Global Industrial Internet of Things (IoT) Platform Market – Industry Trends and Forecast to 2030

Global Industrial internet of things (IoT) platform Market, By Component (Solution, Services, Platform), Application Area (Asset Management, Supply Chain and Management, Business Process Optimization, Workforce Management, Automation Control and Emergency and Incident Management), Industry Vertical (Process Industry, Energy and Utilities, Chemical and Materials, Food and Beverages, Discrete Industry, Automotive, Machine Manufacturing, Semiconductor and Electronics, Medical Devices, Logistics and Transportation and Others) – Industry Trends and Forecast to 2030.

Industrial Internet of Things (IoT) Platform Market Analysis and Size

Industrial internet of things (IoT) platform support in terms of industrial internet, advanced predictive, brings together critical assets, modern industrial workers, and prescriptive analytics. Industrial internet of things (IoT) platform has incorporated IoT with a large number of industrial processes such as maintenance, automation, optimization and networking, among others. Henceforth, the Industry Internet of things is increasing the growth of the market due to the high level of performance and efficiency offered by IIoT during operations.

Data Bridge Market Research analyses that the industrial internet of things (IoT) platform market is expected to reach USD 1809.04 billion by 2030, which is USD 394.48 billion in 2022, at a CAGR of 20.97% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Industrial Internet of Things (IoT) Platform Market Scope and Segmentation

Market Definition

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.

Industrial Internet of Things (IoT) Platform Market

Drivers

• Increasing adoption of artificial intelligence (AI) and internet of things (IoT) in manufacturing industry

The growth of the industrial IoT market increase due to rising adoption of artificial intelligence (AI) and internet of things (IoT) in the manufacturing industry. Artificial intelligence (AI) and internet of things (IoT) help in the optimization of industrial processes coupled with providing quality control forecasting device failure, and then sending emergency alerts, among others. This has in turn augmented investment in artificial intelligence (AI) and internet of things (IoT) in the U.S. The private investment in AI reached around USD 23.6 billion In the U.S., in 2021. This has also augmented the usage cases of artificial intelligence (AI) and internet of things (IoT) across numerous industries.

• Increasing number of connected devices

The increasing number of connected devices is anticipated to open new chances with experience in advanced Artificial Intelligence (AI) algorithms for new enterprises to build cutting-edge solutions which can potentially ease the technology's challenges. Asset management, remote monitoring, remote monitoring, remote servicing, predictive maintenance, and operational intelligence are some of the application areas where industrial internet of things (IoT) is gaining pace. Therefore, increasing number of connected devices is anticipated to drive the market growth rate.

Opportunities

• Increase in the availability of low processors and sensors

The industrial internet of things (IoT) market is anticipated to benefit considerably from the new product launches and technological advancements in electronic devices and semiconductors. Moreover, the easy availability of low processors and sensors at an affordable cost supports in delivering real-time access to the information. This in turn, is anticipated to positively influence the industrial IoT market growth. For instance, as per the CBI Ministry of Foreign Affairs report, approximately 35% of the internet of things market was projected to reach in 2019 owing to 27% from IoT services, hardware, 22% from connectivity, and 16% from software. Thus, the increase in the availability of low processors and sensors will be expected to crate immense opportunities for the market's growth rate.

 Restraints

• Lack of integration of internet of things (IoT) with workforce and communication networks

The industrial internet of things (IoT) platform developed by numerous internet of things (IoT) service providers are incompatible with the present communication networks, thus restricting the growth of the market. Moreover, the lack of availability of skilled workforce that has understanding related to the handling of internet of things (IoT) solutions and sensors particularly in the underdeveloped and developing countries is anticipated to hamper the market growth in the forecast period.

This industrial internet of things (IoT) platform market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial internet of things (IoT) platform market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Global Industrial Internet of Things (IoT) Platform Market

The outbreak of COVID-19 pandemic has caused havoc on several organizations, including industrial, manufacturing and government sectors. Businesses in numerous industrial sectors are resuming their operations in recent times because lockdown restrictions have been removed in several location all over the globe. In the pandemic period, IoT device usage has increased in a several industries, including manufacturing, healthcare, utilities, and transportation and logistics. To combat with this potential failures, organizations have started to consider intelligent asset management solutions for alerts and notifications, remote services and control, remote monitoring, predictive analytics and preventive maintenance and predictive analytics and preventive maintenance, based on historical and real-time data analysis.

Recent Development

• In 2021, Siemens AG collaborated with IBM Corporation to increase its industrial IoT platform to be recognised as edge computing platform. With this collaboration, Siemens digital industries software will apply on the IBM open hybrid cloud approach built on Red Hat OpenShift. As a result, upsurge the deployment flexibility of MindSphere. This will help in growing agility and speed across manufacturing plant operations and along the cloud for providing seamless updates, product support and enterprise connectivity.
• In 2021, Silicon Labs launched Custom Part Manufacturing Service. This aids makers in modifying their Silicon Labs hardware at the industry. In the Silicon Labs hardware portfolio comprises wireless SoCs, MCUs and modules. This type of function can help customers to track throughout the entire chip’s journey.

Global Industrial Internet of Things (IoT) Platform Market Scope

The industrial internet of things (IoT) platform market is segmented on the basis of component, application area and industry vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Solution
• Remote Monitoring
• Data Management
• Analytics
• Security Solutions
• Others
• Services
• Professional
• Managed
• Platform
• Connectivity Management
• Application management
• Device Management

 Application Area

• Asset Management
• Supply Chain and Management
• Business Process Optimization
• Workforce Management
• Automation Control
• Emergency and Incident Management

 Industry Vertical

• Process Industry
• Energy and Utilities
• Chemical and Materials
• Food and Beverages
• Discrete Industry
• Automotive
• Machine Manufacturing
• Semiconductor and Electronics
• Medical Devices
• Logistics and Transportation
• Others

Industrial Internet of Things (IoT) Platform Market Regional Analysis/Insights

The industrial internet of things (IoT) platform market is analyzed and market size insights and trends are provided by country, component, application area and industry vertical as referenced above.

The countries covered in the industrial internet of things (IoT) platform market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the industrial internet of things (IoT) platform market in terms of revenue and market share due to increasing adoption of connected technology across numerous verticals, such as manufacturing, healthcare, and other. Moreover, the strong presence of major market players cross countries in this region.

Asia-Pacific will continue to project the highest compound annual growth rate during the forecast period of 2023-2030 due to adoption of intelligent technologies, mainly in China and India in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Industrial Internet of Things (IoT) Platform Market Share Analysis

The industrial internet of things (IoT) platform market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial internet of things (IoT) platform market.

Some of the major players operating in the industrial internet of things (IoT) platform market are:

• Google LLC (U.S.)
• Cisco (US)
• AT&T (U.S.)
• Microsoft (U.S.)
• SAS Institute Inc., (U.S.)
• Amazon Web Services, Inc. (U.S.)
• Intel Corporation (U.S.)
• Orcale (U.S.)
• IBM (U.S.)
• SAP (Germany)
• Accenture (Ireland)
• Schneider Electric (France)
• Siemens (Netherlands)
• EUROTECH (India)
• Qualcomm Technologies, Inc (U.S.)
• Software AG (Germany)
• Hitachi, Ltd. (Japan)
• eSOL (Japan)
• Siemens (Germany)
• Davra (U.S.)
• Atos SE (France)
• Bosch.IO GmbH (Germany)
• Hitachi Vantara LLC (U.S.)