Industrial IoT Platform Market Forecasts to 2030 - Global Analysis By Product (Reagents and Consumables, Instruments, Services and Other Products), Technology (Cell-based Industrial IoT Platform and Bead-based Industrial IoT Platform), Application, End User and By Geography
Estimated Year Value (2023)
US $10.02 BN
Projected Year Value (2030)
US $30.45 BN
CAGR (2023 - 2030)
North America, Europe, Asia Pacific, South America, and Middle East & Africa
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
Highest Growing Market
According to Stratistics MRC, the Global Industrial IoT Platform Market is accounted for $10.02 billion in 2023 and is expected to reach $30.45 billion by 2030 growing at a CAGR of 17.2% during the forecast period. The Industrial internet of things is commonly focused on machine-to-machine communication, big data, and ML to deliver better reliability and efficiency to support businesses and industries in their operations. The industrial internet of things provides industrial applications such as medical devices, software-defined production processes, and robotics. The industrial internet of things helps to deliver, exchange, monitor, analyze and deliver valuable new insights.
According to Consumer Technology Association, in 2021, the connected device shipments will be 791 million units in the United States from 621 million units in 2016.
Growing demand for automation in industries
Industries can improve resource use, decrease manual involvement, and streamline their processes through automation. Industries may collect real-time data, monitor operations, and automate decision-making processes by utilizing IIoT platforms, which will increase operational efficiency. The IIoT platform is crucial for improving industrial automation in several industries. Actuators, robots, and analyzers used in the industrial area can provide cooperative communications and interaction thanks to IIoT platforms. These platforms promote increased manufacturing and flexibility.
Absence of standardization in IoT protocols
The IIoT platform lacks a promising architectural solution or a global standard to address the interoperability problems among connected devices, nevertheless, in the technical and market scenarios related to it. Because the IIoT platform consists of more than just a network of internet-connected devices including machines, people, and software it needs a global standard or protocol for connectivity and data is formatting. But this heterogeneous ecosystem of IIoT platform is constrained from becoming more effective and scalable due to the lack of a global IoT standard.
Shift from on-premises to cloud-based data management strategy
Real-time data management, analysis, and storage are all part of the IoT technology. The massive amount of data that must be stored and managed on-premises creates problems with scalability, security, IT infrastructure security, a competent IT personnel, and implementation and management expenses. There is no longer a need to construct on-premises data centers because cloud platforms provide a completely affordable and quickly deployable alternative for data storage. The cloud platform enables analytics to help extract value from the data, even if IoT is all about linked devices that generate enormous amounts of data.
Legacy infrastructure and communication network interoperability difficulties
Even after the installation of contemporary technology, legacy systems outdated computer software and hardware remain in operation. Because they provide some essential business functions, legacy systems are important to enterprises. As it becomes more challenging to maintain systems whose services are discontinued by vendors, organizations must upgrade their legacy systems. The majority of legacy systems lack the configuration necessary to connect to smart devices and improved communication networks. Companies may have to spend a lot of money replacing these outdated systems. Vendors in the market have trouble integrating these legacy systems with different ecosystem parts of the IIoT platform.
The COVID-19 pandemic epidemic has created catastrophe on a number of organizations, including those in the manufacturing, government, and industrial sectors. Because lockdown limitations have been lifted in various regions throughout the world, businesses in a variety of industrial sectors have recently resumed operations. The use of IoT devices has increased across a number of sectors during the pandemic, including manufacturing, healthcare, utilities, transportation, and logistics. Organizations have begun to take into account intelligent asset management solutions, based on historical and real-time data analysis, for alerts and notifications, remote services and control, remote monitoring, predictive analytics, and preventative maintenance.
The medical devices segment is expected to be the largest during the forecast period
The medical devices segment held the largest share in the market owing to their increasing demand among the consumers, in everyday life. Medical devices such as wearables, continuous glucose monitors, and blood pressure monitors can collect patient data and transmit it to an IIoT platform. This enables remote patient monitoring, allowing healthcare providers to track vital signs, detect anomalies, and intervene in real-time. IIoT platforms integrate and analyze data from multiple medical devices, enabling comprehensive patient monitoring and proactive healthcare management. As the healthcare industry embraces digital transformation, the role of medical devices within IIoT platforms continues to expand.
The discrete industry segment is expected to have the highest CAGR during the forecast period
During the projection period, the discrete industry segment is expected to have the greatest CAGR. The discrete industry is concerned with the manufacturing and production of distinct units, such as automobiles, furniture, toys, smartphones, and airplanes. The discrete industry comprises a variety of verticals, such as automotive, machine manufacturing, semiconductors and electronics, medical devices, logistics, and transportation. IIoT platforms help these industries by offering solutions, such as predictive management, workforce tracking, and logistics and supply chain management, that enable organizations to improve operational efficiency, enhance asset life, and reduce downtime.
Region with largest share:
The North America region market is estimated to witness the highest share of the global Industrial IoT Platform market during the forecast period, IIoT platform is a steady-growing market in North America, which includes the US and Canada. These include technological advancements, the increasing adoption of industrial automation to enhance efficiency and reduce costs, the focus on data analytics and AI for informed decision-making, the need for regulatory compliance and safety measures, the growing emphasis on cybersecurity to protect industrial systems, and government initiatives and funding that support the development and implementation of IIoT platforms in various industries throughout North America.
Region with highest CAGR:
The projection period is expected to have the highest growth rate in the Asia-Pacific region. Leading EV producers moving their production base to the area is to blame for this. The market has shown increasing revenue growth over the past few years due to the rising demand for low-code IoT platforms and IoT nodes. Furthermore, the growing adoption of IoT platforms that can shorten the time needed to develop IoT apps supports market revenues. Additionally, the India IoT Platform market was expanding at the fastest rate in the Asia-Pacific region, while the China IoT Platform market had the greatest market share.
Key players in the market
Some of the key players in Industrial IoT Platform market include Accenture, Altizon, Amazon Web Services, Atos, Augury, Bosch.IO, Braincube, Cisco, Davra Networks, Hitachi, IBM, Intel, Litmus Automation, Microsoft, Oracle, QiO Technologies, Schneider Electric, Siemens AG and Software AG.
In March 2023, Accenture acquired Flutura, an internet of things (IoT) and data science services firm, for an undisclosed sum to boost the industrial AI services it sells under Applied Intelligence's umbrella.
In January 2023, PTC acquired ServiceMax a Service Execution Management company. The acquisition adds important field service management (FSM) capabilities to PTC’s closed-loop product lifecycle management (PLM) and digital thread offerings.
In February 2022, Software AG acquired treamSets, a leader in data integration for the modern data stack. With this acquisition, Software AG adds a sizeable and fast-growing SaaS and subscription business that is growing rapidly.
• Asset Managament
• Supply Chain and Management
• Business Process Optimization
• Workforce Management
• Automation Control
• Emergency and Incident Management
• Other Applications
End Users Covered:
• Process Industry
• Energy and Utilities
• Chemical and Materials
• Food and Beverages
• Discrete Industry
• Machine Manufacturing
• Semiconductor and Electronics
• Medical Devices
• Logistics and Transportation
• Other End Users
• 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 2021, 2022, 2023, 2026, and 2030
- 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
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
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
3 Market Trend Analysis
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 Platform Market, By Type
5.2.1 Network Components
5.2.2 Sensors & Actuators
5.3.1 Device Management Platform
5.3.2 Application Enablement Platform
5.3.3 Connectivity Management Platform
5.4.1 Consulting Services
5.4.2 System Integration and Deployment
5.4.3 Support and Maintenance
6 Global Industrial IoT Platform Market, By Application
6.2 Asset Management
6.3 Supply Chain and Management
6.4 Business Process Optimization
6.5 Workforce Management
6.6 Automation Control
6.7 Emergency and Incident Management
6.8 Other Applications
7 Global Industrial IoT Platform Market, By End User
7.2 Process Industry
7.3 Energy and Utilities
7.4 Chemical and Materials
7.5 Food and Beverages
7.6 Discrete Industry
7.8 Machine Manufacturing
7.9 Semiconductor and Electronics
7.10 Medical Devices
7.11 Logistics and Transportation
7.12 Other End Users
8 Global Industrial IoT Platform Market, By Geography
8.2 North America
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.5 Other Key Strategies
10 Company Profiling
10.3 Amazon Web Services
10.9 Davra Networks
10.13 Litmus Automation
10.16 QiO Technologies
10.17 Schneider Electric
10.18 Siemens AG
10.19 Software AG
List of Tables
1 Global Industrial IoT Platform Market Outlook, By Region (2021-2030) ($MN)
2 Global Industrial IoT Platform Market Outlook, By Type (2021-2030) ($MN)
3 Global Industrial IoT Platform Market Outlook, By Hardware (2021-2030) ($MN)
4 Global Industrial IoT Platform Market Outlook, By Network Components (2021-2030) ($MN)
5 Global Industrial IoT Platform Market Outlook, By Sensors & Actuators (2021-2030) ($MN)
6 Global Industrial IoT Platform Market Outlook, By Platforms (2021-2030) ($MN)
7 Global Industrial IoT Platform Market Outlook, By Device Management Platform (2021-2030) ($MN)
8 Global Industrial IoT Platform Market Outlook, By Application Enablement Platform (2021-2030) ($MN)
9 Global Industrial IoT Platform Market Outlook, By Connectivity Management Platform (2021-2030) ($MN)
10 Global Industrial IoT Platform Market Outlook, By Services (2021-2030) ($MN)
11 Global Industrial IoT Platform Market Outlook, By Consulting Services (2021-2030) ($MN)
12 Global Industrial IoT Platform Market Outlook, By System Integration and Deployment (2021-2030) ($MN)
13 Global Industrial IoT Platform Market Outlook, By Support and Maintenance (2021-2030) ($MN)
14 Global Industrial IoT Platform Market Outlook, By Application (2021-2030) ($MN)
15 Global Industrial IoT Platform Market Outlook, By Asset Management (2021-2030) ($MN)
16 Global Industrial IoT Platform Market Outlook, By Supply Chain and Management (2021-2030) ($MN)
17 Global Industrial IoT Platform Market Outlook, By Business Process Optimization (2021-2030) ($MN)
18 Global Industrial IoT Platform Market Outlook, By Workforce Management (2021-2030) ($MN)
19 Global Industrial IoT Platform Market Outlook, By Automation Control (2021-2030) ($MN)
20 Global Industrial IoT Platform Market Outlook, By Emergency and Incident Management (2021-2030) ($MN)
21 Global Industrial IoT Platform Market Outlook, By Other Applications (2021-2030) ($MN)
22 Global Industrial IoT Platform Market Outlook, By End User (2021-2030) ($MN)
23 Global Industrial IoT Platform Market Outlook, By Process Industry (2021-2030) ($MN)
24 Global Industrial IoT Platform Market Outlook, By Energy and Utilities (2021-2030) ($MN)
25 Global Industrial IoT Platform Market Outlook, By Chemical and Materials (2021-2030) ($MN)
26 Global Industrial IoT Platform Market Outlook, By Food and Beverages (2021-2030) ($MN)
27 Global Industrial IoT Platform Market Outlook, By Discrete Industry (2021-2030) ($MN)
28 Global Industrial IoT Platform Market Outlook, By Automotive (2021-2030) ($MN)
29 Global Industrial IoT Platform Market Outlook, By Machine Manufacturing (2021-2030) ($MN)
30 Global Industrial IoT Platform Market Outlook, By Semiconductor and Electronics (2021-2030) ($MN)
31 Global Industrial IoT Platform Market Outlook, By Medical Devices (2021-2030) ($MN)
32 Global Industrial IoT Platform Market Outlook, By Logistics and Transportation (2021-2030) ($MN)
33 Global Industrial IoT Platform Market Outlook, By Other End Users (2021-2030) ($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
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.
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.
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.
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
- 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 email@example.com
Frequently Asked Questions
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: firstname.lastname@example.org or phone: +1-301-202-5929
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
We provide a free 15% customization on every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at email@example.com or call us on +1-301-202-5929.
Note: This customization is absolutely free until it falls under the 15% bracket. If your requirement exceeds this a feasibility check will be performed. Post that, a quote will be provided along with the timelines.