The global market for Industrial IoT Platform will most probably hold a value of USD 650 million during the forecast period (2016-2022), Market Research Future (MRFR) mentions in its new report. MRFR also says that the market can potentially achieve a whopping growth rate of 23% in the given timeframe.
Market Drivers and Key Restraints
Companies everywhere are striving to build a solid IoT platform and are putting in efforts to become highly active in this aspect, in a bid to inch closer to their business goals. With this platform, companies are trying to connect to the rest of the world. However, IIoT is a lot different from IoT. Although IIoT originates from IoT, the latter is mostly about facilitating human interaction with an object.
IIoT induces connection between devices, sensors, in addition to enhancing the manufacturing execution systems. It helps apply intelligence as well as analytics to learn and elevate the performance of the present devices. Its main objective is to monitor, sophisticated controls, build parameters, and also look for solutions that can bring down the downtime and augment the overall productivity of the asset. These qualities of IIoT is bound to create high demand among organizations all over the world, who are increasingly learning about its benefits and how they can be used in their favor.
Digital manufacturing technologies have become a boon for all the manufacturers, with IIoT playing an important role in the deployment of digital manufacturing. The industrial internet of things market can achieve greater heights in the near future, thanks to the increasing collaboration between industry stakeholders coupled with the soaring demand for the connected supply chain. Surge in the number of government-sponsored initiatives, as well as creative efforts being put in by renowned vendors can also boost the demand for the IIoT platform market in the next couple of years.
The Industrial IoT Platform market growth has been thoroughly analyzed and has been segmented with respect to component, application and vertical.
Component-based market segments are Hardware such as sensors, cameras, processing units among others and software.
Application-dependent market segments include asset management, remote monitoring, network system management among others.
The verticals that make extensive use of IIoT platform are manufacturing, power, and utilities, aviation, oil and gas among others.
North America, Asia Pacific (APAC), the Middle East & Africa (MEA) and Europe, are considered to be the primary regions in which the global industrial IoT platform market is expected to grow during the review period.
APAC currently holds the maximum potential to achieve the leading position in the global industrial IoT platform market. Expanding population along with the rising use of electronic devices has led to the strong market demand in the region. China holds one of the largest manufacturing hubs in the world coupled with a vibrant consumer electronic industry, which is working in favor of the market. Thriving automotive sector in Japan, as well as South Korea, also induces market growth. Government strategies like Smart Cities Mission in India, Make in India, Made in China 2025 and the Industrial Value Chain Initiative (IVI)’ in Japan, combined with favorable FDI policies, have also resulted in the high demand for digital technologies across various industries in the region.
North America can seize the second biggest share in the market for industrial IoT platform, thanks to the considerable investments being made in technology startups. The region houses a large pool of renowned players and is known for being a hub for technological innovations and early adoption of IIoT. Canada is one of the most lucrative markets for IIoT in the region, as a result of the vigorous government investments that help stimulate the demand for IIoT solutions.
Top companies that are changing the face of the Industrial IoT Platform market include Hitachi Insight Group (U.S.), PTC (U.S.), Microsoft Inc. (U.S.), Siemens AG (Germany), SAP SE (Germany), NEC Corporation (Japan), Huawei Technologies Co. Ltd. (China), International Business Machines Corporation (U.S.), General Electric Corporation (U.S.), Fujitsu (Japan), to mention a few.