IIoT Platform
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How Large Will the IIoT Platform Market Size By 2025?
The market size for the IIoT platform has seen a quick expansion in the past few years. This market is projected to increase from $11.08 billion in 2024 to $12.65 billion in 2025, showing a compound annual growth rate (CAGR) of 14.2%. The reasons behind the growth in the previous period include the evolution of connectivity, increase in sensor utilization, cost-cutting, demand for predictive maintenance, and remote monitoring.
How Big Is the IIoT Platform Market Size Expected to Grow by 2029?
The market size of the IIoT platform is predicted to experience swift expansion in the near future, poised to reach $23.47 billion by 2029 with a CAGR of 16.7%. This anticipated escalation during the projection period can be ascribed to factors such as the implementation of digital twins, emphasis on environmental sustainability, the rise of autonomous vehicles and drones, instant quality control, as well as customization and scalability. Noteworthy trends projected for this period include the incorporation of edge computing, focus on standards for interoperability, integration of AI and machine learning, 5g connectivity, application of blockchain for maintaining data integrity, visibility and optimization of supply chains, as well as collaborations and partnerships.
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Which Key Market Drivers Powering IIoT Platform Market Expansion and Growth?
Initiatives by government authorities to boost industrial automation have fueled the expansion of the industrial internet of things (IIOT) platform market. Industrial automation entails the governance of machinery and processes in diverse industries by independent systems using technologies such as robotics and software applications. Global governments are undertaking measures to encourage industrial automation to transform the industrial sector, compete on a global scale and advance their nations. For example, in September 2023, the Instrument Flight Rules (IFR) International Federation of Robotics, a firm based in Germany that specializes in the progression of robotic technologies, reported in their latest world robotics study that worldwide factories witnessed 553,052 fresh industrial robot installations in 2022, signifying a 5% surge in comparison to the year before. The regional data indicated 73% of the installations were accomplished in Asia, while Europe and the Americas contributed 15% and 10% respectively. Thus, the government initiatives promoting industrial automation have spurred the development of the industrial internet of things (IIOT) platform market.
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Which Fast-Growing Trends Are Poised to Disrupt the IIoT Platform Market?
Technological advancements are becoming a popular trend in the industrial internet of things (IIOT) market. In order to fortify their market stance, leading companies in this sector are focusing on creating innovative technological products. For instance, in April 2022, RS Components, an industrial equipment distributor based in the UK, partnered with Tata Consultancy Services, an IT services and consulting corporation from India, to introduce RS Industria, a new cloud-based IIOT platform. This platform simplifies the process of connecting existing manufacturing asset data sources such as vibration sensors, PLCs, SCADA systems, and utility meters. RS Components utilize machine learning, artificial intelligence (AI), augmented reality (AR), and virtual reality (VR) technologies, allowing for more efficient and rapid comprehension of their data. It also streamlines the connection with current production asset data sources.
What Are the Emerging Segments in the IIoT Platform Market?
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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Who Are the Global Leaders in the IIoT Platform Market?
Major companies operating in the IIoT platform market are 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.
Which are the Top Profitable Regional Markets for the IIoT Platform Industry?
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.
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