The Industrial IoT (IIoT) Platform Market size was valued at USD 9.7 Billion in 2023 and is expected to reach USD 26.9 Billion by 2031 and grow at a CAGR of 13.6% over the forecast period 2024-2031.
The Industrial Internet of Things (IIoT) is a subset of the Internet of Things idea. It is made up of networked devices such as sensors and instruments that are linked to computer networks to service applications. The apps leverage cloud computing to incorporate current developments in the automation business. A vast quantity of data is gathered and then delivered to a central cloud-based service, where it is combined with other data before being shared with end-users. The manufacturing landscape is evolving at a rapid pace, with substantial changes taking place on numerous fronts. The Internet of things (IoT) has impacted organizations interested in digital transformation to power their future factories.
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The industrial internet of Things (IIoT) is a developing element of IoT that uses actuators and smart sensors to connect machines and humans to the Internet. As a result, industrial and manufacturing processes are improving in terms of safety, productivity, and efficiency.
In the manufacture of industrial machinery and equipment, the worldwide industrial IoT platform market will continue to increase considerably year over year. As a result, the industry's new frontier is the integration of IIoT platforms with industrial automation.
The monetization potential of IIoT platform-enabled apps in conjunction with the IIoT platform is enormous, but its deployment is still in its infancy. Because of the importance of IIoT platforms in the industrial environment, market participants will need to have a clear view of their businesses. The market's predicted time frame of development and the ideal amount of investment in services and technology are included in the perspective.
KEY DRIVERS:
Asset tracking and industrial tool monitoring are common uses of IoT devices and control systems.
Operational data from IoT-enabled devices and equipment acquired by the organization.
Predictive maintenance is used to assess the status of equipment in detail.
RESTRAINTS:
For efficient operations, particular IT technical skills and experience must be deployed and maintained effectively.
Network administration is growing increasingly complex for IT teams as more IoT devices are introduced to networks.
A shortage of technically trained workers.
OPPORTUNITY:
The Internet of Things (IoT) is a crucial digital transformation technology that allows organizations to improve their operational efficiency.
Other technologies are driving demand for enterprise digital transformation (big data analytics, cloud, and edge computing).
The expanding popularity of sophisticated technologies is encouraging businesses to use IoT.
CHALLENGES:
A major difficulty is ensuring data security and privacy.
Privacy and security are two closely connected challenges for IoT devices in a large-scale deployment.
Various cyber dangers might get access to the corporate data generated by cloud and IoT-enabled devices.
Demand and supply have both diminished as a result of the new coronavirus's spread, and operations have been temporarily suspended. Furthermore, due to government-imposed restrictions, the majority of employees have begun working remotely. However, it is difficult to control and run machines and equipment remotely in manufacturing or industries, which is driving the growth of the industrial IoT platform market.
Workers can connect to equipment and manage activities via the cloud. Many businesses have begun to provide remote control and access to various devices. It is simple to install connection kits on most computers because they have longer down periods. Every piece of equipment that is connected to the internet will benefit industries since data collecting, remote monitoring, and other services will be available. By the end of 2021, the market is expected to have grown at a 2x rate.
To improve company operations and boost operational efficiency, IIoT platforms link numerous devices, sensors, machines, routers, controllers, gateways, and edge computing systems centrally. The IIoT platform can be used as a technology suite, a general-purpose application platform, or both at the same time. IIoT systems are designed to meet the needs of industrial assets and their operational environments in terms of safety, security, and mission-criticality. IIoT platforms also keep track of IoT endpoints and event streams, as well as support and translate a range of manufacturer and industry-specific protocols. Data is also analyzed at the IoT edge and in the cloud by the IIoT platform.
The application enablement platform was created to make managing a variety of applications easier, including packing, deployment, and a containerized Software-Defined Environment (SDE). The application enablement platform aids in the management of various application provisioning as well as the provision of application-level security services. Furthermore, application enablement platforms are being used to solve goals such as intelligent product upgrades, dynamic responsiveness to market demands, cost reduction, resource optimization, and waste reduction.
The deployed software within the IIoT infrastructure benefits from support and maintenance services. These services include round-the-clock troubleshooting, software upgrades, problem-solving, repair, and replacement of failed components, field maintenance, proactive services, technical support from professionals, and test scenario management. More and more assets are being connected with tracking devices, sensors, and actuators, giving a centralized link to the IIoT platform, thanks to the emergence of low-cost sensors, location-based services with GPS, inexpensive connections, and gateways. Asset management systems that use the IIoT platform to update the component location as soon as they arrive reduce these risks. Asset management is critical for managing physical assets as well as the operation of industrial equipment.
Automobiles, furniture, toys, smartphones, and airplanes are all part of the discrete industry. Automotive, machine manufacturing, semiconductor and electronics, medical devices, logistics and transportation all fall under the discrete industry umbrella. IIoT systems assist these industries by providing solutions like predictive management, labor tracking, and logistics and supply chain management, which allow businesses to increase operational efficiency, extend asset life, and minimize downtime.
By Offering
Platforms
Device Management Platform
Application Enablement Platform
Connectivity Management Platform
Services
Consulting Services
System Integration and Deployment
Support and Maintenance
By Application Area
Supply Chain and Management
Business Process Optimization
Automation Control
Emergency and Incident Management
By Vertical
Process Industry
Energy and Utilities
Chemical and Materials
Food and Beverages
Discrete Industry
Automotive
Machine Manufacturing
Semiconductor and Electronics
Medical Devices
Logistics and Transportation
Others
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The worldwide industrial IoT platform market is dominated by North America. Because the United States and Canada have well-established and stable economies, they are able to invest heavily in research and development. This, in turn, aids the advancement of cutting-edge technology. Furthermore, North America's start-up culture, together with SMEs, is rapidly expanding, assisting market expansion. Similarly, APAC is launching a slew of projects to boost IoT infrastructure, allowing consumers to embrace cutting-edge technology.
The industrial IoT platform market research is based on first-hand data, qualitative and quantitative analysis by industry analysts, and inputs from industry experts and stakeholders from all parts of the value chain. The research examines parent market trends, macroeconomic indicators, and controlling variables in-depth, as well as market attractiveness by segment. The qualitative influence of key market variables on market segments and regions is also mapped out in the market study.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The leading industry participants are projected to concentrate on cost reduction, making it difficult for newcomers to get into the market. Venture capital investment, on the other hand, is projected to aid IIoT firms in breaking into the market. Companies in both the commercial and public sectors are projected to begin concentrating on innovation, productivity, and value as they grasp the importance of IIoT in offering integrated and sustainable goods and services to tech-savvy organizations. The key players are ABB, General Electric Company (GE), IBM Corporation, Intel Corporation, Rockwell Automation, Inc., Siemens AG, Microsoft Corporation, QiO Technologies, Litmus Automation, Amazon Web Services & Other Players
| Report Attributes | Details |
| Market Size in 2023 | US$ 9.7 Bn |
| Market Size by 2031 | US$ 26.9 Bn |
| CAGR | CAGR of 13.6% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Offering (Platforms and Consulting Services) • By Application Area (Supply Chain and Management, Business Process Optimization, Workforce Management, Automation Control, Emergency and Incident Management) • By Vertical (Process Industry (Energy and Utilities, Chemical and Materials, Food and Beverages), Discrete Industry (Automotive, Machine Manufacturing, Semiconductor and Electronics, Medical Devices, Logistics and Transportation, Others)) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | ABB, General Electric Company (GE), IBM Corporation, Intel Corporation, Rockwell Automation, Inc., Siemens AG, Microsoft Corporation, QiO Technologies, Litmus Automation, Amazon Web Services |
| Key Drivers | • Asset tracking and industrial tool monitoring are common uses of IoT devices and control systems. • Operational data from IoT-enabled devices and equipment acquired by the organization. |
| Market Opportunities | • The Internet of Things (IoT) is a crucial digital transformation technology that allows organizations to improve their operational efficiency. |
Ans:-The Industrial IoT (IIoT) Platform Market size was valued at USD 305.21 Bn in 2022.
Ans:- A major difficulty is ensuring data security and privacy.
Ans:- The Industrial IoT (IIoT) Platform Market is segmented into Offering, Application areas, and Verticals.
Ans:- The key players are ABB, General Electric Company (GE), IBM Corporation, Intel Corporation, Rockwell Automation, Inc., Siemens AG, Microsoft Corporation, QiO Technologies, Litmus Automation, Amazon Web Services.
Ans:- The worldwide industrial IoT platform market is dominated by North America.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Industrial IoT (IIoT) Platform Market Segmentation, by Offering
8.1 Platforms
8.1.1 Device Management Platform
8.1.2 Application Enablement Platform
8.1.3 Connectivity Management Platform
8.1.4 Services
8.2 Consulting Services
8.2.1 System Integration and Deployment
8.2.2 Support and Maintenance
9. Industrial IoT (IIoT) Platform Market Segmentation, by Application Area
9.1 Supply Chain and Management
9.2 Business Process Optimization
9.3 Workforce Management
9.4 Automation Control
9.5 Emergency and Incident Management
10. Industrial IoT (IIoT) Platform Market Segmentation, by Vertical
10.1 Process Industry
10.1.1 Energy and Utilities
10.1.2 Chemical and Materials
10.1.3 Food and Beverages
10.2 Discrete Industry
10.2.1 Automotive
10.2.2 Machine Manufacturing
10.2.3 Semiconductor and Electronics
10.2.4 Medical Devices
10.2.5 Logistics and Transportation
10.2.6 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 ABB
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 General Electric Company (GE)
12.3 IBM Corporation
12.4 Intel Corporation
12.5 Rockwell Automation, Inc.
12.6 Siemens AG
12.7 Microsoft Corporation
12.8 QiO Technologies
12.9 Litmus Automation
12.10 Amazon Web Services
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Conclusion
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