The IIoT platform market is expected to expand from USD 9.5 billion in 2023 to USD 18.2 billion by 2028, registering a compound annual growth rate (CAGR) of 13.9% during the forecast period. Key drivers of this growth include the increasing demand for centralized asset monitoring and predictive maintenance, as well as the rising adoption of automation across various industries.
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Based on offering, the services segment to grow at a higher CAGR during the forecast period
The services segment of the global IIoT platform market comprises consulting services, system integration and deployment services, and support and maintenance services. The service segment is driven by the complexity of implementation, customization requirements, integration with legacy systems, maintenance and support needs, data analytics and insights, security and cybersecurity concerns, training and skill development requirements, and the need for scalability and upgradability.
Based on platform, the device management platform segment is expected to lead the market during the forecast period
is driven by the need to manage the growing number of connected devices, enable remote monitoring and control, streamline firmware and software updates, facilitate device configuration and provisioning, enhance security and compliance, enable asset tracking and inventory management, provide device analytics and performance monitoring, and ensure scalability and interoperability within the IIoT ecosystem.
Based on services, the support and maintenance segment is expected to grow at a higher CAGR during the forecast period
The support and maintenance service segment in the IIoT platform market is driven by the complexity of IIoT systems, the need for technical expertise, the continuous improvement of platforms, the requirement for high reliability and minimal downtime, security and risk mitigation, compliance and regulatory adherence, and performance optimization
Based on application area, the supply chain management segment is expected to grow at a higher CAGR during the forecast period
Supply chain management segment in the IIoT platform market is driven by the need for enhanced visibility, operational efficiency, real-time decision-making, inventory optimization, supply chain visibility and traceability, supply chain resilience and risk mitigation, collaboration and integration among stakeholders, and sustainability considerations..
Based on vertical, the process industry segment is expected to lead the market during the forecast period
The process industry segment in the IIoT platform market is driven by the need for operational efficiency, asset performance optimization, regulatory compliance and safety, quality control and traceability, supply chain integration and optimization, energy management and sustainability, and digital transformation initiatives
North America to hold the highest market size during the forecast period
IIoT platform is a steady-growing market in North America, which includes the US and Canada. North American industries, including manufacturing, energy, transportation, and healthcare, are increasingly adopting automation and digitalization to improve operational efficiency and competitivenessNorth America is known for its strong technological innovation and adoption. The region has a robust ecosystem of technology companies, startups, and research institutions focused on developing and advancing IIoT platforms. The continuous technological advancements drive the growth of the IIoT platform market by offering new capabilities, improved connectivity, and enhanced analytics for industrial applications.
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Unique Features in the IIoT Platform Market
IIoT platforms provide centralized dashboards that enable real-time monitoring of industrial assets across multiple locations. This feature allows businesses to track performance metrics, detect anomalies, and ensure operational efficiency from a single interface.
Equipped with advanced analytics and machine learning, IIoT platforms support predictive maintenance by analyzing historical and real-time data. This helps identify potential equipment failures before they occur, reducing downtime and maintenance costs.
These platforms offer robust integration capabilities with legacy systems, industrial equipment, and enterprise applications such as ERP and SCADA. This interoperability ensures smooth data flow and unified management across diverse industrial ecosystems.
IIoT platforms increasingly incorporate edge computing, enabling data processing closer to the source. This reduces latency, enhances real-time decision-making, and minimizes the need for extensive cloud bandwidth.
The use of big data analytics and AI-driven tools within IIoT platforms provides deep insights into operational efficiency, process optimization, and resource utilization. These features empower businesses to make data-driven decisions.
Major Highlights of the IIoT Platform Market
The adoption of predictive maintenance solutions is a key driver of the market. By leveraging real-time data and analytics, IIoT platforms enable industries to predict and prevent equipment failures, reducing downtime and maintenance costs.
The growing focus on automating industrial processes is fueling the demand for IIoT platforms. Industries such as manufacturing, energy, and logistics are increasingly adopting these platforms to enhance productivity and operational efficiency.
The need for centralized asset monitoring is driving the market. IIoT platforms provide a unified view of operations, allowing organizations to manage multiple assets and processes efficiently, even across geographically dispersed locations.
The integration of edge computing in IIoT platforms has emerged as a highlight. By enabling data processing closer to the source, edge computing reduces latency, enhances real-time decision-making, and supports critical industrial operations.
With the rising interconnectivity of devices, ensuring robust cybersecurity has become a priority. IIoT platforms are increasingly equipped with advanced security features to protect sensitive industrial data and systems from cyber threats.
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Top Companies in the IIoT Platform Market
Major vendors operating in the IIoT platform market include Software AG (Germany), PTC (US), Hitachi (Japan), IBM (US), Microsoft (US), Cisco (US), Intel (US), SAP (Germany), Siemens AG(Germany), Accenture (US), Atos (France), Amazon Web Services (US), Oracle (US), Bosch.IO (US), Schneider Electric (France), Davra Networks (US), Eurotech (Italy), Altizon (US), QiO Technologies (UK), Litmus Automation (US), ROOTCLOUD (China), Augury (US), Braincube (France), UnifyTwin (US), and Samsara (US).
Software AG (Germany) is one of the leading vendors in the IIoT platform market. It is a publicly held company that provides business infrastructure software solutions, application development, business activity monitoring, business process management, data management, and master data management. The company offers a self-service IoT platform with IIoT solutions that empower manufacturers to operate using connected assets, real-time data analytics, and monitoring. The platform enables users to launch smart connected products, improve their quality, and gain insights quickly into their supply chain. The company is focused on an inorganic growth strategy to enhance its position in the IIoT platform market. For instance, in February 2022, Software AG acquired StreamSets, a leader in data integration for the modern data stack. With this acquisition, Software AG adds a sizeable and fast-growing SaaS and subscription business that is growing rapidly.
PTC (US) is another IIoT platform provider across the globe. It is a global software and services company that drives digital transformation for industrial companies. The company offers ThingWorx IIoT Platform, an end-to-end technology platform that delivers tools and technologies that empower businesses to develop and deploy robust applications rapidly. The company focuses on organic and inorganic growth strategies to improve its place in the IIoT platform market. PTC acquired ServiceMax, a Service Execution Management company. The acquisition adds important field service management (FSM) capabilities to PTC’s closed-loop product lifecycle management (PLM) and digital thread offerings.
Hitachi (Japan) is a prominent player in the Industrial Internet of Things (IIoT) Platform Market, offering its Lumada platform to drive digital transformation across various industrial sectors. Lumada combines advanced analytics, AI, and IoT technologies to enable intelligent data management, real-time insights, and predictive maintenance. Hitachi’s IIoT solutions are designed to optimize operational efficiency, enhance productivity, and support the creation of smart factories. With a strong focus on integrating IT and operational technology (OT), Hitachi leverages its expertise to deliver scalable and secure IIoT solutions that cater to industries such as manufacturing, energy, and transportation.
IBM (US) is a key player in the Industrial Internet of Things (IIoT) Platform Market with its Watson IoT platform. This platform leverages advanced analytics, artificial intelligence (AI), and machine learning to provide real-time insights, predictive maintenance, and asset optimization across various industrial sectors. IBM’s IIoT solutions focus on enhancing operational efficiency, reducing downtime, and driving innovation by integrating IT and OT systems. The Watson IoT platform supports a wide range of industries, including manufacturing, energy, automotive, and aerospace, helping organizations to harness the power of data to improve decision-making and business outcomes.
Microsoft (US) is a prominent player in the Industrial Internet of Things (IIoT) Platform Market, primarily through its Azure IoT platform. Azure IoT offers comprehensive solutions for connecting, monitoring, and managing industrial devices and systems, leveraging cloud computing, AI, and advanced analytics. The platform supports various IIoT applications, such as predictive maintenance, smart manufacturing, and asset tracking, helping industries optimize operations and enhance productivity. Microsoft’s robust ecosystem and integration capabilities enable seamless interoperability with other enterprise systems, providing a scalable and flexible IIoT solution for diverse industrial sectors.
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