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
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.
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.
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.
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.
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.
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.
• Wired Technologies
• Wireless Technologies
• Fieldbus Technologies
• 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
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
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
Select License Type
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.