Industrial Cloud Platform Market Insights | CAGR 32.3% Leading to USD 7,679.70 Mn By 2030

New York, Aug. 11, 2023 (GLOBE NEWSWIRE) -- According to the research report "Global Industrial Cloud Platform Market" by Reports Insights, the market's value reached USD 831.7 Mn in 2022 and is projected to reach USD 7,679.70 Mn by 2030, exhibiting a remarkable CAGR of 32.3%.

The industrial cloud platform market is expected to grow rapidly in the due to the growing adoption of Industry 4.0, the increased demand for real-time data insights, the need for cost-effective and scalable solutions, regulatory compliance requirements, and the growing demand from emerging economies. Industrial cloud platforms are a type of cloud computing platform that is specifically designed for industrial applications. They offer a secure and scalable platform for storing, processing, and analyzing data from connected devices.

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The industrial cloud platform market is segmented by solution, platform, and end-user industry. The solution segment is further divided into software and services. The software segment is expected to grow at a faster rate than the services segment, due to the increasing demand for pre-configured and ready-to-use software solutions.

The platform segment is further divided into public, private, and hybrid. The public platform segment is expected to grow at the fastest rate, due to the low cost of entry and the ease of use. The private platform segment is expected to grow at a slower rate, due to the high cost of implementation and maintenance.

The end-user industry segment is further divided into manufacturing, energy, transportation, and others. The manufacturing segment is expected to be the largest market for industrial cloud platforms, due to the large amount of data generated by connected devices in manufacturing plants.

Industrial Cloud Platform Market Outlook:

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Industrial Cloud Platform Market Growth Drivers:

• The increasing adoption of Industry 4.0: Industry 4.0 is the fourth industrial revolution, which is characterized by the use of advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) to automate and digitize manufacturing processes.
• The need for real-time data insights: Industrial cloud platforms can help companies collect and analyze data from connected devices in real time, which can be used to improve decision-making, optimize production processes, and prevent downtime.
• The need for cost-effective and scalable solutions: This is important for industrial companies, which often have large amounts of data to manage.

 Restraints:

• Security concerns: Industrial cloud platforms need to be highly secure in order to address these concerns.
• Lack of standards: There are currently no industry standards for industrial cloud platforms. This can make it difficult for companies to choose the right platform for their needs.
• High costs: This could limit the adoption of industrial cloud platforms in some markets.

Industrial Cloud Platform Market Segmentation Details:

By component: The industrial cloud platform market is segmented into software and services. The software segment is further divided into platform software and application software. The platform software segment includes solutions for managing and securing data, applications, and devices. The application software segment includes solutions for specific industrial applications such as manufacturing, energy, and transportation.

By service: The industrial cloud platform market is segmented into professional services and managed services. Professional services include services such as consulting, integration, and training. Managed services include services such as monitoring, maintenance, and support.

By application: The industrial cloud platform market is segmented into manufacturing, energy, transportation, and others. The manufacturing segment is the largest segment of the industrial cloud platform market. This is due to the large amount of data generated by connected devices in manufacturing plants. The energy segment is the second largest segment of the industrial cloud platform market. This is due to the need for real-time data insights to optimize energy production and consumption. The transportation segment is the third largest segment of the industrial cloud platform market. This is due to the need for real-time data insights to improve fleet management and optimize transportation routes.

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The Industrial Cloud Platform Market can be segmented based on region into different geographical areas:

North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, Colombia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Key highlights for Industrial Cloud Platform Market:

• The industrial cloud platform market is expected to grow from USD 831.7 Mn in 2022 to USD 7,679.70 Mn by 2030, at a CAGR of 32.3% during the forecast period.
• The manufacturing segment is expected to be the largest market for industrial cloud platforms, followed by the energy and transportation segments.
• The public cloud platform segment is expected to be the fastest-growing segment, followed by the private cloud platform segment.

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List of Major Global Industrial Cloud Platform Market Players:

• IBM
• Amazon Web Services, Inc.
• Google Cloud
• Salesforce, Inc.
• Oracle
• SAP
• GE DIGITAL
• Bosch Global Software Technologies Private Limited
• ABB
• Rockwell Automation

Global Industrial Cloud Platform Market Segmentation:

By Component Solution
Data Centers
Servers
Supervisory Control & Data Acquisition (SCADA)
Distributed Control System (DCS)
Manufacturing Execution System (MES)
Others

Services
Professional Services
Managed Services

By Service Model
Infrastructure as a Service (IaaS)
Platform as a Service (PaaS)
Software as a Service (SaaS)

By Deployment
Public Cloud
Private Cloud
Hybrid Cloud
Community Cloud

By Enterprise Size
Large Enterprises
Small and Medium Enterprises (SMEs)"

By Application
Asset Performance Management (APM)
Operations Performance Management (OPM)
Supply Chain Management
Engineering and Design
Inventory Management
Customer Relationship Management
Others

By End User
BFSI
Manufacturing
Retail and E-commerce
Government
Healthcare
IT and Telecommunication
Others

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