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Industrial Cloud Platform Market Trends

Report ID: GMI9450
Published Date: May 2024
Report Format: PDF

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Industrial Cloud Platform Market Trends

With the proliferation of IoT devices and sensors generating massive volumes of data at the edge of networks, there is a growing trend towards integrating edge computing capabilities with Industrial Cloud Platforms. Edge computing enables data processing and analysis to occur closer to the source of data generation, reducing latency and bandwidth requirements while enhancing real-time decision-making capabilities. By integrating edge computing with cloud platforms, industrial organizations can leverage the strengths of both approaches to optimize data management, enhance operational efficiency, and enable new applications such as predictive maintenance and remote monitoring.

November 2022 - AWS opened India's Second Infrastructure Region. The second AWS Region enables Indian customers to have more alternatives to execute workloads with better resilience and availability, store data securely, and give end users even lower latency. By 2030, it is anticipated that the new AWS Asia Pacific (Hyderabad) region would provide more than 48,000 full-time employees annually, attributed to an investment of more than USD 4.4 billion in India.

Another trend in the industrial cloud platform market is the emergence of industry-specific solutions tailored to the unique needs and requirements of different industrial sectors. As industrial organizations seek to leverage cloud technology for digital transformation initiatives, there is increasing demand for specialized cloud platforms that address sector-specific challenges and use cases. These industry-specific solutions offer pre-configured templates, analytics modules, and integrations tailored to industries such as manufacturing, energy, healthcare, and transportation. By providing industry-specific solutions, cloud platform providers can cater to the diverse needs of industrial customers, accelerate deployment timelines, and deliver tangible business outcomes that drive value and competitive advantage.

Authors: Suraj Gujar , Sandeep Ugale

Frequently Asked Questions (FAQ) :

Industrial cloud platform industry size exceeded USD 68.5 billion in 2023 and is projected to expand at over 17.5% CAGR from 2024 to 2032, due to the growing adoption of IIoT solutions, and the rising need for remote monitoring and management capabilities.

The infrastructure as a service (IaaS) platform type segment in the industrial cloud platform industry is expected to depict over 17.6% CAGR between 2024 and 2032, owing to the demand for scalable and efficient cloud infrastructure for storage, processing, and analysis.

The asset performance management application segment in the industrial cloud platform industry accounted over 33% revenue share in 2023 led by their ability to leverage data analytics, machine learning, and predictive maintenance techniques to improve asset reliability and reduce downtime.

North America industrial cloud platform industry recorded over 38% share in 2023 and is estimated to expand at noticeable rate through 2032, due to the adoption of Industry 4.0 technologies and the surging demand for digital transformation across various sectors.