IIoT Platform – Are you IoT ready?
The IIoT Platform market was valued at US$8.794 billion in 2022 and will increase to US$21.729 billion by 2029. Over the forecast period, this market is estimated to increase at a compound yearly growth rate of 13.79%.
The deployment of the internet of things (IoT) in industries and manufacturing sectors is known as the industrial internet of things (IoT). The Internet of Things (IoT) is a sophisticated integration of information technology (IT) and operational technology (OT). Machine-to-machine (M2M) connectivity, big data, deep learning, automation and optimization services, and enhanced visibility of supply chain and logistics processes are all provided by this connection. Advanced Al sensors are employed in lloT technology to detect changes in the physical and logical relationships of one object to another or with the environment. Temperature, light, pressure, sound, motion, the presence or absence of an electronically identifiable item, and location are all examples of physical changes.
According to analysts, the increasing adoption of artificial intelligence (AI) and the Internet of Things (IoT) in the industrial and manufacturing sector will be the driving force behind the market’s robust growth over the forecasted timeframe.
The usage of AI and IoT in manufacturing has been quickly progressing. Production processes can be optimized, early warnings can be provided, quality control can be enhanced, and equipment failure can be forecast by combining AI with IoT. Significant benefits, such as increased profit margins due to increased power efficiency, are enticing corporations to engage aggressively in the market. According to a Microsoft report published in 2019, IoT is becoming increasingly important in the industrial business. IoT has been accepted by 87 percent of industry decision-makers, and the clear majority feel it is vital to their company’s performance and that they are satisfied with the technology. Furthermore, due to its next-generation capabilities, edge computing’s use and demand in Industrial IoT are fast increasing. Premio Inc, for example, unveiled its new RCO-6100 commercial fanless computer with WIO-W221C IP65 rugged panel pc for next-gen industrial IoT in February 2020.
To deliver one-stop solutions to industrial users, market leaders such as Google, Amazon Web Services, and Microsoft, among others, are anticipated to form more collaborative alliances with edge-computing startups. Furthermore, the increasing number of industrial robot installations around the world is predicted to increase the need for low latency and low jitter communications, boosting the demand for IIoT solutions. AWS Snowcone, a new compact, ultra-portable, durable, and secure edge computing and data transfer device that weighs under five pounds and fits in a conventional mailbox, was introduced by Amazon Web Services, Inc. (AWS) in June 2020. Customers can collect data locally, process it, and then move it to AWS either offline or online.
The IIoT Platform’s market expansion could be hindered by cybersecurity vulnerabilities in the Internet of Things.
IoT and intelligent industrial systems are inextricably linked. Security holes are developed throughout the production facility as a result of networked technologies, posing a threat to its operation. As a result, from a security standpoint, it is impossible to tell where the data originates or ends. As a result, the greatest cybersecurity challenge in smart manufacturing is data visibility on the factory floor. For example, a manufacturing facility owned by Visser Precision, which makes space and defense equipment, was the target of a DoppelPaymer ransomware attack. The hackers disclosed critical papers and non-disclosure agreements after exploiting system flaws.
During the projected period, the application management platform segment is expected to grow rapidly in the IIoT Platform market.
By Platform Type, the IIoT Platform market can be segmented into Device Management Platforms, Application Management Platforms, and Network Management Platforms. The application management platform is intended to make it easier to handle a variety of applications, such as 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.
During the forecasted time frame, the asset management segment in the IIoT Platform market is predicted to have a dominating share.
The IIoT Platform market is classified into 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, and Business Communication based on application. More and more assets are being connected with tracking devices, sensors, and actuators, giving a centralized connection to the IIoT platform, thanks to the emergence of low-cost sensors, location-based services with GPS, affordable 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 manufacturing equipment. Manufacturing operations are built on the protection of physical assets including facilities, machinery, and fleets. The asset management industrial application is critical because it gives all stakeholders a uniform view of operations and helps manufacturing companies maintain their efficiency.
During the projected period, the manufacturing segment is expected to grow rapidly in the IIoT Platform market.
By End-user industry, the IIoT Platform market can be segmented into Energy and Power, Chemical, Food & Beverage, Automotive, Manufacturing, Semiconductor, Healthcare, and Others. Manufacturing holds a significant share of investment and market share across the industries, with both discrete and process manufacturing investing heavily in IoT adoption. Furthermore, industry executives are enthusiastic about IoT adoption; according to a Microsoft study published in 2019, 87 percent of manufacturing decision-makers support IoT adoption, with smart manufacturing, durability & compliance, production scheduling & planning, supply chain management, and plant safety & security being the primary use cases.
With the introduction of Industry 4.0, IIoT is gaining traction in both discrete and process manufacturing, as it provides ways of optimizing operations, reducing downtime, boosting productivity, and assisting in the making of data-driven choices, which increases profit margins and lowers costs. Furthermore, in the coming years, the use of industrial robots in manufacturing industries is likely to grow even more. According to IFR, global demand for advanced robots in manufacturing is predicted to hit Nearly US$ 3.7 billion by 2020; as a result of these developments, other aspects of the manufacturing industry, such as in-house logistics, inventory and warehouse management, and so on, are expected to become automated in the coming years.
During the forecast period, the IIoT Platform market in the Asia Pacific is predicted to have a dominating share.
The IIoT Platform market is classified into five regions based on geography: North America, South America, Europe, the Middle East, Africa, and the Asia Pacific. The Asia Pacific market is expected to account for the largest revenue share in the IIoT Platform market over the projected period. In the Asia Pacific, particularly in China and India, the IIoT platform market is steadily developing. These countries are among the first to adopt modern technology in a variety of industries, including healthcare, manufacturing, and smart cities. These countries have stable and established economies, allowing them to engage in R&D and consequently significantly contribute to the creation of new technology. According to NASSCOM, almost 6,000 Internet of Things (IoT) patents were submitted in India between 2009 and 2019, with over 5,000 filed in the last five years, owing to the early adoption of trending technologies such as IoT, SaaS, AI, big data, and mobility. From 2009 to 2019, manufacturers of electrical equipment, semiconductor devices, and computing as well as telecom equipment filed almost 60% of the IoT patents filed in India by businesses. In addition, the government plays a key role in implementing IIoT use cases in the region. Government programs such as Digital India and Make in India are boosting the manufacturing sector in India. IoT benefits the Make in India program by giving novel ways for industrial businesses to develop sustainably.
Covid-19 Insights
The COVID-19 epidemic has had a tremendous influence on the IIoT platform. As the pandemic continues, manufacturing companies in North America and Asia confront enormous hurdles. Because automobile firms in the region have reduced their production activity, technologies like IoT, AI, and Blockchain have become ineffective. Despite significant reductions in auto output, the sector has suffered significant losses. Following the deployment of IoT and ML in the industrial industry after COVID 19, IIOT markets are anticipated to grow substantially.
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 |
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| Companies Covered |
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| Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| Customization Scope | Free report customization with purchase |
