IIoT Platform Market Size, Growth Opportunities, Outlook, Statistics, Market Scope, Revenue, Research, Trends Analysis & Global Industry Forecast Report, 2023-2030
IIot Platform Market was valued at USD 7,907 Million in 2022 and is expected to touch USD 23,854 Million in 2030 and is predicted to grow at a 14.8% CAGR during the forecast period.
IIoT Platform Market Overview
IIoT-based platforms offer greater productivity, flexible production, and the development of the new business model. The combined use of the IIoT platforms digital solutions models are taking control of industrial machinery and equipment. Such IIoT platforms use advanced modern technologies such as machine learning (ML), artificial intelligence (AI), blockchain, cloud, and others. IIoT platform offers a proven, complete, and secure solution for accessing remote digital services. The integrated connectivity can be seamlessly collaborated between device and cloud platform.
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Major IIoT Platform Market Drivers
The factors driving the global IIoT platform market include the rising adoption of next-generation technologies, such as AI, IoT for predictive and proactive maintenance in the industry. Rising demand for IoT-connected devices worldwide with the surge in the industry 4.0 automation demand due to rising industrialization has propelled the IIoT platform market growth. For instance, according to the We Forum Organization Report in 2019, globally, 21 billion IoT-connected devices have been sold and are projected to reach 41 billion due to growing advanced technology penetration in the industry.
Also, the growing adoption and launching of the advanced technology-based IIoT platforms by the leading players across the globe are expected to strengthen the IIoT platform market growth. For instance, in 2021, Siemens, IBM, and Red Hat have collaborated to launch a hybrid cloud initiative to increase the real-time value of industrial IoT data. This hybrid cloud platform is designed to deliver a more secure and flexible solution for manufacturers and plant operators to drive real-time value from operational data.
Restraint in the IIoT Platform Market
However, the high capital cost requires proper training and skills, which may hamper the global IIoT Platform market. Thus, the lack of operational and IT skilled workforce for effective utilization of IIoT platforms to manage the connection and IoT devices hinders the market growth. This is primarily attributed to the rising complexity of the network and data flow into the cloud.
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Platforms – Segment Analysis
Based on the platforms, connectivity management is expected to grow at the fastest rate in the global IIoT platform market during the forecast period due to the rising adoption of the digital platform and rising demand for the connected devices in the industry to optimize the operations. For instance, in 2019, FANUC, one of the leading factory automation specialists, has the Industrial IoT Platform FIELD system in the European market. This industrial IoT (IIoT) refers to the networking of devices for interaction and data exchange. The FIELD system helps to connect various production machines such as machining center robots of different generations from all manufacturers in a plant, enabling comprehensive data analysis for a decisive step towards the smart factory.
Application – Segment Analysis
Based on the application, automation control is projected to capture the largest market share over the forecast period in the global IIoT Platform market due to the increasing evolution of more powerful and cheaper sensors across several industry verticals such as automotive, logistics, consumer electronics, and semiconductor industry. For instance, in 2019, Shree Cement in India has adopted the IIoT platform for better managing its logistics operations. Also, automation control helps to reduce the additional labor cost and increase productivity.
End-User – Segment Analysis
Based on the end-user, semiconductors and electronics are expected to capture the largest market share in the global IIoT platform market in upcoming years due to the rise in the adoption of intelligent and connected devices around the globe with the surge in consumer spending.
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Regional – Segment Analysis:
Based on the region, North America region is expected to capture a significant market share in the global IIoT platform market in 2020 due to the rising adoption of the advanced technologies, with the presence of leading technology players such as Amazon Web Services, IBM, Microsoft, IBM, etc. in this region. Further, the rising proliferation of IoT-enabled devices and growing investment for research and development on IoT and cloud platforms in North America have propelled the IIoT platform market growth. The rising adoption of trending technologies, such as cloud, IoT, Artificial Intelligence (AI), big data, and autonomous mobility across the North American region have propelled the market growth.
Top Market Players
Various notable players operating in the market include IBM, Microsoft, Samsung, Google, Cisco Systems, Salesforce, Oracle, GE Digital, Ubidots, Zoho Corporation, Telit, Siemens, and among others.
Key Developments:
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- In 2020, AWS collaborated with BlackBerry to develop IIoT based safe, secure, and intelligent connected vehicle software platform for in-vehicle applications.
- In 2019, IBM agreed with SmartCone Technologies to integrate SmartCone Technology solutions with its innovative IBM Watson IoT Platform for developing new detection and alert systems.
- In 2019, Cisco Systems launched a new version of its Cisco IOx i.e., Cisco IOx 1.10.0.
Segments covered in the Report:
The global IIoT Platform market has been segmented on the basis of platforms, application, vertical, end-user and key regions. Based on platforms, the market is segmented into application enablement, device management, connectivity management, and services. Based on application, the market is segmented into predictive maintenance and automation control. Based on vertical, the market is segmented into process industry, and discrete industry. Based on end-user the market is segmented into logistics and transportation, machine manufacturing, automotive, semiconductors and electronics and Healthcare.
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|
Report Coverage |
Details |
| Market Revenues (2022) |
USD 7,907 Million |
| Market Base Year |
2022 |
| Market Forecast Period |
2023-2030 |
| Base Year & Forecast Units |
Revenues (USD Million) |
| Market Segment | By Platforms, By Application, By Vertical, By End-User, and By Region |
| Regional Coverage | Asia Pacific, Europe, North America, and RoW |
| Companies Profiled | IBM, Microsoft, Samsung, Google, Cisco Systems, Salesforce, Oracle, GE Digital, Ubidots, Zoho Corporation, Telit, Siemens, and among others; a total of 12 companies covered. |
| 25% Free Customization Available | We will customize this report up to 25% as a free customization to address our client’s specific requirements |
Market Segmentation
Global IIoT Platform Market by Platforms
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- Application Enablement
- Device Management
- Connectivity Management
- Services
Global IIoT Platform Market by Application
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- Predictive Maintenance
- Automation Control
Global IIoT Platform Market by End-User
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- Logistics and transportation
- Machine manufacturing
- Automotive
- Semiconductors and electronics
- Healthcare
- Others
Global IIoT Platform Market by Region
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-
North America IIoT Platform Market (Option 1: As a part of the free 25% customization)
- By Platforms
- By Application
- By Vertical
- By End-User
- US Market All-Up
- Canada Market All-Up
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Europe IIoT Platform Market (Option 2: As a part of the free 25% customization)
- By Platforms
- By Application
- By Vertical
- By End-User
- UK Market All-Up
- Germany Market All-Up
- France Market All-Up
- Spain Market All-Up
- Rest of Europe Market All-Up
-
Asia-Pacific IIoT Platform Market (Option 3: As a part of the free 25% customization)
- By Platforms
- By Application
- By Vertical
- By End-User
- China Market All-Up
- India Market All-Up
- Japan Market All-Up
- Rest of APAC Market All-Up
-
RoW IIoT Platform Market (Option 4: As a part of the free 25% customization)
- By Platforms
- By Application
- By Vertical
- By End-User
- Brazil Market All-Up
- South Africa Market All-Up
- Saudi Arabia Market All-Up
- UAE Market All-Up
- Rest of world (remaining countries of the LAMEA region) Market All-Up
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Major Players Operating in the IIoT Platform (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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- IBM
- Microsoft
- Samsung
- Cisco Systems
- Salesforce
- Oracle
- GE Digital
- Ubidots
- Zoho Corporation
- Telit
- Siemens
Frequently Asked Question About This Report
IIoT Platform Market [UP2123-001001]
IIoT Platform Market is predicted to grow at 14.8% during the forecast period.
The end-user in IIoT platformlogistics and transportation, machine manufacturing, automotive, semiconductors and electronics and Healthcare.
The factors driving the IIoT platform market include the rising adoption of next-generation technologies, such as AI, IoT for predictive and proactive maintenance in the industry.
The connectivity management is expected to grow at the fastest rate in the IIoT platform market during the forecast period due to the rising adoption of the digital platform and rising demand for the connected devices in the industry to optimize the operations.
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