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).
Market Drivers and Key Restraints
Companies everywhere are striving to build a solid IoT platform and are putting in efforts to become highly active in this aspect, in a bid to inch closer to their business goals. With this platform, companies are trying to connect to the rest of the world. However, IIoT is a lot different from IoT. Although IIoT originates from IoT, the latter is mostly about facilitating human interaction with an object.
IIoT induces connection between devices, sensors, in addition to enhancing the manufacturing execution systems. It helps apply intelligence as well as analytics to learn and elevate the performance of the present devices. Its main objective is to monitor, sophisticated controls, build parameters, and also look for solutions that can bring down the downtime and augment the overall productivity of the asset. These qualities of IIoT is bound to create high demand among organizations all over the world, who are increasingly learning about its benefits and how they can be used in their favor.
Digital manufacturing technologies have become a boon for all the manufacturers, with IIoT playing an important role in the deployment of digital manufacturing. The industrial internet of things market can achieve greater heights in the near future, thanks to the increasing collaboration between industry stakeholders coupled with the soaring demand for the connected supply chain. Surge in the number of government-sponsored initiatives, as well as creative efforts being put in by renowned vendors can also boost the demand for the IIoT platform market in the next couple of years.
Segmentation:
The global industrial IoT market 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
On the basis of region, the global market for industrial IoT has been segmented into four major regions, namely, the Asia Pacific, North America, Europe, and the rest of the world.
Asia-Pacific is estimated to dominate the global market of the Industrial IoT Platform. The higher population and high consumption of electronic devices in Asian countries are supporting the market share. China is one of the biggest manufacturing-driven economies. The well-established consumer electric industry and high supply are leading to high adoption of industrial IoT platform whereas the lucrative automotive sector in South Korea and Japan is also supporting the market growth.
North America stands as second largest market of industrial IoT platforms due to the massive investment in technology startups from the past several years. North America is one of the developed nations which holds advanced technologies which is not available to other developing countries. established defense sector and manufacturing industry is leading to the high growth of the North America Industrial IoT Platform Market.
The Europe region is poised to grow at a healthy growth rate throughout the forecast period, primarily owing to the growing adoption of automation in the manufacturing industry. Towering need for automation across different businesses is envisaged to augment the market in the region. There has been an expanding necessity for improved effectiveness in a vast range of industrial processes, which, consequently, is driving the demand for automation in nations such as the United Kingdom (UK) and Germany. These factors are responsible for market growth in Europe over the review period.
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.
