Industrial IoT Platform Market Forecasts to 2030 - Global Analysis By Product, Technology, Application, End User and By Geography

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.

Market Dynamics:

Driver:

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.

Restraint:

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.

Opportunity:

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.

Threat:

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.

COVID-19 Impact:

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.

Key Developments:

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.

Types Covered:

• Hardware
• Platforms
• Services

Applications Covered:

• 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
• Automotive
• Machine Manufacturing
• Semiconductor and Electronics
• Medical Devices
• Logistics and Transportation
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • 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
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • 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