge the market."

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the IIoT data collection and device management platform market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market.

Restraining Factors

"Lack of skilled employees to hamper the market growth"

IIoT platform market imposes focused IT technical skills and experience to be implemented and managed effectively. The ineffective use of IIoT platforms is hindered by absence of operational and IT proficiency. Network administration is rising progressively complex for IT teams as more IoT devices are added to networks. This is due to the growing network complexity and data flow. Prevailing employees must be qualified on a regular basis to handle innovative technology. As a result, the lack of a precisely experienced employees is hindering the IIoT platform's execution.

IIoT Data Collection and Device Management Platform Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"Asia Pacific to dominate the region due to technological development"

Asia Pacific is further expected to witness growth in the IIoT data collection and device management platform market share. The region is dominating the market due to early technology adoption by manufacturers. Growing demand from various end-use industries such as oil & gas, power generation, and food processing security is contributing towards the growth of this regional market. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• Advantech (Taiwan)
• Cisco (U.S.)
• GE (U.S.)
• IBM (U.S.)
• Microsoft (U.S.)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.