Market Research Future (MRFR) predicts that the global industrial internet of things (IoT) platform market is set to reach the value of USD 650 million by the end of 2022. The market will register a CAGR of 23% during the forecast 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 including high efficiency, low breakdown of machineries and high efficiency are some of the vital factors which are directly associated with the industrial IoT. Whereas government rules pertaining to the use of automation in the industrial process, technological advancement, growing demand for industrial process are some of the indirect factors aiding the market growth.
Trade pundits also clarify that the advent of Asset Performance Management (APM) has led to a shift in the focus, which is improving reliability, decreasing downtime and reducing unplanned maintenance. MRFR sees the time period from 2016 to 2022 when the focus will be on optimizing the profitability from an equipment. Hence, machine learning and improved Big Data Analytics will allow business to decide the best operating profile for the plant based on the order backlog and reliability issues. All these factors will be highly instrumental in augmenting the growth of the market in the foreseeable future.
Also accompanying these growth drivers are few restraining factors such as lack of technical expertise. On the other hand, a major hype in the name of digital twins in asset-intensive industries is set to emerge. It is about maintenance-focused applications like superimposition of operating conditions on virtual X-rays of the equipment, which aids technicians to diagnose the twin to model expected service life. Hence, the market is well on its way to greater horizons in terms of growth.
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The IIoT platform market is segmented based on component, application and vertical.
By component, the market is segmented on the basis of hardware and software. The hardware segment is sub-segmented into sensors, cameras, processing units and others. Industrial sensors impart high degree of accuracy, reliability, range, and sensitivity, while providing better control and automation of industrial processing units.
By application, the market is segmented into asset management, remote monitoring, network system management and others. Asset management solutions help reduce inventory and stock management cost and also effectively utilize existing equipment through tracking and monitoring both in real time and non-real time. This helps organizations achieve their objectives. Hence, these factors are driving the growth of the asset management system market.
By verticals, the market is segmented into manufacturing, power and utilities, aviation, oil and gas and others. The growing need for agile production, operational efficiency, and control along with demand-driven supply chain and connected logistics have augmented the growth of IIoT platform market in manufacturing.
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.
General Electric Corporation (U.S.), Fujitsu (Japan), Siemens AG (Germany), SAP SE (Germany), Microsoft Inc. (U.S.), NEC Corporation (Japan), PTC (U.S.), International Business Machines Corporation (U.S.), Hitachi Insight Group (U.S.), Huawei Technologies Co. Ltd. (China) are some of the key players in the market.
Inseego Corp. has made available its all-new, enterprise-grade Inseego IoT Connect Solution. The intelligent device-to-cloud management platform helps optimize IIoT use cases. It is user-friendly and its agnostic design allows IT managers and systems integrators to simplify management of critical assets across an enterprise.
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List of Tables
TABLE 1 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY COMPONENT
TABLE 2 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY APPLICATION
TABLE 3 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY VERTICALS
TABLE 4 GLOBAL INDUSTRIAL IOT PLATFORM MARKET, BY REGIONS
TABLE 5 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY COUNTRY
TABLE 6 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY COMPONENT
TABLE 7 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY APPLICATION
TABLE 8 NORTH AMERICA INDUSTRIAL IOT PLATFORM MARKET, BY VERTICALS
TABLE 9 EUROPE INDUSTRIAL IOT PLATFORM MARKET, BY COUNTRY
TABLE 10 EUROPE INDUSTRIAL IOT PLATFORM MARKET, BY COMPONENT
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