Facing the limitations of hardware-driven growth, manufacturing industries have now turned their gaze upon Industrial Internet of Things (IIoT). It not only enables them to boost their production efficiency but also enhance revenues with better customer-focused models. Thus the global industrial internet of things market, subject of a research report by Transparency Market Research, seems poised to rise. Considering the fact that the market is still in its nascent stages, its growth prospects seem really impressive at this point.

IIoT-enabled business models are taking over the domains of industrial equipment and machinery. This coupled with the integration of the latest technologies with IIoT platforms is expected to fuel the global industrial internet of things (IIoT) platform big time in the near term. Some such cutting-edge modern technologies are automation, machine learning (ML), artificial intelligence (AI), blockchain, cloud, and others.

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Other factors boosting the global IIoT platform market is the evolution of more powerful and cheaper sensors. This is leading to wider applications of IIoT platforms. All these are making the IIoT platform ecosystem dynamic. As far as the competitive landscape is concerned, the market is projected to be equally dynamic. This is because of the big ticket acquisitions and collaborations that could be leveraged by organizations to fill capability gaps. Another factor that is widely believed to be reshaping the contours of the market could be the foray of innovative and disruptive players. They are launching new and better products every now and then, thereby changing the growth course.