How Has the IIoT Platform Market Size Evolved in Recent Years?
The iiot platform market has seen considerable growth due to a variety of factors.
• The escalation in the market size of the IIoT platform has been significant over the past few years. Anticipated to expand from $11.08 billion in 2024 to $12.65 billion in 2025, it's expected to attain a compound annual growth rate (CAGR) of 14.2%. Factors such as the advancement in connectivity, increased use of sensors, reduced costs, demand for predictive maintenance, and remote monitoring have all contributed to the growth observed in the historic period.
What Is The Forecast For The IIoT Platform Market?
The IIoT Platform market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of the IIoT platform is poised to experience swift expansion and is predicted to reach $23.47 billion by 2029, with a compound annual growth rate (CAGR) of 16.7%.
This predicted expansion during the forecast period can be linked to factors such as the deployment of digital twins, increased emphasis on environmental sustainability, the rise of autonomous vehicles and drones, real-time quality control, and customization and scalability. Key trends anticipated in the forecast period encompass incorporating edge computing, prioritizing interoperability standards, integrating AI and machine learning, 5G connectivity, leveraging blockchain for data integrity, enhancing the visibility and optimization of supply chains, and fostering collaboration and partnerships.
What Are The Essential Drivers Behind The Growth Of The IIoT Platform Market?
Industrial automation's growth, which is facilitated by the use of advanced technologies like robotics and computer software to control machinery and processes in various industries, has been significantly spearheaded by numerous government initiatives. To keep up with global competition and encourage national development, governments worldwide are taking steps to enhance and revolutionize the industrial sector. A case in point is the Instrument Flight Rules (IFR) International Federation of Robotics - a Germany-headquartered establishment focusing on robotics technology development - which reported in September 2023 that there had been an addition of 553,052 industrial robots installations worldwide in 2022. This was a climb of 5% compared to the previous period, with the geographical distribution showing Asia registering 73% of these installations, while Europe and the Americas accounted for 15% and 10%, respectively. Thus, the surge in the industrial internet of things (IIOT) platform market can be attributed to the encouraging government measures, promoting industrial automation.
How Is The Global IIoT Platform Market Divided Into Key Segments?
The IIoT platform market covered in this report is segmented –
1) By Offering: Platforms, Services
2) By Application: Asset Management, Remote Monitoring, Network System Management
3) By End-User: Manufacturing, Energy And Power, Oil And Gas, Healthcare, Logistics And Transport, Other End Users
Subsegments:
1) By Platforms: IoT Device Management Platforms, Data Management Platforms, Analytics Platforms, Application Enablement Platforms, Connectivity Platforms
2) By Services: Consulting Services, System Integration Services, Maintenance And Support Services, Training And Education Services
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What Trends Are Reshaping The Future Of The IIoT Platform Market?
The emergence of technological advancements is a predominant trend in the industrial internet of things (IIOT) platform market. Key players in this market are emphasizing on creating novel and revolutionary technological offerings to fortify their market presence. For example, in April 2022, two major entities – RS Components, an industrial equipment and facilities distributor based in the UK, and Tata Consultancy Services, an IT services and consulting firm originating from India, unleashed RS Industria. It's a newly-conceived cloud-based Industrial Internet of Things (IIOT) platform. The fundamental purpose of RS Industria is to simplify the connection of existing manufacturing asset data sources, such as vibration sensors, PLCs, SCADA systems, and utility meters. RS Components is utilizing technologies like machine learning, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) for improved and quicker data insights. RS Industria eases the connection to existing production asset data sources like vibration sensors, PLCs, SCADA systems, and utility meters.
Who Are the Key Players In The IIoT Platform Market?
Major companies operating in the IIoT platform market include:
• Intel Corporation
• General Electric Company
• Amazon Web Services Inc.
• International Business Machine Corporation
• Microsoft Corporation
• Cisco Systems Inc.
• SAP SE
• Oracle Corporation
• PTC Inc.
• Rockwell Automation Inc.
• Emerson Electric Co.
• QiO Technologies India Pvt. Ltd.
• Google Inc.
• Hewlett-Packard Enterprise Company
• Seeq Corporation
• Hitachi Vantara Enterprise Company
• Softeq Corp.
• Cognite AS
• Johnson Controls Inc.
• Toshiba Corporation
• Mitsubishi Electric Corporation
• Honeywell International Inc.
• Siemens AG
• Schneider Electric SE
• ABB Ltd.
• Huawei Technologies Co. Ltd.
• Dell Technologies Inc.
• Accenture PLC
• Capgemini SE
• Infosys Limited
• Wipro Limited
• Tata Consultancy Services Limited
• Tech Mahindra Limited
• HCL Technologies Limited
• L&T Technology Services Limited
• Robert Bosch GmbH
• Fujitsu Limited
• NEC Corporation
• Advantech Co. Ltd.
• Telit Communications PLC
• Eurotech S.p.A.
• Wind River Systems Inc.
What Are The Regional Insights Into The IIoT Platform Market?
North America was the largest region in the IIOT Platform market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IIOT platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
