Industrial IoT (IIoT) Platform Market Size, Share & Segmentation 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), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

Industrial IoT (IIoT) Platform Market size was valued at USD 305.21 Bn in 2022 and is expected to reach at USD 1304.5 Bn by 2030, and grow at a CAGR of 19.91 % over the forecast period 2023-2030.

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.

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.

MARKET DYNAMICS:

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 at cloud and IoT-enabled devices.

IMPACT OF COVID-19:

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.

MARKET ESTIMATION:

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.

KEY MARKET SEGMENTS:

On The Basis of Offering:

• Platforms

  • Device Management Platform

  • Application Enablement Platform

  • Connectivity Management Platform

  • Services

• Consulting Services

  • System Integration and Deployment

  • Support and Maintenance

On The Basis of Application Area:

• Supply Chain and Management

• Business Process Optimization

• Workforce Management

• Automation Control

• Emergency and Incident Management

On The Basis of 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

KEY PLAYERS:

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.

REGIONAL ANALYSIS:

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

Frequently Asked Questions (FAQ) :