Industrial cloud platforms market to surpass US 300 billion by 2033

The manufacturing sector is undergoing a major transformation, driven by the increasing adoption of cloud computing and other digital technologies. Industrial cloud platforms are a key enabler of this transformation, as they provide manufacturers with a secure and scalable platform to collect, store, and analyze data from their operations.

The manufacturing sector is poised for a technological revolution as the total industrial cloud platform revenue is projected to exceed $300 billion by 2033, driven by a Compound Annual Growth Rate (CAGR) of 22.57 percent.

The proliferation of connected devices and sensors in manufacturing processes is a cornerstone of this revolution. IIoT enables real-time data collection, analysis, and optimization, leading to increased efficiency, reduced downtime, and better decision-making.

Secondly, AI and ML are integral to making sense of complex manufacturing data. They can identify patterns, anomalies, and opportunities for optimization that might be missed by traditional methods.

The cloud manufacturing market will grow over the next decade due to the adoption of new architectural frameworks that enhance data extraction and operability for manufacturers looking to maximize utility from their data.

For manufacturers who have outsourced their data storage to an external data warehouse provider, other problems arise. External Data Warehouses are prone to data fragmentation and duplication, along with creating data siloes where critical datasets sit independent of one another, not collaborating to produce new KPIs. Cloud manufacturing providers are eliminating these concerns by interconnecting applications bi-directionally, leading to sharing and communication between applications and their data.

Secondly, the hyperscalers AWS, Microsoft, and Google, along with other key industry players, Alibaba, IBM, SAP, Tencent, and Oracle, to complete a full analysis of the cloud manufacturing market. Looking at the position of the hyperscalers, AWS and Microsoft provide comparable offerings and together represent 2/3 of market revenue in 2022 together. "Both have comparable payment options, data pricing (Microsoft narrowly beats out AWS), and application offerings where AWS holds the advantage.

AWS has slowly nudged away from Microsoft due to having an existing reputation as a dominant cloud service provider while also offering the most comprehensive suite of applications tailored to data ingestion, contextualization, and analysis.

Google has been playing catch up to the other hyperscalers from a technological standpoint with their new updates (Data Engine and Connect Edge) already having counterparts at AWS and Microsoft, hindering their market share in comparison, says expert.

Going forward, as this technological revolution unfolds, manufacturers will need to adapt and invest in these innovative technologies to stay competitive in a rapidly evolving landscape. However, challenges related to data privacy, skill gaps, and infrastructure investments may also need to be addressed to fully realize the potential benefits of these advancements.