IIOT Platform Market Size, Share, Opportunities, And Trends By Platform Type (Device Management Platform, Application Management Platform, Network Management Platform), By Application (Predictive Maintenance, Business Process Optimization, Asset Tracking And Management, Logistics And Supply Chain Management, Real-Time Workforce Tracking And Management, Automation Control And Management, Emergency And Incident Management, Business Communication), By End-User Industry (Energy And Power, Chemical, Food And Beverage, Automotive, Manufacturing, Semiconductor, Healthcare, Others), And By Geography - Forecasts From 2024 To 2029
- Published : Mar 2024
- Report Code : KSI061611711
- Pages : 125
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The IIOT platform market is evaluated at US$8.794 billion for the year 2022 growing at a CAGR of 13.79% reaching the market size of US$21.729 billion by the year 2029.
Among the elements of the Internet of Things is the Industrial Internet of Things (IIoT). Sensors and instruments are interconnected on the network, and they are incorporated into the computer network for applications. In addition, cloud computing techniques are being used to develop high-trending applications. In this approach, large amounts of data are collected and then sent to a cloud-based service where they are combined with other data and made available to end-users. As part of the IIoT platform industry’s growth, factors include technological advancements in semiconductors and electronics, increased use of cloud computing platforms, standardization of IPv6, and government support for research and development related to the IIoT platform.
In recent years, technological advancements in the developing world combined with the emergence of big data analytics have fuelled the growth of the industrial Internet of Things platform market. Furthermore, the development of industry-specific platforms in developed regions, as well as an increase in demand from the healthcare industry, is likely to fuel the growth of the IIoT platform market.
MARKET DRIVERS:
- The rapid adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the manufacturing sector
The manufacturing sector has been advancing rapidly in its use of AI and IoT. Through integrating AI and IoT, manufacturing processes can be optimized, early warnings can be sent, quality control can be improved, and equipment failure can be predicted. Manufacturers can differentiate themselves from their competitors by collecting precise data and developing innovative AI applications. Manufacturing processes had to be improvised due to movement restrictions, lockdowns, and a lack of a workforce. A result of this was an increase in IoT and AI usage in manufacturing. In the absence of a regular workforce, artificial intelligence (AI) and machine learning algorithms were used by manufacturing units to track machine conditions and maintain equipment.
- Self-driving cars are on the horizon
The automotive industry is anticipated to undergo a rapid revolution with the advent of autonomous or self-driven trucks and passenger cars. Approximately 1.3 million people die every year as a result of traffic accidents, primarily caused by truck accidents on the highways. Internet of Things (IoT) platforms will be used to develop automated and semi-autonomous trucks and other vehicles that will be able to communicate with each other via data collection and cloud storage. According to a new report from the United Nations Economic Commission for Europe (UNESE), self-driving vehicles can enhance comfort, safety, and efficiency while reducing environmental impacts. This resulted in the creation of a market for autonomous trucks and other vehicles on an IIoT platform.
MARKET RESTRAINTS:
- Technology vulnerabilities to cyberattacks in the IoT
Intelligent manufacturing systems are intertwined with IoT technologies. As a result of interconnected devices across a manufacturing facility, security holes are created throughout the facility, posing a threat to its operation. As a result, it is impossible to know where the data originates or where it ends from a security perspective. As such, the visibility of data on a factory floor is the greatest cybersecurity challenge in smart manufacturing. An attack involving DoppelPaymer ransomware, for instance, took place at a manufacturing facility owned by Visser Precision, which manufactures space and defense equipment. Upon exploiting vulnerabilities in the system, the hackers leaked sensitive documents and non-disclosure agreements.
North America is anticipated to be the major regional market.
The Industrial Internet of Things (IIoT) market in North America is driven by the broad implementation of Industry 4.0 principles across diverse industries. IIoT platforms are essential for facilitating the integration of smart devices, sensors, and machines as companies aim for greater automation, connection, and data-driven decision-making. One of the main drivers has been the need for real-time data analytics and insights to maximize operational effectiveness, decrease downtime, and boost overall production. The adoption of IIoT platforms in North America is further accelerated by the growing emphasis on supply chain optimization, asset tracking, and predictive maintenance.
Key Developments:
- In January 2023, The ThingWorx IIoT platform, which is a component of the FactoryTalk® InnovationSuite, powered by PTC, enabled Falcon Group to increase its machine utilization by 162.5%. This news was released by Rockwell Automation, Inc., the largest company in the world devoted to industrial automation and digital transformation.
- In April 2022, Banner Engineering, a maker of industrial automation, unveiled a new IIoT product line called Snap Signal that collects data from almost any industrial machine's device and transforms it into a standard protocol, allowing for an upgrade to Industry 4.0 and increasing productivity.
IIOT Platform Market Scope:
| Report Metric | Details |
| Market Size Value in 2022 | US$8.794 billion |
| Market Size Value in 2029 | US$21.729 billion |
| Growth Rate | CAGR of 13.79% from 2022 to 2029 |
| Base Year | 2022 |
| Forecast Period | 2024 – 2029 |
| Forecast Unit (Value) | USD Billion |
| Segments Covered |
|
| Companies Covered |
|
| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
Segmentation:
- By Platform Type
- Device Management Platform
- Application Management Platform
- Network Management Platform
- By Application
- Predictive Maintenance
- Business Process Optimization
- Asset Tracking and Management
- Logistics and Supply Chain Management
- Real-Time Workforce Tracking and Management
- Automation Control and Management
- Emergency and Incident Management
- Business Communication
- By End-User Industry
- Energy and Power
- Chemical
- Food and Beverage
- Automotive
- Manufacturing
- Semiconductor
- Healthcare
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
- North America
Frequently Asked Questions (FAQs)
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key Benefits to the stakeholder
2. RESEARCH METHODOLOGY
2.1. Research Design
2.2. Research Processes
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. CXO Perspective
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
4.5. Analyst View
5. IIOT PLATFORM MARKET, BY PLATFORM TYPE
5.1. Introduction
5.2. Device Management Platform
5.2.1. Market Trends and Opportunities
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Application Management Platform
5.3.1. Market Trends and Opportunities
5.3.2. Growth Prospects
5.3.3. Geographic Lucrativeness
5.4. Network Management Plaform
5.4.1. Market Trends and Opportunities
5.4.2. Growth Prospects
5.4.3. Geographic Lucrativeness
6. IIOT PLATFORM MARKET, BY APPLICATION
6.1. Introduction
6.2. Predictive Maintenance
6.2.1. Market Trends and Opportunities
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Business Process Optimization
6.3.1. Market Trends and Opportunities
6.3.2. Growth Prospects
6.3.3. Geographic Lucrativeness
6.4. Asset Tracking and Management
6.4.1. Market Trends and Opportunities
6.4.2. Growth Prospects
6.4.3. Geographic Lucrativeness
6.5. Logistics and Supply Chain Management
6.5.1. Market Trends and Opportunities
6.5.2. Growth Prospects
6.5.3. Geographic Lucrativeness
6.6. Real-Time Workforce Tracking and Management
6.6.1. Market Trends and Opportunities
6.6.2. Growth Prospects
6.6.3. Geographic Lucrativeness
6.7. Automation Control and Management
6.7.1. Market Trends and Opportunities
6.7.2. Growth Prospects
6.7.3. Geographic Lucrativeness
6.8. Emergency and Incident Management
6.8.1. Market Trends and Opportunities
6.8.2. Growth Prospects
6.8.3. Geographic Lucrativeness
6.9. Business Communication
6.9.1. Market Trends and Opportunities
6.9.2. Growth Prospects
6.9.3. Geographic Lucrativeness
7. IIOT PLATFORM MARKET, BY END-USER INDUSTRY
7.1. Introduction
7.2. Energy and Power
7.2.1. Market Trends and Opportunities
7.2.2. Growth Prospects
7.2.3. Geographic Lucrativeness
7.3. Chemical
7.3.1. Market Trends and Opportunities
7.3.2. Growth Prospects
7.3.3. Geographic Lucrativeness
7.4. Food and Beverage
7.4.1. Market Trends and Opportunities
7.4.2. Growth Prospects
7.4.3. Geographic Lucrativeness
7.5. Automotive
7.5.1. Market Trends and Opportunities
7.5.2. Growth Prospects
7.5.3. Geographic Lucrativeness
7.6. Manufacturing
7.6.1. Market Trends and Opportunities
7.6.2. Growth Prospects
7.6.3. Geographic Lucrativeness
7.7. Semiconductor
7.7.1. Market Trends and Opportunities
7.7.2. Growth Prospects
7.7.3. Geographic Lucrativeness
7.8. Healthcare
7.8.1. Market Trends and Opportunities
7.8.2. Growth Prospects
7.8.3. Geographic Lucrativeness
7.9. Others
7.9.1. Market Trends and Opportunities
7.9.2. Growth Prospects
7.9.3. Geographic Lucrativeness
8. IIOT PLATFORM MARKET, BY GEOGRAPHY
8.1. Introduction
8.2. North America
8.2.1. By Platform Type
8.2.2. By Application
8.2.3. By End-User Industry
8.2.4. By Country
8.2.4.1. USA
8.2.4.1.1. Market Trends and Opportunities
8.2.4.1.2. Growth Prospects
8.2.4.2. Canada
8.2.4.2.1. Market Trends and Opportunities
8.2.4.2.2. Growth Prospects
8.2.4.3. Mexico
8.2.4.3.1. Market Trends and Opportunities
8.2.4.3.2. Growth Prospects
8.3. South America
8.3.1. By Platform Type
8.3.2. By Application
8.3.3. By End-User Industry
8.3.4. By Country
8.3.4.1. Brazil
8.3.4.1.1. Market Trends and Opportunities
8.3.4.1.2. Growth Prospects
8.3.4.2. Argentina
8.3.4.2.1. Market Trends and Opportunities
8.3.4.2.2. Growth Prospects
8.3.4.3. Others
8.3.4.3.1. Market Trends and Opportunities
8.3.4.3.2. Growth Prospects
8.4. Europe
8.4.1. By Platform Type
8.4.2. By Application
8.4.3. By End-User Industry
8.4.4. By Country
8.4.4.1. United Kingdom
8.4.4.1.1. Market Trends and Opportunities
8.4.4.1.2. Growth Prospects
8.4.4.2. Germany
8.4.4.2.1. Market Trends and Opportunities
8.4.4.2.2. Growth Prospects
8.4.4.3. France
8.4.4.3.1. Market Trends and Opportunities
8.4.4.3.2. Growth Prospects
8.4.4.4. Spain
8.4.4.4.1. Market Trends and Opportunities
8.4.4.4.2. Growth Prospects
8.4.4.5. Others
8.4.4.5.1. Market Trends and Opportunities
8.4.4.5.2. Growth Prospects
8.5. Middle East and Africa
8.5.1. By Platform Type
8.5.2. By Application
8.5.3. By End-User Industry
8.5.4. By Country
8.5.4.1. Saudi Arabia
8.5.4.1.1. Market Trends and Opportunities
8.5.4.1.2. Growth Prospects
8.5.4.2. UAE
8.5.4.2.1. Market Trends and Opportunities
8.5.4.2.2. Growth Prospects
8.5.4.3. Israel
8.5.4.3.1. Market Trends and Opportunities
8.5.4.3.2. Growth Prospects
8.5.4.4. Others
8.5.4.4.1. Market Trends and Opportunities
8.5.4.4.2. Growth Prospects
8.6. Asia Pacific
8.6.1. By Platform Type
8.6.2. By Application
8.6.3. By End-User Industry
8.6.4. By Country
8.6.4.1. China
8.6.4.1.1. Market Trends and Opportunities
8.6.4.1.2. Growth Prospects
8.6.4.2. Japan
8.6.4.2.1. Market Trends and Opportunities
8.6.4.2.2. Growth Prospects
8.6.4.3. India
8.6.4.3.1. Market Trends and Opportunities
8.6.4.3.2. Growth Prospects
8.6.4.4. South Korea
8.6.4.4.1. Market Trends and Opportunities
8.6.4.4.2. Growth Prospects
8.6.4.5. Taiwan
8.6.4.5.1. Market Trends and Opportunities
8.6.4.5.2. Growth Prospects
8.6.4.6. Thailand
8.6.4.6.1. Market Trends and Opportunities
8.6.4.6.2. Growth Prospects
8.6.4.7. Indonesia
8.6.4.7.1. Market Trends and Opportunities
8.6.4.7.2. Growth Prospects
8.6.4.8. Others
8.6.4.8.1. Market Trends and Opportunities
8.6.4.8.2. Growth Prospects
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Market Share Analysis
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Competitive Dashboard
10. COMPANY PROFILES
10.1. SAP
10.2. Hitachi Vantara Corporation
10.3. Accenture
10.4. IBM
10.5. Oracle
10.6. ATOS
10.7. Cisco
10.8. Intel
10.9. Emerson Electric Co.
10.10. General Electric
SAP
Hitachi Vantara Corporation
Accenture
IBM
Oracle
ATOS
Cisco
Intel
Emerson Electric Co.
General Electric
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