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IIoT Platform Market worth $18.2 billion by 2028 – Exclusive Report by MarketsandMarkets™

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CHICAGO, June 26, 2023 /PRNewswire/ — The IIoT Platform Market has a bright future thanks to its continuing industry expansion and integration with edge computing, artificial intelligence, and machine learning. The development of IIoT platforms and the advancement of industrial operations will be shaped by improved security, interoperability, and industry-specific solutions as well as cooperation and collaborations.
The IIoT Platform Market size is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the Industrial IoT (IIoT) platform market is primarily driven by the increasing demand for operational efficiency, advancements in IoT technologies, and a strong emphasis on safety and security. Industries are adopting IIoT platforms to optimize processes, leverage technological advancements, and enhance safety measures. With real-time data collection and analysis, businesses can make data-driven decisions, improve productivity, and mitigate risks.
Browse in-depth TOC on “IIoT Platform Market”
200 – Tables 50 – Figures270 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018–2028
Base year considered
2022
Forecast period
2023–2028
Forecast units
Value (USD Billion)
Segments covered
Offering, Application Area, Vertical, and Regions.
Regions covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Software AG (Germany), PTC  (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos  (France), Amazon Web Services (US) and many more.
 
Based on offering, the services segment to grow at a higher CAGR during the forecast period
The services segment of the global IIoT Platform Market comprises consulting services, system integration and deployment services, and support and maintenance services. The service segment is driven by the complexity of implementation, customization requirements, integration with legacy systems, maintenance and support needs, data analytics and insights, security and cybersecurity concerns, training and skill development requirements, and the need for scalability and upgradability.
Based on platform, the device management platform segment is expected to lead the market during the forecast period
is driven by the need to manage the growing number of connected devices, enable remote monitoring and control, streamline firmware and software updates, facilitate device configuration and provisioning, enhance security and compliance, enable asset tracking and inventory management, provide device analytics and performance monitoring, and ensure scalability and interoperability within the IIoT ecosystem.
Based on services, the support and maintenance segment is expected to grow at a higher CAGR during the forecast period
The support and maintenance service segment in the IIoT Platform Market is driven by the complexity of IIoT systems, the need for technical expertise, the continuous improvement of platforms, the requirement for high reliability and minimal downtime, security and risk mitigation, compliance and regulatory adherence, and performance optimization
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Based on application area, the supply chain management segment is expected to grow at a higher CAGR during the forecast period
Supply chain management segment in the IIoT Platform Market is driven by the need for enhanced visibility, operational efficiency, real-time decision-making, inventory optimization, supply chain visibility and traceability, supply chain resilience and risk mitigation, collaboration and integration among stakeholders, and sustainability considerations..
Based on vertical, the process industry segment is expected to lead the market during the forecast period
The process industry segment in the IIoT Platform Market is driven by the need for operational efficiency, asset performance optimization, regulatory compliance and safety, quality control and traceability, supply chain integration and optimization, energy management and sustainability, and digital transformation initiatives
North America to hold the highest market size during the forecast period
IIoT platform is a steady-growing market in North America, which includes the US and Canada. North American industries, including manufacturing, energy, transportation, and healthcare, are increasingly adopting automation and digitalization to improve operational efficiency and competitiveness North America is known for its strong technological innovation and adoption. The region has a robust ecosystem of technology companies, startups, and research institutions focused on developing and advancing IIoT platforms. The continuous technological advancements drive the growth of the IIoT Platform Market by offering new capabilities, improved connectivity, and enhanced analytics for industrial applications.
Top Key Companies in IIoT Platform Market:
Major vendors operating in the IIoT Platform Market include Software AG (Germany), PTC  (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos  (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US).
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Recent Developments:
In March 2023, Accenture acquired Flutura, an internet of things (IoT) and data science services firm, for an undisclosed sum to boost the industrial AI services it sells under Applied Intelligence’s umbrella.In January 2023, PTC acquired ServiceMax a Service Execution Management company. The acquisition adds important field service management (FSM) capabilities to PTC’s closed-loop product lifecycle management (PLM) and digital thread offerings.In February 2022, Software AG acquired treamSets, a leader in data integration for the modern data stack. With this acquisition, Software AG adds a sizeable and fast-growing SaaS and subscription business that is growing rapidly.In March 2021, SAP acquired Signavio, one of the leaders in the enterprise business process intelligence and process management space. As a part of the acquisition, Signavio’s products become part of SAP’s business process intelligence portfolio and complement SAP’s holistic process transformation portfolio. As a result of the deal, SAP can help companies quickly understand, improve, transform and manage their business processes on a scale.In February 2021, Siemens, IBM, and Red Hat collaborated to use a hybrid cloud designed to deliver an open, flexible, and more secure solution for manufacturers and plant operators to increase the real-time value of industrial IoT data. Through the collaboration, Siemens Digital Industries Software will apply IBM’s open hybrid cloud approach, built on Red Hat OpenShift, to extend the deployment flexibility of MindSphere. This will enable customers to run MindSphere on-premise, unlocking the speed and agility in factory and plant operations and through the cloud for seamless product support, updates, and enterprise connectivity.IIoT Platform Market Advantages:
IIoT platforms enable the real-time monitoring and data collecting from a range of industrial equipment, sensors, and devices. To increase operational efficiency overall and to identify bottlenecks and optimize procedures, this data can be analyzed and utilized. Organizations may reorganize processes, cut down on downtime, and boost productivity by utilizing data-driven insights.With the use of real-time data and analytics, IIoT platforms may undertake predictive maintenance, a proactive approach to maintenance that foresees equipment failures or performance problems. Organizations may prevent unforeseen breakdowns, lower maintenance costs, and increase equipment uptime by scheduling maintenance chores in advance and keeping an eye on the health and performance of their machinery.IIoT platforms enable real-time monitoring of industrial environments, enabling the early discovery of safety risks, equipment problems, or anomalous situations. Organizations may reduce workplace accidents, save expensive damages, and maintain employee safety by quickly detecting and addressing possible risks.Organizations have access to a lot of real-time and archived data thanks to IIoT systems. Organizations can gain useful insights from this data by utilizing advanced analytics, machine learning, and artificial intelligence approaches. Decision-makers are given the tools they need to make wise decisions, streamline procedures, and spot untapped commercial potential.Industrial equipment and processes can be remotely monitored and managed using IIoT platforms. Due to this feature, businesses may manage and keep an eye on numerous sites or facilities from a central place without having to be present physically at each one. Remote control and access increase operational agility, cut travel expenses, and make it easier to react quickly to problems or emergencies.IIoT platforms can support cost optimization in a number of ways. Organizations may minimize maintenance costs, maximize asset utilization, and extend equipment lifecycles by enhancing operational efficiency, lowering downtime, and enabling predictive maintenance. IIoT systems can also aid in reducing waste, streamlining supply chain procedures, and optimizing energy consumption, all of which can lower costs overall.Report Objectives
To determine and forecast the global IIoT Platform Market by offering, application area, vertical, and region from 2023 to 2028, and analyse the various macroeconomic and microeconomic factors that affect market growth.To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the IIoT Platform Market.To analyse each submarket with respect to individual growth trends, prospects, and contributions to the overall IIoT Platform Market.To analyse the opportunities in the market for stakeholders by identifying the high-growth segments of the IIoT Platform Market.To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.To track and analyse competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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About MarketsandMarkets™ 
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-iot-platform-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-iot-platform.asp
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VeriPark and FICO Announce Strategic Partnership to Transform Financial Services

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ISTANBUL, June 26, 2024 /PRNewswire/ — VeriPark and FICO have launched a partnership to revolutionize the financial services sector through AI-driven decision making and digital transformation.

 
The collaboration between VeriPark, a global provider of innovative digital solutions, and FICO, a renowned analytics software company, will enhance decision-making and promote financial inclusion across Turkey, the Middle East, Africa, Asia and CIS regions.
Combining FICO’s decision automation, optimization and omnichannel communications capabilities with VeriPark’s customer engagement, omni-channel delivery, branch automation and loan origination solutions, the partnership aims to improve customer experience and accelerate digital transformation.
“We are excited to bring FICO’s cutting-edge technology to our region. This collaboration will enhance customer experiences and operational efficiency across the financial services sector. Integrating FICO’s technology with our solutions represents a significant leap forward, ensuring we stay ahead in a rapidly changing environment. We look forward to showcasing our joint success stories soon,” said Ozkan Erener, CEO of VeriPark.
“The combination of FICO and VeriPark’s strengths brings a unique blend of innovation to the market. Our goal is to help build a better society by bringing more people into the banking system, and our partnership with VeriPark is a critical step towards achieving that. FICO has been working with AI since 1992, and we are eager to introduce this long-standing expertise to businesses in this region through our collaboration with VeriPark.” said Alexandre Graff, Vice President of Global Partners & Alliances, FICO.
About VeriPark (https://www.veripark.com)VeriPark is a global solutions provider enabling financial institutions to become digital leaders with its Intelligent Customer Experience suite. With offices located in United Kingdom, Europe, the United States & Canada, Asia, Africa and the Middle East, VeriPark is helping businesses to enhance their customer acquisition, retention and cross-sell capabilities by providing proven, secure and scalable Customer Relationship Management, Omni-Channel Delivery, Branch Automation, and Loan Origination solutions.
About FICO (https://www.fico.com/)FICO powers decisions that help people and businesses around the world prosper. Founded in 1956, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 200 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, insurance, telecommunications, health care, retail and many other industries.
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Altair Names Devoteam Channel Partner for the EMEA Region

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Devoteam to offer Altair’s leading data analytics and AI solutions throughout the EMEA region
TROY, Mich., June 26, 2024 /PRNewswire/ — Altair (Nasdaq: ALTR), a global leader in computational intelligence, is thrilled to welcome Devoteam as a new channel partner for the EMEA region. Within the partnership, Devoteam will offer Altair’s leading data analytics and artificial intelligence (AI) solutions to its customers throughout the EMEA region.

“Partnering with Devoteam underscores our dedication to shaping the future of technology,” said Kimon Afsaridis, managing director of Eastern Europe and vice president of indirect EMEA sales, Altair. “This partnership marks a pivotal moment in our global expansion strategy, reinforcing our mission to lead and innovate in AI and beyond.”
“Together, Devoteam and Altair will help industrial companies harness the power of data to improve their efficiency, productivity, and competitiveness,” said Pablo Martin, industry and retail business unit director, Devoteam. “This collaboration is an important step in our commitment to help companies, particularly in the industrial sector, better their digital transformation efforts.”
Devoteam boasts more than 25 years of passion for tech and more than 11,000 tech-native specialists in offices in 25 countries. The company believes that technology combined with strong human values can drive change for the better, and specializes in managing large-scale projects while remaining agile enough to deliver customized solutions.
Altair works with a global network of channel and technology partners. To learn more or to become a partner, visit https://altair.com/altair-partners.
About Altair
Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing (HPC), data analytics, and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.
Media contacts
Altair Corporate
 Altair Investor Relations
Bridget Hagan
 Stephen Palmtag
+1.216.769.2658
+1.669.328.9111
[email protected]
 [email protected]
Altair Europe/The Middle East/Africa 
Charlotte Hartmann
+49 7031 6208 0
[email protected]
 
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IBM Study: Fan Engagement and Consumption of Sports Shifting, Reveals New Opportunities for Technology Integrations including AI

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International sports fans surveyed are optimistic about the impact of technologies like AI on their digital sports experiences.Real-time updates and personalized content rank as top priorities for fans when it comes to how generative AI can enhance following and engaging with sports events.Younger sports fans overwhelmingly embrace AI-powered experiences and digital platforms for sports content consumption and engagement.ARMONK, N.Y., June 26, 2024 /PRNewswire/ — As sports fans worldwide tune in to a myriad of athletic events this summer, new research commissioned by IBM (NYSE: IBM) reveals a growing generational shift and acceptance of technology-driven experiences that will impact the future of sports consumption.

The international study*, conducted by Morning Consult, gathers insights from more than 18,000 sports fans across 10 countries to better understand both how they follow and engage with sports, including live coverage, highlights, and summaries, as well as preferences for future engagement and consumption. The findings confirm that fans are prioritizing more personalized and time-saving digital sports content, with the majority recognizing the positive impact technologies like artificial intelligence (AI) will have on these experiences.
The data also confirms that younger sports fans are more likely to favor AI-enhanced features as they increasingly turn to digital platforms for sports content. Surveyed fans aged 18-29 are using a mobile phone or tablet as their primary device to watch sporting events more often than older fans, with subscription streaming of live sporting events being most popular among the younger age group. More than half (58%) of 18-29 year old respondents also believe AI will have a positive impact on sports.
Alternatively, respondents from older age groups remain loyal to traditional methods of consumption, with linear broadcasting being most popular among fans 45+. Forty percent of surveyed fans over the age of 55 believe AI will have a positive impact on sports.
“Fans worldwide are continuing to embrace platforms and solutions that allow them to feel more connected and informed on their favorite sporting events and athletes, and IBM’s new study confirms this now includes embracing technologies like AI to deliver these experiences,” said Noah Syken, Vice President, Sports and Entertainment Partnerships. “IBM’s longstanding portfolio of Sports and Entertainment partnerships aims to deliver on these expectations from fans by putting in the hands of our partners the most advanced IBM technologies from our AI and data platform watsonx.”
Other key study findings include:
Fans are optimistic about the impact of technology on sports, paving the way for generative AI powered experiences
63% of respondents point to data analytics as having the most positive impact on sports, while 50% of respondents think AI will have a positive impact.When it comes to how generative AI can improve engagement, surveyed sports fans identify real-time updates (34%) and personalized content (29%) as the top priorities.India, UAE and Saudi Arabia rank the highest in countries where fans are prioritizing real-time updates and personalized content powered by generative AI.Fans now prioritize personalized, bite-sized content when it comes to their consumption of sport content
More than half (56%) of respondents turn to social media for additional sports content; 46% are getting additional content from broadcast/video news while 35% are turning to news articles.64% of those fans engaging in additional sports content are viewing highlight videos of best moments; 48% are consuming post-match recaps and analysis.Among those engaging in additional sports content, respondents rank summarized content (33%) as their top priority followed by personalized content (26%).Sports fans are watching event summaries more often, with 41% of respondents indicating they watch summaries or highlights weekly; 24% report daily engagement.Younger fans may be reshaping how consumers experience sports content, as they engage with content via multiple screens and are more likely to favor AI-powered enhancements
Younger fans (18-29) are most likely to view sports highlights through social media over other platforms.When it comes to consuming sports content, fans aged between 18-29 are more likely to rank personalized content as their top priority.Fans aged 18-29 are more likely to rate AI improvements as high priority, with real-time updates (40%) and personalized content (36%) topping the list of priorities.While real-time updates (26%) and personalized content (19%) also top the list of AI improvement priorities among older fans (55+), these respondents are much less likely to consider AI improvements a high priority.Younger fans are also more likely to be using multiple devices while engaging with sporting events than older fans (55+). 10% of younger fans surveyed use three or more devices while watching sports compared to only 2% of older fans.While TV is the most common method for viewing sports, fans are increasingly using multiple devices to follow sporting events
64% of surveyed fans say linear or streaming TV is their top choice for watching sports.31% of respondents say they are most likely to watch a live sporting event on linear broadcast; 28% say they use a subscription streaming service and 23% use a free streaming serviceSubscription streaming of live sporting events is most popular among younger fans aged between 18-29.Mobile devices are a noteworthy alternative for watching sports, with 20% of consumers reporting it is the top way they watch sporting events and 38% saying it is their second most likely options.28% of surveyed sports fans use at least two devices while watching sporting events; 24% report they use at least two devices while listening to sportsFans between 18-44 are more likely to be using three or more devices.Respondents rank multi-tasking as the top reason for using multiple devices when consuming sports, followed by finding more game information while watching or listening to the sport.To view the full study, visit: https://newsroom.ibm.com/image/IBM+Global+Sports+Attitudes+and+Behaviors+Report+June+2024.pdf
*Study MethodologyThis survey was conducted in May 2024 among a total sample of 18,082 sports fans 18+ in the US, Canada, the UK, France, Germany, Italy, Spain, India, the UAE, and Saudi Arabia. The interviews for each country were conducted online, and the data is unweighted, with ~2,000 responses per market in the US, Canada, the UK, France, Germany, Italy, Spain, and India and ~1,000 responses per market in the UAE and Saudi Arabia.
To qualify for this survey respondents must be at least an average sports fan and follow one or more of the following sports: Soccer, Cricket, Tennis, Basketball, Baseball, Rugby, Golf, American football, F1 racing, Track and field, Swimming, and the Olympics.
About IBMIBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service. Visit www.ibm.com for more information.
Media Contacts:
Sarah BenchaitaIBM Corporate [email protected]
Marisa ConwayIBM Corporate [email protected]
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