IIoT Platform Market worth $18.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, June 26, 2023 /PRNewswire/ -- The IIoT Platform Market has a bright future thanks to its continuing industry expansion and integration with edge computing, artificial intelligence, and machine learning. The development of IIoT platforms and the advancement of industrial operations will be shaped by improved security, interoperability, and industry-specific solutions as well as cooperation and collaborations.

The IIoT Platform Market size is projected to grow from USD 9.5 billion in 2023 to USD 18.2 billion in 2028, at a Compound Annual Growth Rate (CAGR) of 13.9% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the Industrial IoT (IIoT) platform market is primarily driven by the increasing demand for operational efficiency, advancements in IoT technologies, and a strong emphasis on safety and security. Industries are adopting IIoT platforms to optimize processes, leverage technological advancements, and enhance safety measures. With real-time data collection and analysis, businesses can make data-driven decisions, improve productivity, and mitigate risks.

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Scope of the Report

Based on offering, the services segment to grow at a higher CAGR during the forecast period

The services segment of the global IIoT Platform Market comprises consulting services, system integration and deployment services, and support and maintenance services. The service segment is driven by the complexity of implementation, customization requirements, integration with legacy systems, maintenance and support needs, data analytics and insights, security and cybersecurity concerns, training and skill development requirements, and the need for scalability and upgradability.

Based on platform, the device management platform segment is expected to lead the market during the forecast period

is driven by the need to manage the growing number of connected devices, enable remote monitoring and control, streamline firmware and software updates, facilitate device configuration and provisioning, enhance security and compliance, enable asset tracking and inventory management, provide device analytics and performance monitoring, and ensure scalability and interoperability within the IIoT ecosystem.

Based on services, the support and maintenance segment is expected to grow at a higher CAGR during the forecast period

The support and maintenance service segment in the IIoT Platform Market is driven by the complexity of IIoT systems, the need for technical expertise, the continuous improvement of platforms, the requirement for high reliability and minimal downtime, security and risk mitigation, compliance and regulatory adherence, and performance optimization

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Based on application area, the supply chain management segment is expected to grow at a higher CAGR during the forecast period

Supply chain management segment in the IIoT Platform Market is driven by the need for enhanced visibility, operational efficiency, real-time decision-making, inventory optimization, supply chain visibility and traceability, supply chain resilience and risk mitigation, collaboration and integration among stakeholders, and sustainability considerations..

Based on vertical, the process industry segment is expected to lead the market during the forecast period

The process industry segment in the IIoT Platform Market is driven by the need for operational efficiency, asset performance optimization, regulatory compliance and safety, quality control and traceability, supply chain integration and optimization, energy management and sustainability, and digital transformation initiatives

North America to hold the highest market size during the forecast period

IIoT platform is a steady-growing market in North America, which includes the US and Canada. North American industries, including manufacturing, energy, transportation, and healthcare, are increasingly adopting automation and digitalization to improve operational efficiency and competitiveness North America is known for its strong technological innovation and adoption. The region has a robust ecosystem of technology companies, startups, and research institutions focused on developing and advancing IIoT platforms. The continuous technological advancements drive the growth of the IIoT Platform Market by offering new capabilities, improved connectivity, and enhanced analytics for industrial applications.

Top Key Companies in IIoT Platform Market:

Major vendors operating in the IIoT Platform Market include Software AG (Germany), PTC  (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos  (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US).

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Recent Developments:

• In March 2023, Accenture acquired Flutura, an internet of things (IoT) and data science services firm, for an undisclosed sum to boost the industrial AI services it sells under Applied Intelligence's umbrella.
• In January 2023, PTC acquired ServiceMax a Service Execution Management company. The acquisition adds important field service management (FSM) capabilities to PTC's closed-loop product lifecycle management (PLM) and digital thread offerings.
• In February 2022, Software AG acquired treamSets, a leader in data integration for the modern data stack. With this acquisition, Software AG adds a sizeable and fast-growing SaaS and subscription business that is growing rapidly.
• In March 2021, SAP acquired Signavio, one of the leaders in the enterprise business process intelligence and process management space. As a part of the acquisition, Signavio's products become part of SAP's business process intelligence portfolio and complement SAP's holistic process transformation portfolio. As a result of the deal, SAP can help companies quickly understand, improve, transform and manage their business processes on a scale.
• In February 2021, Siemens, IBM, and Red Hat collaborated to use a hybrid cloud designed to deliver an open, flexible, and more secure solution for manufacturers and plant operators to increase the real-time value of industrial IoT data. Through the collaboration, Siemens Digital Industries Software will apply IBM's open hybrid cloud approach, built on Red Hat OpenShift, to extend the deployment flexibility of MindSphere. This will enable customers to run MindSphere on-premise, unlocking the speed and agility in factory and plant operations and through the cloud for seamless product support, updates, and enterprise connectivity.

IIoT Platform Market Advantages:

• IIoT platforms enable the real-time monitoring and data collecting from a range of industrial equipment, sensors, and devices. To increase operational efficiency overall and to identify bottlenecks and optimize procedures, this data can be analyzed and utilized. Organizations may reorganize processes, cut down on downtime, and boost productivity by utilizing data-driven insights.
• With the use of real-time data and analytics, IIoT platforms may undertake predictive maintenance, a proactive approach to maintenance that foresees equipment failures or performance problems. Organizations may prevent unforeseen breakdowns, lower maintenance costs, and increase equipment uptime by scheduling maintenance chores in advance and keeping an eye on the health and performance of their machinery.
• IIoT platforms enable real-time monitoring of industrial environments, enabling the early discovery of safety risks, equipment problems, or anomalous situations. Organizations may reduce workplace accidents, save expensive damages, and maintain employee safety by quickly detecting and addressing possible risks.
• Organizations have access to a lot of real-time and archived data thanks to IIoT systems. Organizations can gain useful insights from this data by utilizing advanced analytics, machine learning, and artificial intelligence approaches. Decision-makers are given the tools they need to make wise decisions, streamline procedures, and spot untapped commercial potential.
• Industrial equipment and processes can be remotely monitored and managed using IIoT platforms. Due to this feature, businesses may manage and keep an eye on numerous sites or facilities from a central place without having to be present physically at each one. Remote control and access increase operational agility, cut travel expenses, and make it easier to react quickly to problems or emergencies.
• IIoT platforms can support cost optimization in a number of ways. Organizations may minimize maintenance costs, maximize asset utilization, and extend equipment lifecycles by enhancing operational efficiency, lowering downtime, and enabling predictive maintenance. IIoT systems can also aid in reducing waste, streamlining supply chain procedures, and optimizing energy consumption, all of which can lower costs overall.

Report Objectives

• To determine and forecast the global IIoT Platform Market by offering, application area, vertical, and region from 2023 to 2028, and analyse the various macroeconomic and microeconomic factors that affect market growth.
• To forecast the size of the market segments with respect to five main regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
• To provide detailed information related to the major factors (drivers, restraints, opportunities, and challenges) influencing the growth of the IIoT Platform Market.
• To analyse each submarket with respect to individual growth trends, prospects, and contributions to the overall IIoT Platform Market.
• To analyse the opportunities in the market for stakeholders by identifying the high-growth segments of the IIoT Platform Market.
• To profile the key market players; provide a comparative analysis on the basis of business overviews, regional presence, product offerings, business strategies, and key financials; and illustrate the competitive landscape of the market.
• To track and analyse competitive developments, such as mergers and acquisitions, product developments, partnerships and collaborations, and Research and Development (R&D) activities, in the market.

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