
Industrial IoT (IIoT) Platform Market Forecasts to 2028 – Global Analysis By Connectivity (Wired Technologies, Wireless Technologies), Component (Hardware, Software), End User (Process Industry, Discrete Industry) and By Geography

Years Covered |
2020-2028 |
Estimated Year Value (2021) |
US $7.00 BN |
Projected Year Value (2028) |
US $20.78 BN |
CAGR (2021 - 2028) |
16.8% |
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
Largest Market |
North America |
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Industrial IoT (IIoT) Platform Market is accounted for $7.00 billion in 2021 and is expected to reach $20.78 billion by 2028 growing at a CAGR of 16.8% during the forecast period. Industrial IoT platforms are distinct from generalized IoT platforms. Here the IIoT technologies are particularly conceptualized and built for employ within asset-intensive and highly regulated environments. Inside such environments, the industrial IoT platform takes care of the orchestration, harvesting, aggregation and analysis of data. This occurs with an eye towards rapid decision-making and enhanced process transparency. The IIoT platform may be inspired as a technology suite or as an open and common-purpose application platform, or together in combination. The IIOT platform is engineered to support the requirement of security, safety and mission criticality associated with industrial assets and their operating environments.
Market Dynamics:
Driver:
Development in Acceptance of Cloud-Based Deployment Model & Low Operation Cost
The demand for low-cost data storage, backup, and data protection is a major driver for small & medium enterprises (SMEs). Implementation of the cloud helps enterprises to provide better IoT services to various industry verticals. Smart and connected products are critical components in the connected supply chain and smart manufacturing processes. Additionally, the advent of low-cost connected devices has enabled manufacturers to adopt IoT technologies to lower resource consumption and increase overall productivity. Moreover, due to low operational cost, several manufacturers prefer to implement IoT applications in machines to maximize efficiency with reduced cost.
Restraint:
Data Security Issues
According to an FBI report, financial losses caused by internet crime accumulated in the US, and the most common cyber-crimes were phishing, non-payment/non-delivery scams, and extortion, with complaints associated with fraud and thus the adoption of robust security infrastructure, has been inevitable. Enterprises that adopt the Industrial Internet of Things (IIoT) face security and privacy issues. Enterprises hold sensitive and confidential data, which needs to be protected to avoid data breaches and cyber-attacks. The alarming growth in a number of cyber-attacks, data leakage, and false data injection in various industry verticals is hampering the adoption.
Opportunity:
Extensive Government Support for Industrial Automation
Numerous governments have encouraged accepting disruptive technologies, such as IIoT, to promote industrial automation across different organizations. Encouragement programs, such as R&D investments, tax benefits, and organization of promotional ventures and platforms are some of the several activities undertaken by governments worldwide to promote automation, thus triggering the adoption rate of industrial IoT. The 7th Framework Programme for Research and Technological Development (FP7) in Europe invested in R&D across all areas of science and technology, and more IoT-related projects are still in process. This reform enforced the industrialists to adopt IoT solutions in their business operations. Besides, the Indian government is engaged in undertaking numerous initiatives, such as Digital India, make in India, and Smart city projects, which are expected to create ample opportunities for the adoption of emerging technologies.
Threat:
Insufficient IT infrastructure
Poor internet architecture and lack of skilled labor majorly threaten the growth of the market. Many developing countries lack basic IT infrastructure, which is a prerequisite for reliable connectivity. Further, power supply systems have to be stable and reliable to ensure high-quality exchange of data between sensors and control systems. Therefore, poor internet connectivity in countries such as Africa, Malaysia, Chile, and Brazil is expected to hinder the industrial internet of things market growth in the coming years.
Service segment is expected to be the largest during the forecast period
The growth can be attributed to a substantial rise in the number of connected devices, which are generating large volumes of data. At present, IIoT applications utilize centralized cloud systems that are responsible for controlling the overall processes and the flow of information. Edge computing is also set to transform the industry by offering real-time analytical mechanisms and solutions to decentralize transactions and storage across the network.
The discrete industry segment is expected to have the highest CAGR during the forecast period
The discrete industry comprises a diversity of verticals, such as semiconductor and electronics, logistics and transportation, machine manufacturing and automotive. IIoT platforms aid these industries by providing solutions, such as workforce tracking, predictive management, supply chain management and logistics which enable organizations to improve reduce downtime, operational efficiency and enhance asset life.
Region with highest share:
North America is projected to hold the highest market share. As North American countries are the early adopters of advanced technologies across several verticals, such as smart cities, healthcare, and manufacturing. These countries have well-established and sustainable economies, which empower them to invest in R&D activities, thereby contributing to the progress of new technologies strongly. Due to the early fostering of trending technologies, such as big data, cloud, mobility, and IoT, North American organizations are keen to combine IoT technologies into their processes. Moreover, for asset-centric applications, the increasing adoption of smart, secure, and connected technologies is expected to propel market growth. The adoption of digitization in manufacturing, along with high-speed networks, is expected to drive market growth in North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR, owing to growing awareness regarding the usage of internet services, an increasing number of start-ups engaging with Industrial IoT platforms, and rising government initiatives in up-bringing and protecting non-digitalized businesses. The province is increasingly witnessing a strong adoption of advanced factory automation solutions, typically in Japan, China, and Taiwan. Manufacturing organizations across the area are gradually realizing the benefits associated with the implementation of robot arm technology. China is poised to emerge as the precision manufacturing hub owing to the policies, such as “Made in China 2025”, drafted by the government to prioritize the adoption of advanced automation technologies in the region. At the same time, many venture capitalists across the region are backing IIoT-based firms to encourage technological developments in industrial IoT.
Key players in the market:
Some of the key players profiled in the Industrial IoT (IIoT) Platform Market include Accenture Plc, Cisco, General Electric, Hitachi, IBM Corporation, Intel, Microsoft, PTC, Qio Technologies, Schneider Electric, Siemens, Software Ag, and Zebra Technologies.
Key developments:
In August 2020: Semtech collaborat withed Helium to provide LoRa technology based IoT devices with wireless wide area network infrastructure.Network grows to more than 1,000 cities across North America and Europe, offering connectivity for up to hundreds of millions of LoRa based devices
In February 2021: Siemens collaborated with IBM to expand its industrial IoT, edge computing platform. Through the joint initiative, Siemens Digital Industries Software will apply IBM's open hybrid cloud approach, built on Red Hat OpenShift, to extend the deployment flexibility of MindSphere®, the industrial IoT as a service solution from Siemens. This will enable customers to run MindSphere on-premise, unlocking speed and agility in factory and plant operations, as well as through the cloud for seamless product support, updates and enterprise connectivity.
In June 2020: Intel, partnered with Nebbiolo for edge computing software, helped German automaker Audi automate and enhance critical quality-control processes in its factories.
In February 2021, Cisco partnered with Newark, an Avnet Company, to offer industrial IoT network solutions for harsh and non-carpeted environments to customers across North America. This partnership brings more than 350 products to the Newark customer base, including ruggedized industrial switches, IoT gateways, industrial routers, and wireless access points, designed to withstand extended exposure to water, dust, and other extreme environmental conditions.
Offerings Covered:
• Platform
• Services
Connectivity’s Covered:
• Wired Technologies
• Wireless Technologies
• Fieldbus Technologies
Components Covered:
• Hardware
• Software
Applications Covered:
• Asset Tracking & Management
• Automation Control & Management
• Business Process Optimization
• Emergency And Incident Management
• Logistics and Supply Chain Optimization
• Network System Management
• Real-Time Workforce Tracking & Management
• Remote Monitoring
• Workforce Management
End Users Covered:
• Process Industry
• Discrete Industry
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Industrial IoT (IIoT) Platform Market, By Offering
5.1 Introduction
5.2 Platforms
5.2.1 Application Enablement Platform
5.2.2 Connectivity Management Platform
5.2.3 Device Management Platform
5.3 Services
5.3.1 Consulting Services
5.2.2 Cyber Security Services
5.3.2 Device Management Services
5.2.3 IoT Data Management
5.3.3 Network Management Services
5.2.4 Support And Maintenance
5.3.4 System Integration And Deployment
6 Global Industrial IoT (IIoT) Platform Market, By Connectivity
6.1 Introduction
6.2 Wired Technologies
6.3 Wireless Technologies
6.4 Fieldbus Technologies
7 Global Industrial IoT (IIoT) Platform Market, By Component
7.1 Introduction
7.2 Hardware
7.2.1 Battery Management
7.2.2 Cameras Systems
7.2.3 Device & Equipment
7.2.4 Memory
7.2.5 Networking Components
7.2.6 Processing Units
7.2.7 Radio-Frequency Identification (RFID)
7.2.8 Sensors
7.2.9 Transmitter
7.3 Software
7.3.1 Application Specific
7.3.2 Cloud Platforms
7.3.3 Data Analytics
7.3.4 Data Visualization
7.3.5 Middleware & API
7.3.6 Security
8 Global Industrial IoT (IIoT) Platform Market, By Application
8.1 Introduction
8.2 Asset Tracking & Management
8.2.1 Condition Monitoring
8.2.2 Predictive Maintenance
8.3 Automation Control & Management
8.4 Business Process Optimization
8.5 Emergency And Incident Management
8.6 Logistics and Supply Chain Optimization
8.7 Network System Management
8.8 Real-Time Workforce Tracking & Management
8.9 Remote Monitoring
8.10 Workforce Management
9 Global Industrial IoT (IIoT) Platform Market, By End User
9.1 Introduction
9.2 Process Industry
9.2.1 Agriculture & Forestry
9.2.2 Chemicals & Materials
9.2.3 Energy And Utilities
9.2.4 Food & Beverages
9.2.5 Water & Waste Management
9.3 Discrete Industry
9.3.1 Automotive
9.3.2 Aviation
9.3.3 Healthcare
9.3.4 Logistics And Transportation
9.3.5 Machine Manufacturing
9.3.6 Medical Devices
9.3.7 Oil And Gas
9.3.8 Power And Utilities
9.3.9 Semiconductor And Electronics
9.3.10 Supply Chain Visibility
10 Global Industrial IoT (IIoT) Platform Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Accenture Plc
12.2 Cisco
12.3 General Electric
12.4 Hitachi
12.5 IBM Corporation
12.6 Intel
12.7 Microsoft
12.8 PTC
12.9 Qio Technologies
12.10 Schneider Electric
12.11 Siemens
12.12 Software Ag
12.13 Zebra Technologies
List of Tables
1 Global Industrial IoT (IIoT) Platform Market Outlook, By Region (2020-2028) (US $MN)
2 Global Industrial IoT (IIoT) Platform Market Outlook, By Offering (2020-2028) (US $MN)
3 Global Industrial IoT (IIoT) Platform Market Outlook, By Platforms (2020-2028) (US $MN)
4 Global Industrial IoT (IIoT) Platform Market Outlook, By Application Enablement Platform (2020-2028) (US $MN)
5 Global Industrial IoT (IIoT) Platform Market Outlook, By Connectivity Management Platform (2020-2028) (US $MN)
6 Global Industrial IoT (IIoT) Platform Market Outlook, By Device Management Platform (2020-2028) (US $MN)
7 Global Industrial IoT (IIoT) Platform Market Outlook, By Services (2020-2028) (US $MN)
8 Global Industrial IoT (IIoT) Platform Market Outlook, By Consulting Services (2020-2028) (US $MN)
9 Global Industrial IoT (IIoT) Platform Market Outlook, By Cyber Security Services (2020-2028) (US $MN)
10 Global Industrial IoT (IIoT) Platform Market Outlook, By Device Management Services (2020-2028) (US $MN)
11 Global Industrial IoT (IIoT) Platform Market Outlook, By IoT Data Management (2020-2028) (US $MN)
12 Global Industrial IoT (IIoT) Platform Market Outlook, By Network Management Services (2020-2028) (US $MN)
13 Global Industrial IoT (IIoT) Platform Market Outlook, By Support And Maintenance (2020-2028) (US $MN)
14 Global Industrial IoT (IIoT) Platform Market Outlook, By System Integration And Deployment (2020-2028) (US $MN)
15 Global Industrial IoT (IIoT) Platform Market Outlook, By Connectivity (2020-2028) (US $MN)
16 Global Industrial IoT (IIoT) Platform Market Outlook, By Wired Technologies (2020-2028) (US $MN)
17 Global Industrial IoT (IIoT) Platform Market Outlook, By Wireless Technologies (2020-2028) (US $MN)
18 Global Industrial IoT (IIoT) Platform Market Outlook, By Fieldbus Technologies (2020-2028) (US $MN)
19 Global Industrial IoT (IIoT) Platform Market Outlook, By Component (2020-2028) (US $MN)
20 Global Industrial IoT (IIoT) Platform Market Outlook, By Hardware (2020-2028) (US $MN)
21 Global Industrial IoT (IIoT) Platform Market Outlook, By Battery Management (2020-2028) (US $MN)
22 Global Industrial IoT (IIoT) Platform Market Outlook, By Cameras Systems (2020-2028) (US $MN)
23 Global Industrial IoT (IIoT) Platform Market Outlook, By Device & Equipment (2020-2028) (US $MN)
24 Global Industrial IoT (IIoT) Platform Market Outlook, By Memory (2020-2028) (US $MN)
25 Global Industrial IoT (IIoT) Platform Market Outlook, By Networking Components (2020-2028) (US $MN)
26 Global Industrial IoT (IIoT) Platform Market Outlook, By Processing Units (2020-2028) (US $MN)
27 Global Industrial IoT (IIoT) Platform Market Outlook, By Radio-Frequency Identification (RFID) (2020-2028) (US $MN)
28 Global Industrial IoT (IIoT) Platform Market Outlook, By Sensors (2020-2028) (US $MN)
29 Global Industrial IoT (IIoT) Platform Market Outlook, By Transmitter (2020-2028) (US $MN)
30 Global Industrial IoT (IIoT) Platform Market Outlook, By Software (2020-2028) (US $MN)
31 Global Industrial IoT (IIoT) Platform Market Outlook, By Application Specific (2020-2028) (US $MN)
32 Global Industrial IoT (IIoT) Platform Market Outlook, By Cloud Platforms (2020-2028) (US $MN)
33 Global Industrial IoT (IIoT) Platform Market Outlook, By Data Analytics (2020-2028) (US $MN)
34 Global Industrial IoT (IIoT) Platform Market Outlook, By Data Visualization (2020-2028) (US $MN)
35 Global Industrial IoT (IIoT) Platform Market Outlook, By Middleware & API (2020-2028) (US $MN)
36 Global Industrial IoT (IIoT) Platform Market Outlook, By Security (2020-2028) (US $MN)
37 Global Industrial IoT (IIoT) Platform Market Outlook, By Application (2020-2028) (US $MN)
38 Global Industrial IoT (IIoT) Platform Market Outlook, By Asset Tracking & Management (2020-2028) (US $MN)
39 Global Industrial IoT (IIoT) Platform Market Outlook, By Condition Monitoring (2020-2028) (US $MN)
40 Global Industrial IoT (IIoT) Platform Market Outlook, By Predictive Maintenance (2020-2028) (US $MN)
41 Global Industrial IoT (IIoT) Platform Market Outlook, By Automation Control & Management (2020-2028) (US $MN)
42 Global Industrial IoT (IIoT) Platform Market Outlook, By Business Process Optimization (2020-2028) (US $MN)
43 Global Industrial IoT (IIoT) Platform Market Outlook, By Emergency And Incident Management (2020-2028) (US $MN)
44 Global Industrial IoT (IIoT) Platform Market Outlook, By Logistics and Supply Chain Optimization (2020-2028) (US $MN)
45 Global Industrial IoT (IIoT) Platform Market Outlook, By Network System Management (2020-2028) (US $MN)
46 Global Industrial IoT (IIoT) Platform Market Outlook, By Real-Time Workforce Tracking & Management (2020-2028) (US $MN)
47 Global Industrial IoT (IIoT) Platform Market Outlook, By Remote Monitoring (2020-2028) (US $MN)
48 Global Industrial IoT (IIoT) Platform Market Outlook, By Workforce Management (2020-2028) (US $MN)
49 Global Industrial IoT (IIoT) Platform Market Outlook, By End User (2020-2028) (US $MN)
50 Global Industrial IoT (IIoT) Platform Market Outlook, By Process Industry (2020-2028) (US $MN)
51 Global Industrial IoT (IIoT) Platform Market Outlook, By Agriculture & Forestry (2020-2028) (US $MN)
52 Global Industrial IoT (IIoT) Platform Market Outlook, By Chemicals & Materials (2020-2028) (US $MN)
53 Global Industrial IoT (IIoT) Platform Market Outlook, By Energy And Utilities (2020-2028) (US $MN)
54 Global Industrial IoT (IIoT) Platform Market Outlook, By Food & Beverages (2020-2028) (US $MN)
55 Global Industrial IoT (IIoT) Platform Market Outlook, By Water & Waste Management (2020-2028) (US $MN)
56 Global Industrial IoT (IIoT) Platform Market Outlook, By Discrete Industry (2020-2028) (US $MN)
57 Global Industrial IoT (IIoT) Platform Market Outlook, By Automotive (2020-2028) (US $MN)
58 Global Industrial IoT (IIoT) Platform Market Outlook, By Aviation (2020-2028) (US $MN)
59 Global Industrial IoT (IIoT) Platform Market Outlook, By Healthcare (2020-2028) (US $MN)
60 Global Industrial IoT (IIoT) Platform Market Outlook, By Logistics And Transportation (2020-2028) (US $MN)
61 Global Industrial IoT (IIoT) Platform Market Outlook, By Machine Manufacturing (2020-2028) (US $MN)
62 Global Industrial IoT (IIoT) Platform Market Outlook, By Medical Devices (2020-2028) (US $MN)
63 Global Industrial IoT (IIoT) Platform Market Outlook, By Oil And Gas (2020-2028) (US $MN)
64 Global Industrial IoT (IIoT) Platform Market Outlook, By Power And Utilities (2020-2028) (US $MN)
65 Global Industrial IoT (IIoT) Platform Market Outlook, By Semiconductor And Electronics (2020-2028) (US $MN)
66 Global Industrial IoT (IIoT) Platform Market Outlook, By Supply Chain Visibility (2020-2028) (US $MN)
Note- Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY

We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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