Industrial IoT Platform Market Size, Share, Growth and Industry Analysis by Type (Software, And, Service) By Application (Manufacturing, Power and Utilities, Aviation, Oil and Gas, And, Others) Regional Forecast To 2028

Updated On: 22 April 2024

INDUSTRIAL IoT PLATFORM MARKET REPORT OVERVIEW

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The global Industrial IoT Platform market size was USD 75.37 billion in 2022 and the market is projected to touch USD 102.46 billion by 2028, exhibiting a CAGR of 5.3% during the forecast period.

An Industrial Internet of Things (IoT) platform is a robust digital infrastructure that connects and manages industrial devices and processes. It enables real-time data collection, analysis, and control in various sectors such as manufacturing, energy, and logistics. This technology allows for the integration of sensors, actuators, and machinery, creating a seamless ecosystem. IoT platforms offer predictive maintenance, remote monitoring, and data-driven insights, optimizing efficiency and reducing downtime.

They play a pivotal role in the industry 4.0 revolution, fostering automation, smart decision-making, and improved productivity. Such platforms are essential in driving innovation and competitiveness across industrial domains. These acts as the factors driving the industrial IoT platform market growth.

COVID-19 impact: Growing Importance of Digitalization During Pandemic Increased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic significantly impacted the Industrial Internet of Things (IoT) platform landscape. While it underscored the importance of digitalization, it also disrupted supply chains and delayed IoT projects. On the positive side, the need for remote monitoring and automation in response to social distancing measures accelerated IoT adoption. This crisis prompted industries to prioritize resilience and agility, leading to increased investments in IoT for predictive maintenance, supply chain optimization, and real-time monitoring. It also highlighted the role of IoT in ensuring business continuity and reducing human intervention. In sum, COVID-19 acted as a catalyst for the growth and adaptation of IoT solutions.

LATEST TRENDS

"Rapid Expansion of 5G Connectivity to Accelerate Market Growth"

The growth of Industrial IoT platforms is driven by several key factors. Firstly, the need for operational efficiency and cost reduction propels businesses to adopt IoT for predictive maintenance and process optimization. Secondly, the increasing demand for real-time data and insights enhances decision-making and responsiveness.

Thirdly, the expansion of 5G connectivity fosters faster and more reliable data transmission, enabling seamless IoT implementation. Moreover, regulatory requirements for safety and environmental standards push industries to monitor and control processes more rigorously. Lastly, the potential for innovation and competitive advantage motivates organizations to invest in IoT, solidifying its role as a pivotal technology in modern industrial operations.

INDUSTRIAL IoT PLATFORM SEGMENTATION

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By Type:

The market can be divided on the basis of type into the following segments:

Software, and, service. The service segment is anticipated to dominate the market during the forecast period.

The software segment plays a pivotal role in optimizing operations by enabling real-time data analytics and remote monitoring. It empowers industrial businesses to enhance efficiency, reduce downtime, and make data-driven decisions, ultimately boosting productivity and competitiveness. As a key component of Industry 4.0, IoT software solutions offer scalable and customizable tools to meet the unique needs of various industrial sectors.

By Application:

Classification based on application into the following segment:

Manufacturing, power and utilities, aviation, oil and gas, and, others. The manufacturing segment is predicted to dominate the market during the research period.

The manufacturing segment revolutionizes production processes by integrating smart sensors and devices for real-time data collection and analysis. It enables predictive maintenance, quality control, and process optimization, resulting in increased operational efficiency and reduced costs. This technology is driving the transformation of traditional manufacturing into smart, connected, and highly adaptive industrial environments.

DRIVING FACTORS

"Need for Operational Efficiency and Cost Reduction to Amplify Market Growth"

The growth of Industrial IoT platforms is driven by several key factors. Firstly, the need for operational efficiency and cost reduction propels businesses to adopt IoT for predictive maintenance and process optimization. Secondly, the increasing demand for real-time data and insights enhances decision-making and responsiveness. Thirdly, the expansion of 5G connectivity fosters faster and more reliable data transmission, enabling seamless IoT implementation.

Moreover, regulatory requirements for safety and environmental standards push industries to monitor and control processes more rigorously. Lastly, the potential for innovation and competitive advantage motivates organizations to invest in IoT, solidifying its role as a pivotal technology in modern industrial operations. All of the above-mentioned factors are driving the industrial IoT platform market share.

"Growing Availability of Affordable Sensors and Devices to Propel Market Growth "

Beyond the aforementioned factors, several other driving forces propel Industrial IoT) platforms. Increasing customer expectations for personalized products and services encourage industries to adopt IoT for customization and agile production. Sustainability goals and the focus on reducing environmental impact drive the integration of IoT for resource optimization and energy efficiency. Additionally, the rise of cybersecurity threats underscores the importance of IoT in ensuring data and infrastructure security. The emergence of collaborative ecosystems and partnerships in IoT also fuels innovation. Finally, the growing availability of affordable sensors and devices, along with the ease of integration, democratizes IoT adoption across a wide spectrum of industries, further accelerating its growth.

RESTRAINING FACTOR

"Legacy Infrastructure and High Cost of Retrofitting Systems to Decrease Market Growth"

Industrial IoT platforms face certain restraining factors. Data security concerns present a major obstacle, as the increased connectivity also brings more vulnerabilities, necessitating robust cybersecurity measures. Legacy infrastructure and the high cost of retrofitting systems can impede adoption. Interoperability challenges among diverse devices and standards can hinder seamless integration.

 Additionally, privacy regulations and compliance issues pose legal and ethical challenges. Reliability and latency issues in remote and hazardous environments can limit IoT's effectiveness. The shortage of skilled professionals capable of managing IoT systems adds to these constraints. Addressing these restraining factors is crucial to unlock the full potential of IoT in industrial settings.

INDUSTRIAL IoT PLATFORM REGIONAL INSIGHTS

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"North America to Dominate Market Due to Investment in Technology"

North America is the leading region in Industrial IoT platforms. The U.S., in particular, boasts a robust IoT ecosystem. Factors contributing to its leadership include a strong industrial base, significant investments in technology, and a culture of innovation. Silicon Valley, with its tech giants and startups, plays a pivotal role in IoT development.

Moreover, North America has advanced infrastructure and a skilled workforce, supporting the growth of IoT. Government initiatives and research centers further fuel its expansion. The region's leadership in IoT is evident in various industries, including manufacturing, energy, and healthcare, making it a global IoT hub.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• PTC (ThingWorx) (U.S.)
• Cisco (Jasper) (U.S.)
• Microsoft (U.S.)
• Google (U.S.)
• IBM (U.S.)
• Intel (U.S.)
• SAP (Germany)
• Oracle (U.S.)
• Amazon (U.S.)
• Telit (United Kingdom)
• General Electric (U.S.)
• Gemalto (Netherlands)
• Zebra Technologies (U.S.)
• AT&T (U.S.)
• Xively (LogMeIn) (U.S.)
• Aeris (U.S.)
• Exosite (U.S.)
• Particle (U.S.)
• Ayla Networks (U.S.)
• relayr (Germany)
• Bosch Software Innovations (Germany)

INDUSTRIAL DEVELOPMENT

• April 2019: Prominent suppliers of collaborative robots, including ABB, Fanuc, Kuka, and others, showcased spacious exhibits highlighting the enhanced safety and user-friendliness of their latest cobot models. These demonstrations often integrated cobots with complementary Industry 4.0 solutions, such as autonomous mobile robots, machine vision for part recognition, and additive manufacturing for tailored gripper applications.

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.