Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Industrial Cloud Platform Market Size is Expected to Grow from USD 67.8 Billion in 2023 to USD 335.7 Billion by 2033, at a CAGR of 17.35% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Industrial Cloud Platform Market Size, Share, and COVID-19 Impact Analysis, By Type (Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS)), By Application (Asset Performance Management (APM), Predictive Maintenance, Supply Chain Management, Remote Monitoring & Control, Quality Management, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The industrial cloud platform market refers to the industry for cloud services that are designed to meet the needs of specific industries. An industrial cloud platform (ICP), also known as a vertical cloud platforms, combines software, platform, and infrastructure as a service (IaaS) capabilities to offer specific solutions for diverse vertical industries. ICPs convert a technological innovation tool into a business innovation tool and transform a cloud platform into a business platform. The reliability, scalability, and the cost-effectiveness of cloud are creating growth opportunities for corporations in the industrial cloud platform market. The surging digital transformation initiatives and rising IoT adoption are contributing to driving the market for industrial cloud platforms. The need for better resource utilization, the rise in demand for cloud services, and the COVID-19 pandemic-related surge in demand for cloud services are propelling the market growth. On the contrary, the security concerns and integrity complex of industrial cloud platforms are challenging the market growth.
The infrastructure as a service (IaaS) segment dominated the market with the largest share and is expected to witness a CAGR of over 17.6% during the forecast period.
Based on the type, the global industrial cloud platform market is divided into infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). Among these, the infrastructure as a service (IaaS) segment dominated the market with the largest share and is expected to witness a CAGR of over 17.6% during the forecast period. A large volume of data is produced by the growing use of IoT devices and sensors in industrial sectors, making scalable and effective cloud infrastructure necessary for processing, storing, and analyzing data.
The asset performance management (APM) segment dominated the market with a market share of over 33% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the global industrial cloud platform market is divided into asset performance management (APM), predictive maintenance, supply chain management, remote monitoring & control, quality management, and others. Among these, the asset performance management (APM) segment dominated the market with a market share of over 33% in 2023 and is expected to grow at a significant CAGR during the forecast period. Asset performance management offers advanced solutions for monitoring, maintaining, and optimizing the performance of assets in diverse sectors including manufacturing, energy, utilities, and transportation.
North America is projected to hold the largest share of the global industrial cloud platform market over the forecast period.
North America is projected to hold the largest share of the global industrial cloud platform market over the forecast period. The adoption of Industry 4.0 technology and the need for digital transformation in number of industries is propelling the market for industrial cloud platform. The emphasis on the use of IoT, big data analytics, and AI supports businesses to improve asset performance, streamline operations, and spur innovation. In addition, the inclination toward digital transformation in the region and the adoption of hybrid infrastructure services are contributing to propel the market growth.
Asia Pacific is predicted to grow at the fastest CAGR in the industrial cloud platform market over the forecast period. The adoption of industrial cloud in the manufacturing, construction, and oil & gas industries along with the growing investment in cloud infrastructure and digital initiatives in nations like South Korea, China, India, Japan, and Southeast Asia is propelling the regional market growth. Further, the adoption of cloud-based solutions across industrial sectors driving the industrial cloud platform market.
Company Profiling
Major key players in the industrial cloud platform market include Siemens AG, Schneider Electric SE, Honeywell International Inc., Rockwell Automation, Inc., General Electric Company, Telit, Microsoft Corporation, PTC, Hitachi Data Systems Corporation, Advantech Co., Ltd., and IBM Corporation, and Others.
Key Target Audience
Recent Developments
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global industrial cloud platform market based on the below-mentioned segments:
Global Industrial Cloud Platform Market, By Type
Global Industrial Cloud Platform Market, By Application
Global Industrial Cloud Platform Market, Regional Analysis
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