LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global IIoT data collection and device management platform market provides an analysis of the most important drivers expected to impact the market outlook from 2018-2022. Technavio defines an emerging driver as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global IIoT data collection and device management platform market will grow at a CAGR of close to 16% during the forecast period. Edge computing and IIoT is a major trend impacting the market’s growth.
Edge computing permits data analytics to be carried out near the source of data. This enables the data to be cleaned and structured near the devices before it is subjected to any analytics methods. The speed of data transfer and analytics has become a major factor, which acts as competence differentiator between two or more vendors due to the implementation of IIoT in industries. Edge computing allows the processing and analyzing of the collected data within milliseconds and is deemed essential for the optimization of industrial data at every stage of the operations.
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In this report, Technavio analysts highlight the increasing cybersecurity threats as one of the key factors driving the global IIoT data collection and device management platform market:
Increasing cybersecurity threats
IIoT allows real-time access to operational data by integrating the corporate network with industrial systems. This integration not only permits end-users to leverage their IIoT capabilities such as predictive maintenance and smart analytics but also exposes the industrial system to various cyber threats. The notable cyber threats are malware attacks and data sabotage. Cybersecurity has always been a threat to a web-based system, and the same applies to IIoT. The inclusion of industrial systems within the scope of IIoT increases the risk of data theft.
There are different anti-malware programs, which promise to protect industrial systems against such attacks. But, these anti-malware programs are not sufficiently capable of protecting the industrial system against hackers. Some IIoT vendors suggested the idea of a cloud-based cybersecurity solution. However, such solutions were deemed to be unsecured. The need to increase cybersecurity is on the rise with increasing adoption of IIoT in end-user industries.
“Most end-users of IIoT and IIoT data collection and device management platform are susceptible to cyber-attacks without a failsafe cybersecurity option. The IIoT data collection and device management platform requires an internal security layer for preventing the potential risks,” says a senior analyst at Technavio for research on automation.
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Global IIoT data collection and device management platform market segmentation
This market research report segments the global IIoT data collection and device management platform market into the following end-users (oil and gas industry, power industry, chemical and petrochemical industry, food and beverage industry, automotive industry, electronics and semiconductor manufacturing industry, and heavy machinery industry) and key regions (the Americas, APAC, and EMEA).
The global IIoT data collection and device management platform market in process industries occupied almost 55% of the overall market share in 2017. The process industries include oil and gas industry, power industry, chemical and petrochemical industry, and food and beverage industry.
The IIoT data collection and device management platform market in the Americas occupied more than 54% market share in 2017. This region dominated the market because it is involved in the innovation of data collection and device management products and was the earliest adopter of IIoT data collection and device management platform.
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