Market Highlights
According to the report published by Market Research Future (MRFR), the global industrial IoT platform market is anticipated to grow at USD 650 million by 2023, with a substantial CAGR of 23% over the review period (2016-2022).
An IIoT platform is a set of hardware and software facilities that support applications for industrial companies. It uses the internet to connect devices and equipment and this use of the internet is commonly called the Industrial Internet of Things (IIoT).
Past couple of years has noted several IIoT platform providers shift from pilot to enterprise roll-out with more than one market player going ahead with customers to make enterprise commitments. Case in point being C3IoT, who went enterprise-wide with Enel, which is the largest utility in Italy.
Drivers and Restraints
Factors such as the high efficiency, low breakdown of machineries and high efficiency are some of the major driving factor which are directly associated with the industrial IoT whereas government rules regarding technological advancements, the usage of automation in the industrial process, increasing demand for industrial process are also some of the direct factors which is aiding into the market growth. Moreover, the expansion of machine learning and improved Big Data Analytics will allow the business to decide the best operating profile for the plant-based on the order backlog and reliability issues. All these factors are slated to be highly instrumental in increasing the growth of the market in the foreseeable future.
Industrial IoT market has seen massive opportunities in the future, higher demand and low supply, growing IT and Semiconductor industry, higher demand for consumer electronics devices will also lead to the higher adoption of industrial IoT to meet demand whereas factors such as the price and need for technological knowledge will likely hamper the market growth during the review period. On the other hand, a significant trend in the name of digital twins in asset-intensive industries is set to emerge. It is about maintenance-focused applications like the superimposition of operating conditions on virtual X-rays of the equipment, which assists technicians in diagnosing the twin to model estimated service life. therefore, the market is well on its way to greater horizons in terms of growth.
Segmentation:
The global industrial internet of things (IoT) market size is segmented on the basis of components, applications, and verticals.
Based on the components, the market has been bifurcated into hardware and software. The hardware segment is sub-segmented into cameras, processing units, sensors, and others.
The applications of industrial IoT can be segmented into asset management, network system management, remote monitoring, among others.
The industry verticals that have deployed industrial IoT are aviation, manufacturing, oil and gas, power and utilities, among others.
Regional Analysis
By region, the market is segmented into North America, Europe, Asia Pacific (APAC) and the Rest of the World.
Among all regions, APAC is projected to dominate the global market. Primary reasons being the high population and high consumption of electronic devices in the nations. In the region, China is one of the biggest manufacturing driven economy. Flourishing consumer electronic industry and high supply has resulted in high adoption of industrial IoT platform, on the other hand, thriving automotive industry in South Korea and Japan has ably supported the market growth in the region.
North America, on the other hand, has captured the second biggest market globally on account of massive investments in technology startups. North America is one of the most developed nations in possession of advanced technologies, which are not available in several other countries. Strong defense sector and manufacturing industry has led to the magnificent growth of North America industrial IoT platform market.
The Europe region is predicted to note a healthy growth rate throughout the forecast period, primarily due to the growing adoption of automation in the manufacturing industry. Towering prerequisite for automation across different businesses is envisaged to augment the market in the region. There has been an expanding necessity for enhanced effectiveness in a vast range of industrial processes which, accordingly, is fueling the demand for automation in nations such as the United Kingdom (UK) and Germany. These factors are responsible for the market development in the region of Europe.
The market in the Middle East and Africa (MEA) is expected to grow slowly, because of low expenses and prominent dexterity offered by the IoT solutions, the increase in mobile and wireless penetration, and also development in infrastructures.
Competitive Analysis
The major market players identified by MRFR in the global industrial IoT platform market include Fujitsu (Japan), NEC Corporation (Japan), Microsoft Inc. (U.S.), PTC (U.S.), General Electric Corporation (U.S.), International Business Machines Corporation (U.S.), SAP SE (Germany), Siemens AG (Germany), Huawei Technologies Co. Ltd. (China), and Hitachi Insight Group (U.S.), among others.
