Report Description

Saudi Arabia IIoT Platform Market is anticipated to grow at a high CAGR in the forecast period of 2024-2028. The industrial Internet of Things (IIoT) refers to the integration of internet of things (IoT) with industrial and manufacturing establishments. An advanced integration of information technology (IT) and operational technology (OT) is accomplished in IoTs. This integration provides industrial capabilities such as machine-to-machine (M2M) communication, big data, machine learning, automation, and optimization services. In addition to improved visibility of the supply chain and logistics operations, IoTs provide machine-to-machine (M2M) communication, big data, machine learning, automation, and optimization services. There are promising prospects for the growth of the industrial IoT market, in addition to the expansion of data centers and the predictive maintenance industry. However, lack of standardization and high operating and capital costs can hinder its development.

For the upcoming years, technological advancements in the developing countries combined with the emergence of big data analytics stimulating the growth of the industrial internet of things (IIoT) platform market. Furthermore, the development of industry-specific platforms in developed regions, as well as an increase in demand from the healthcare industry, is likely to fuel the growth of the IIoT platform market. Technological factors play a major role in the IIoT platform market. Advancements in artificial intelligence, machine learning, and the Internet of Things have enabled the development of innovative IIoT solutions. Furthermore, the availability of high-speed internet and the development of cloud computing have enabled the widespread adoption of IIoT solutions.

The Rapid Adoption of Artificial Intelligence (AI) and the Internet of Things (IoT) in the Manufacturing Sector is Driving the Market in the Forecast Period

The manufacturing sector has been advancing rapidly in its use of AI and IoT. Through integrating AI and IoT, manufacturing processes can be optimized, early warnings can be sent, quality control can be improved, and equipment failure can be predicted. Manufacturers can differentiate themselves from their competitors by collecting precise data and developing innovative AI applications. In 2020, the manufacturing sector faced a difficult period of testing due to the COVID-19 pandemic. Manufacturing processes had to be improvised due to movement restrictions, lockdowns, and a lack of a workforce. A result of this was an increase in IoT and AI usage in manufacturing. In the absence of a regular workforce, artificial intelligence (AI) and machine learning algorithms were used by manufacturing units to track machine conditions and maintain equipment. Using machine learning, Nokia, for example, notified workers in real-time when their procedures were inconsistent. In another example, Wipro enabled a 15% cost savings for a heavy equipment manufacturer by utilizing asset intelligence.

Self-driving Cars are on the Horizon are Fueling the Market Growth

The automotive industry will undergo a rapid revolution with the advent of autonomous or self-driven trucks and passenger cars in future. Approximately 1.3 million people die every year as a result of traffic accidents, primarily caused by truck accidents on the highways. Internet of Things (IoT) platforms will be used to develop automated and semi-autonomous trucks and other vehicles that will be able to communicate with each other via data collection and cloud storage. With 2.1 million electric cars sold worldwide in 2019, the number of electric cars on the market rose to 7.2 million. According to a new report from the United Nations Economic Commission for Europe (UNESE), self-driving vehicles can enhance comfort, safety, and efficiency while reducing environmental impacts. This is expected to result in the creation of a market for autonomous trucks and other vehicles on an IIoT platform.