Market Highlights:
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).
Factors such as high efficiency, low breakdown of machineries and high efficiency are some of the major factor which are directly associated with the industrial IoT whereas government rules regarding the use of automation in the industrial process, technological advancement, increasing demand for industrial process are also some of the indirect factors which is helping into the market growth.
Industrial IoT market has seen tremendous opportunities in future, high demand and low supply, growing IT and Semiconductor industry, high demand for consumer electronics devices will lead to the high adoption of industrial IoT to meet demand. Whereas factors such as price and need of technical knowledge will likely to hamper the market growth during forecast period.
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Major Key Players
- Microsoft Inc. (U.S.)
- NEC Corporation (Japan)
- PTC (U.S.)
- International Business Machines Corporation (U.S.)
- General Electric Corporation (U.S.)
- Fujitsu (Japan)
- Siemens AG (Germany)
- SAP SE (Germany)
- Hitachi Insight Group (U.S.)
- Huawei Technologies Co. Ltd. (China)
According to MRFR, The global of Industrial IoT Platform Market is expected to grow at USD ~650 million by end of forecast period with compound annual growth rate of 23% from 2016 to 2022.
Segments:
The Industrial IoT Platform market has been segmented on the basis of-
By Component- Hardware (Sensors, Cameras, Processing Units among others) and Software.
By Application- Asset Management, Remote Monitoring, Network System Management among others.
By Verticals- Manufacturing, Power and Utilities, Aviation, Oil and Gas among others.
By Region- North America, Europe, Asia-Pacific and Rest of the World.
Regional Analysis:
North America is dominating the Global IoT Platform Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to presence of high number of IoT solution providers and rising adoption of innovative technologies. However, it is anticipated that the market in Europe will exhibit higher growth rate compared to the North America market in the near future. Further, the growing adoption of digitalization in developing countries such as Australia, China, and Japan, Asia Pacific market is intended to show an impressive growth in the coming years. Asia-Pacific has emerged as fastest growing market and expected to be the second biggest market by the end of forecast period. In addition, countries such as Argentina and Brazil are aiding the Latin America market to expand. The increasing rate of IoT adoption over the oil and gas industry and throughout the government sector is most likely to help the Middle East and Africa sector grow.
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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Intended Audience:
- Software Development companies
- Application development companies
- Companies dealing with IOT
- Sensor Manufacturers
- Electronic Manufacturing Companies and Suppliers
- Research Institutions
- Government
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
Continued……
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