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.